RS Alpha by The Noiseless Trader

RS Alpha by The Noiseless Trader plots a clean, benchmark‑relative strength line for any symbol and (optionally) a mean line to assess trend and momentum in relative performance. It’s designed for uncluttered, professional RS analysis and works across any timeframe.

• Compare any symbol vs a benchmark (default: NSE:NIFTY).
  
• Optional log‑normalized RS for return‑aware comparisons.
  
• Optional RS Mean with trend coloring (rising/falling).
  
• Optional RS Trend zero‑line coloring based on short‑range slope.
  
• Lightweight alerts for rising/falling RS mean.
  

Tip: Use RS to identify leaders (RS > 0 with rising mean) and laggards (RS < 0 with falling mean), then align setups with your price action rules.

Reading the indicator

• Leadership: RS > 0 and RS Mean rising → outperformance vs benchmark.
  
• Weakness: RS < 0 and RS Mean falling → underperformance vs benchmark.
  
• Inflections: Watch RS crossing above/below its Mean for early shifts.
  
• Zero‑line context: With RS Trend on, the zero line subtly reflects short‑term slope (green for positive, maroon for negative).
  

Alerts

• Rising Strength – RS Mean turning/remaining upward.
  
• Declining Strength – RS Mean turning/remaining downward.
  

(Use these as context; execute entries on your price‑action rules.)

Best practices

• Pair RS with your trend/structure rules (e.g., higher highs + RS leadership).
  
• For sectors/baskets, keep the Comparative Symbol consistent to rank peers.
  
• Log‑normalized RS helps when comparing assets with very different volatilities or large base effects.
  
• Test multiple length and Mean settings; 60 is a balanced default for swing/positional work.
  

Credits
Original concept & code: © bharatTrader
Modifications & refinements: The Noiseless Trader