PROTECTED SOURCE SCRIPT
Relative Strength (RS 55)
Relative Strength (RS55) with RSI Confirmation
This indicator measures Relative Strength (RS) of the selected ticker against a comparative benchmark (default: NSE:NIFTY) over a fixed 55-period lookback. It helps identify whether the asset is outperforming or underperforming its benchmark.
🔑 Key Features
Relative Strength (RS 55):
Plots the relative performance of the asset compared to the benchmark index.
Values above 0 indicate outperformance; values below 0 indicate underperformance.
Background Color Filters:
🟩 Green → RS(55) > 0 AND RSI(14) > 51 (confirmed bullish strength).
🟥 Red → RS(55) < -0.1 (confirmed bearish weakness).
Transparent otherwise.
Zero Line: Helps to quickly identify whether RS is positive or negative.
RS Moving Average (optional): Smooths RS values and highlights RS trend direction (color-coded).
Alerts:
Alert when RS55 background turns green (bullish confirmation).
Alert when RS55 background turns red (bearish confirmation).
Alerts for RS MA trend changes (rising/falling).
This indicator measures Relative Strength (RS) of the selected ticker against a comparative benchmark (default: NSE:NIFTY) over a fixed 55-period lookback. It helps identify whether the asset is outperforming or underperforming its benchmark.
🔑 Key Features
Relative Strength (RS 55):
Plots the relative performance of the asset compared to the benchmark index.
Values above 0 indicate outperformance; values below 0 indicate underperformance.
Background Color Filters:
🟩 Green → RS(55) > 0 AND RSI(14) > 51 (confirmed bullish strength).
🟥 Red → RS(55) < -0.1 (confirmed bearish weakness).
Transparent otherwise.
Zero Line: Helps to quickly identify whether RS is positive or negative.
RS Moving Average (optional): Smooths RS values and highlights RS trend direction (color-coded).
Alerts:
Alert when RS55 background turns green (bullish confirmation).
Alert when RS55 background turns red (bearish confirmation).
Alerts for RS MA trend changes (rising/falling).
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.