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Relative Strength vs SPY - real time & multi TF analysis

One of the most requested features for TradingView is the ability to include custom indicators in the stock market scanner. While I am sure this feature is coming soon (seriously TV, PLEASE) I decided to use the amazing template provided by QuantNomad (https://www.tradingview.com/script/yLwyZ...), but I wanted to allow the user to modify the table a bit better so that a multi time frame analysis approach could be used.

The recommended way to use this indicator is to apply it three times to your chart. For each instance, assign it a plotting location (left, center, right) and choose the timeframe you wish to use for the RS analysis. By default, the relative strength of all 39 pre selected stocks will be compared against SPY , on the 5 min timeframe. I personally like having this chart on the left, then the 4 hour timeframe in the center, and the daily on the right. Not only does this setup allow you to see the relative strength /weakness of 39 stocks in real time (the one on the left), but you have all the information in front of you including how the stock has been performing relative to SPY on the 4H and D charts.

To make it easiest to read, you should disable all visual elements to the chart you are applying this indicator to. By minimizing the chart and putting it by your side, you can see the bigger picture on how all your stocks are behaving relative to the market.

If you wish to change any of the stocks I have pre selected, make sure to save your chart template. Otherwise you would need to do this every time you load the indicator to your chart which would be incredibly time consuming.
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.

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