Relative Strength Asset Comparison

Oct 30, 2023

Added also the Bollinger Bands% as a trending indicator.
Midline crossover, >50 = bullish, <50 = bearish.

(asset on chart AAVE, inside the indicator settings ETH)


The plot inside the oscillator is the price of (Asset of oscillator/Asset on chart.)

Indications of the oscillator (Bullish, Bearish) are for the asset of the indicator.

Bullish = asset on chart is stronger, oscillator asset weaker.
Bearish = asset on chart is weaker, oscillator asset stronger.

Oct 31, 2023

Release Notes

This script is designed to compare the performance of a predefined asset (e.g., SOLUSD) with the asset currently displayed on the chart (VRAUSD). The comparison is visualized using an oscillator based on the relative strength of the two assets. Additionally, a table at the top right corner of the chart displays the current value of this relative strength and its trend (Bullish or Bearish).

Main Components:

Inputs:

Asset: This is an input field where users can specify the ticker of the predefined asset they wish to compare against. By default, it's set to "ETHUSD".


Data Fetching:

The script obtains the closing prices of both the predefined asset and the asset currently shown on the TradingView chart.

Relative Strength Calculation
The relative strength is determined by dividing the closing price of the predefined asset by the closing price of the current chart asset. This ratio shows the performance of the predefined asset in relation to the current asset.


Visualization:

The relative strength is plotted, which provides a visual representation of how the predefined asset is performing compared to the current asset.
When the relative strength is rising, it indicates that the predefined asset is outperforming the current asset, and vice versa.


Top Right Table:

A concise table is presented at the top right corner of the chart.
This table displays the current value of the relative strength and its trend. If the relative strength is increasing (indicative of the predefined asset outperforming), the trend is "Bullish"; if decreasing, it's "Bearish".
The trend and value are color-coded for clarity: green denotes bullish tendencies, while red indicates bearish ones.

*Update

Added the RSI indicator to the script. The indicator now also uses the RSI calculation to define if the pair is bullish or bearish. RSI above 50 will display a "Bullish" message, RSI below 50 will display a "Bearish" message.