OPEN-SOURCE SCRIPT
Price Relative / Relative Strength Comparative [NeoButane]

"The Price Relative indicator compares the performance of one security to another with a ratio chart."
Divergences and chart patterns can apply to this ratio.
This was created because I wanted to compare bitcoin to currency/stock indices. So far I've seen mostly confluence with cryptos. Comparing stocks against market indices better shows where the index begins to outperform the stock before price action can reveal dips in price. Using same length moving averages or divergences can help spot that.
There's a glitch where candle colors turn blue when editing. Turn the candles on and off to fix it.
Reference: stockcharts.com/school/doku.php?id=chart_school:technical_indicators:price_relative
Formula:
Price Relative = Base Security / Comparative Security
Ratio Symbol Close = Close of First Symbol / Close of Second Symbol
Ratio Symbol Open = Open of First Symbol / Close of Second Symbol
Ratio Symbol High = High of First Symbol / Close of Second Symbol
Ratio Symbol Low = Low of First Symbol / Close of Second Symbol
Note: Although StockCharts states
"Base Security / Comparative Security"
I've used
"Base Security / (Base Security + Comparative Security)
to create a ratio as the article has stated it should be.
Possible use: margin/CVD

Divergences and chart patterns can apply to this ratio.
This was created because I wanted to compare bitcoin to currency/stock indices. So far I've seen mostly confluence with cryptos. Comparing stocks against market indices better shows where the index begins to outperform the stock before price action can reveal dips in price. Using same length moving averages or divergences can help spot that.
There's a glitch where candle colors turn blue when editing. Turn the candles on and off to fix it.
Reference: stockcharts.com/school/doku.php?id=chart_school:technical_indicators:price_relative
Formula:
Price Relative = Base Security / Comparative Security
Ratio Symbol Close = Close of First Symbol / Close of Second Symbol
Ratio Symbol Open = Open of First Symbol / Close of Second Symbol
Ratio Symbol High = High of First Symbol / Close of Second Symbol
Ratio Symbol Low = Low of First Symbol / Close of Second Symbol
Note: Although StockCharts states
"Base Security / Comparative Security"
I've used
"Base Security / (Base Security + Comparative Security)
to create a ratio as the article has stated it should be.
Possible use: margin/CVD
開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。