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Strength Relative to BTC

Shows strength of the currently charted alt compared to BTCUSD . If BTC is going down or sideways and the alt is going up, then you'll see green and vice-versa for red. Good for quick at-a-glance strength evaluation when flying through a watchlist. The output uses a normalised moving average to reduce signal noise.
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.

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Comments

The 'Compare to' option can be changed to any ticker. Forex traders can use DXY, US stock traders might like SPY, tech stock traders XLK and so on
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