OPEN-SOURCE SCRIPT
Relative Strength Levy
Description:
The concept of Relative Strength to Levy is based on the assumption that, securities which exhibited a large relative strength in the past will also develop relatively strongly in future, and conversely.
It is compare on the performance of the past with the performance of last observation period.
Calculation:
Arithmetic mean of the candle closing price over the observation period.
The result is plotted around the 1.0 mark.
RSL = Close / Moving Average
Interpretation:
If an instrument has an RSL of greater than 1, it is more likely than not, the instrument is more than weak in the past.
Second interpretation of Levy is to first divide the standard deviations of the last 27 weekly closing prices. The intention of this method is to determine the volatility of the securities being observed.
The concept of Relative Strength to Levy is based on the assumption that, securities which exhibited a large relative strength in the past will also develop relatively strongly in future, and conversely.
It is compare on the performance of the past with the performance of last observation period.
Calculation:
Arithmetic mean of the candle closing price over the observation period.
The result is plotted around the 1.0 mark.
RSL = Close / Moving Average
Interpretation:
If an instrument has an RSL of greater than 1, it is more likely than not, the instrument is more than weak in the past.
Second interpretation of Levy is to first divide the standard deviations of the last 27 weekly closing prices. The intention of this method is to determine the volatility of the securities being observed.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.