Volatility Adapted Relative Strength — Indicator by Quuh

Volatility relativestrength

volatility relativestrength

VARS uses a stock's ALPHA in comparison to the SPX to determine whether there is RS on an volatility adjusted basis.

Release Notes:

Changes:
(1) Length of the α-timeframe.
(2) Additional coloring for higher α-values.

Release Notes:

Each variable of the indicator is now fully editable.

Release Notes:

The script now works with two different beta and alpha reference points to map VARS to longer and shorter running time frames. Each value is customizable.
Nota bene: The default values are still work in progress.

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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