PlayTheTrade

RS Line - Gauge Performance vs S&P 500

Overview:
This implementation of the RS Line mimics how Investor's Business Daily and CANSLIM investors measure growth stock performance versus the S&P 500 .

If you are looking at a weekly chart, the RS Line is the performance of the stock over the past week versus the S&P 500 over that same time frame. The same logic applies to the daily and monthly charts, only the time frames are different.

If a stock moves up for the day/week/month and the S&P 500 does not, the RS Line will move up. If a stock ends the day/week/month flat, yet the S&P 500 moves up, the RS Line will go down.

Usage:
- Look for an upward sloping line.
- The steeper the line, the better.
- Can be used for viewing long-term trend.
Release Notes: Colors for all of the RS Line variations can now be configured.
Release Notes: Version updates:

✓ Support for any index, defaults to S&P 500 (SPX).
✓ Default plot color now shows on both dark and light modes.
Release Notes: v4 version updates:

The max vertical offset on where to show the RS Line is now 200. This is necessary to accommodate scaling requirements for some indexes.
Remove from Favorite Scripts Add to Favorite Scripts
Technical analysis, indicators and tutorials: https://PlayTheTrade.com
Follow me on Twitter: https://twitter.com/JohnMuchow

Comments

Thank you for this.
+1 Reply
PlayTheTrade danijelsan
@danijelsan, You're welcome. Any feedback is welcome.
Reply
God bless you John for this, I am truly grateful for your efforts. This was something I would keep searching around as I am not good at coding personally.
If I may ask, would you know how to create a scan on trading view on the RS line, for eg. stocks that went on to make new RS Line highs in mid-March 2020 even above their individual Feb 2020 levels became big winners! Any idea whether that can be done on this platform? In down swings, will be really helpful! Many thanks once again John!
+1 Reply
@Jeet24, Thank you for the kind words. That's an interesting idea. I am not sure if that can be done in TradingView. I will make a note and put it on my list to look into. Feel free to send me a note again as a reminder.
Reply
hollowman85 PlayTheTrade
@PlayTheTrade, Sound like TradingView only support scanning using it's own built-in indicators, and as such do not support scanning using customized scripts...
+1 Reply
Nice work!
+1 Reply
PlayTheTrade drewby4321
@drewby4321, Thanks Drew.
+1 Reply
Hi. How can i setup this indicator??
+1 Reply
PlayTheTrade trungduong23032001
@trungduong23032001, Tap the icon "Add to Favorite Scripts" from there, you can add the indicator to charts.
Reply
@PlayTheTrade, Thank you for your indicator
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out