relative strength to SPX500 — Indicator by mr13

This is the indicators showing the stock relative strength comparing with SPX500.
positive means the stock is strong than spx500
negative means weak than spx500

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

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Want to use this script on a chart?

study("relative strength to SPX500", shorttitle="mrs") 
a = tickerid 
b = input("FX:SPX500", type=symbol) 
as = security(a, period, (close-close[1])/close[1]*100+100) 
bs = security(b, period, (close-close[1])/close[1]*100+100) 
rs=(as-bs)/bs*1000
plot(rs, title="mrs", color=navy)
len=input(13)
plot(sma(rs, len), color=green)
hline(0, title="Zero", color=gray, linestyle=dashed)
hline(-30, title="down", color=gray, linestyle=dashed)
hline(30, title="up", color=gray, linestyle=dashed)