OPEN-SOURCE SCRIPT
Updated Comparative Relative Strength - HongQuanTrader
This script is designed to enhance your trading strategy by comparing the current symbol with another comparative symbol. The goal is to trade a symbol only when its Relative Strength (RS) value surpasses the long moving average of the RS value, ensuring more informed and strategic trading decisions.
Default Mode
In the default mode, the RS value is calculated by simply dividing the base symbol by the comparative symbol:
Pine Script®
Period Mode
When you enable the “use period” option, the script uses the RS_PERIOD equation. This mode is particularly useful for comparing multiple symbols against the same comparative symbol, with the output normalized around 1.0 for easier comparison:
Pine Script®
By leveraging these calculations, you can gain deeper insights into the relative performance of different symbols, allowing you to make more precise and confident trading decisions. Whether you’re comparing stocks, currencies, or any other assets, this script provides a robust framework for enhancing your trading strategy.
Default Mode
In the default mode, the RS value is calculated by simply dividing the base symbol by the comparative symbol:
RS_SIMPLE = baseSymbol / comparativeSymbol
Period Mode
When you enable the “use period” option, the script uses the RS_PERIOD equation. This mode is particularly useful for comparing multiple symbols against the same comparative symbol, with the output normalized around 1.0 for easier comparison:
RS_PERIOD = baseSymbol / baseSymbol[rsPeriod] / (comparativeSymbol / comparativeSymbol[rsPeriod])
By leveraging these calculations, you can gain deeper insights into the relative performance of different symbols, allowing you to make more precise and confident trading decisions. Whether you’re comparing stocks, currencies, or any other assets, this script provides a robust framework for enhancing your trading strategy.
Release Notes
fix: Do not plot the horizontal line if not using RS_PERIOD methodRelease Notes
refactor: remove unnecessary codeRelease Notes
feat: add track line of RS lineRelease Notes
chore: add title for long and short moving average linesRelease Notes
chore: add title for line 1.0 in RS Period modeRelease Notes
Update to fix chart rulesOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.