New High RS — Indicator by skourdes

- Add a 26-week moving average to the New High RS (Relative Strength) Indicator

Buy when indicator > MA
Sell when indicator < MA

- The absolute value of the indicator means nothing. The position relative to the MA is what we trade.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study("New High RS")
newHighRS = close / highest(close,52)
plot(newHighRS, color=green)