RSI Mansfield +

An adaptive relative strength indicator for any market and timeframe.

OVERVIEW
This indicator plots the Mansfield Relative Strength (RSI Mansfield) oscillator, a tool to compare the performance of your instrument against a chosen benchmark index or asset. It auto-adjusts to cryptocurrencies, stocks, and various timeframes, applying the appropriate smoothing techniques to reveal true relative strength or weakness.

CONCEPTS

• Relative Strength: Measures how the price of your asset evolves compared to a benchmark (e.g., BTC dominance, S&P 500).
  
• Mansfield Normalization: Expresses the deviation from the moving average of the ratio between your asset and the benchmark, scaled to highlight trends.
  
• Adaptive Smoothing: Automatically selects EMA or SMA smoothing depending on market type and timeframe.
  
• Divergences: Detects regular and hidden bullish or bearish divergences in the Mansfield oscillator, which can signal potential reversals.
  

FEATURES

• Supports major global stock indices and crypto benchmarks.
  
• Auto-selection of moving average length (daily, weekly, monthly).
  
• Dynamic coloring: green for positive relative strength, red for negative.
  
• Configurable detection of four divergence types:
  Regular Bullish Divergence
  Hidden Bullish Divergence
  Regular Bearish Divergence
  Hidden Bearish Divergence
  
• Toggle switch to show/hide divergences.
  
• Clear zero baseline reference.
  

USAGE

1. Benchmark Selection
   Choose the benchmark index or asset you want to compare against, e.g., Bitcoin Dominance, S&P 500, or other regional indices.
   
2. Interpret Colors
   Green oscillator: outperforming the benchmark.
   Red oscillator: underperforming.
   
3. Analyze Divergences
   Enable divergence detection to spot potential reversal points. Regular divergences indicate classical divergence; hidden divergences may confirm continuation.
   
4. Timeframes
   Works on intraday, daily, weekly, or monthly charts. The indicator auto-adjusts smoothing and calculation length accordingly.