VRRS = * VolWeighted * 100
Close is Close price
smaClose is the last value.
Ref is Reference ticker
VolWeighted is the weighted factor and is defined as (smaVol_short / smaVol_long); where smaVol_short, smaVol_long are the of 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.
- 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
- 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
- Volume Weighted is now optional
- Faster loading
- 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)
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.