Asymmetrical RSI is an indicator that computes a custom relative strength index from the rate of change of a user-selected source. It plots the resulting ARSI line in a separate pane with color coding that turns green above the overbought level and red below t
Indicator · Pine Script v5 · Own pane
Relative Strength (IBD Style)
An indicator in a separate pane that compares a symbol's performance with a reference symbol, set to a Polish index by default.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code41
Settings3inputs
LicenceGPL-3.0
Last update3 years ago10 Aug 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
41 lines of Pine Script v5 from Indicators/relative_strength.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
// @version=5
indicator(title="Relative Strength (IBD Style)", shorttitle="RS", format=format.percent, max_bars_back=260)
ref_input = input("GPW:WIG", title="Reference")
up_color = input(color.green, title="Strength Color")
down_color = input(color.red, title="Weakness Color")
weekly = timeframe.isweekly ? 1 : 5
oneYear = 52*weekly
stock = request.security(syminfo.tickerid, timeframe.period, close)
ref = array.pop(str.split(syminfo.tickerid,":")) != ref_input ? request.security(ref_input, timeframe.period, close) : stock
// use more recent quarters if data for full year is not available
quarter_perf(data, n) =>
i = n
refCandle = i*oneYear/4
baseCandle = (i-1)*oneYear/4
while (not data[refCandle] and i > 1)
i := i - 1
refCandle := i*oneYear/4
baseCandle := (i-1)*oneYear/4
ta.roc(data[baseCandle], refCandle)
// first quarter is weighted more
stock_performance = 0.4*quarter_perf(stock,1) + 0.2*quarter_perf(stock,2) + 0.2*quarter_perf(stock,3) + 0.2*quarter_perf(stock,4)
ref_performance = 0.4*quarter_perf(ref,1) + 0.2*quarter_perf(ref,2) + 0.2*quarter_perf(ref,3) + 0.2*quarter_perf(ref,4)
zero_line = 0
rs = stock_performance - ref_performance
rs_sma = ta.sma(rs, oneYear)
plot(rs_sma, style=plot.style_linebr, color=color.new(#00ffaa, 70))
zero_color = color.new(color.gray, 100)
plot_color = (rs >= zero_line) ? up_color : down_color
fill_color = (rs >= zero_line) ? up_color : down_color
fill_color := color.new(fill_color, 70)
zero_plot = plot(zero_line, title="Zero Line", color=zero_color, linewidth=1, display=display.none)
rs_plot = plot(rs, title="Relative Strength", color=plot_color, linewidth=2)
fill(plot1=rs_plot, plot2=zero_plot, color=fill_color)
Overview
Performance is measured over the four quarters of a year with the most recent quarter weighted more, and falls back to recent quarters when a full year of data is missing. The difference is drawn as a filled histogram-style area, green when the symbol is stronger and red when weaker, with a one-year moving average line. Colours and the reference are adjustable. It suits daily and weekly charts.
- Relative performance versus a reference symbol
- Quarterly weighting with recent quarter emphasis
- Green and red filled area
- One-year smoothed line
Details
Published by
creatidy on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum
Markets
Stocks
Timeframes
H4 and above
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Reference | string | GPW:WIG | ref_input |
| Strength Color | color | color.green | up_color |
| Weakness Color | color | color.red | down_color |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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