This script is meant to give you a Relative Strength indication of the stock. The goal is to use a similar calculation as used by IBD.
It calculates the performance of the current stock for the last year (most recent quarter is weighted double) and compares it to the performance of a reference index or ticker (default is "SPY").
IBD would give you a value between 0 and 100 because this value is the percentile within all stocks. This is not possible with Pine Script at the moment.
So here you get a Relative Strength value that is >0 if the stock is stronger than the index and <0 if it is weaker than the index.
You can still compare the Relative Strength values between stocks (bigger is better) but you won't know which percentile it is right off the bat.
It calculates the performance of the current stock for the last year (most recent quarter is weighted double) and compares it to the performance of a reference index or ticker (default is "SPY").
IBD would give you a value between 0 and 100 because this value is the percentile within all stocks. This is not possible with Pine Script at the moment.
So here you get a Relative Strength value that is >0 if the stock is stronger than the index and <0 if it is weaker than the index.
You can still compare the Relative Strength values between stocks (bigger is better) but you won't know which percentile it is right off the bat.
Notas de prensa:
Fix typo and update chart.
Notas de prensa:
Update chart.
Notas de prensa:
Update chart.
Notas de prensa:
Improve performance value display.
Notas de prensa:
Streamline performance calculation.
Notas de prensa:
Update chart.
Notas de prensa:
Fixed a bug where the display would jump around during open market when you opened the reference ticker.
Notas de prensa:
Update chart.
Notas de prensa:
Fix chart flickering when viewing the reference.
Notas de prensa:
Fix broken graph.
Notas de prensa:
Fix broken graph. (Followup)
Notas de prensa:
Go back to quarterly calculation instead of monthly.