Volume Weighted Real Relative Strength (RS/RW)

Volume Weighted Real Relative Strength (VRRS) measures the relative strength of a tickers vs. a benchmark ticker for the market, i.e. $SPY, and a benchmark ticker for the sector it is in. The calculation of VRRS is done as follow:

VRRS = * VolWeighted * 100

Close is Close price
smaClose is the last simple moving average value.
Ref is Reference ticker
VolWeighted is the volume weighted factor and is defined as (smaVol_short / smaVol_long); where smaVol_short, smaVol_long are the simple moving average of volume calculated for a short period (i.e. 21 period) and long period (i.e. 5 days), respectively.

1. It can show two VRRS, one calculated against a market benchmark (i.e. $SPY) and one for a sector benchmark.
2. It shows also the bar plot of the benchmark ticker.
Release Notes: This update:
- Updating default value
- Cleaning the code
- Using better default color

In previous description, the formula was cutoff. It should be read
VRRS = ( (Close - smaClose)/smaClose - (RefClose - RefsmaClose)/RefsmaClose ) * VolWeighted * 100
Release Notes: Fix bug for accurate reference plotting
Release Notes: This update includes
  • Fix bug on displaying SPY intra day change
  • Add change rate of VRRS. This measure the rate at which the VRRS changes from bar to bar. It is calculated by using linear regression of the last number of bar (set by user). The Certainty measures how good this calculation is. 100% means completely linearly growth.
  • Select sector automatically for sector VRRS
Release Notes: Add option to disable/enable Auto Sector Selection
Release Notes:
  • Volume Weighted is now optional
  • Faster loading
Release Notes: Add comment
Release Notes: Fix typo
Release Notes: Improve loading time
Release Notes: The automatic option to select sector reference causes about 5-10 second delay on the first load. I am still trying to find solution for it. If user does not want this option and want to do manual sector selection (much faster), please do the following
  • Comment out line 130 (add // at the beginning of the line)
  • Uncomment out lines 132 and 133 (remove // at the beginning of the lines)
  • Save the code (Ctrl + S)
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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