OPEN-SOURCE SCRIPT
Actualizado RS Line - Gauge Performance vs Index

Overview:
This implementation of the RS Line mimics how Investor's Business Daily and CANSLIM investors measure growth stock performance versus the S&P 500.
If you are looking at a weekly chart, the RS Line is the performance of the stock over the past week versus the S&P 500 over that same time frame. The same logic applies to the daily and monthly charts, only the time frames are different.
If a stock moves up for the day/week/month and the S&P 500 does not, the RS Line will move up. If a stock ends the day/week/month flat, yet the S&P 500 moves up, the RS Line will go down.
Usage:
- Look for an upward sloping line.
- The steeper the line, the better.
- Can be used for viewing long-term trend.
This implementation of the RS Line mimics how Investor's Business Daily and CANSLIM investors measure growth stock performance versus the S&P 500.
If you are looking at a weekly chart, the RS Line is the performance of the stock over the past week versus the S&P 500 over that same time frame. The same logic applies to the daily and monthly charts, only the time frames are different.
If a stock moves up for the day/week/month and the S&P 500 does not, the RS Line will move up. If a stock ends the day/week/month flat, yet the S&P 500 moves up, the RS Line will go down.
Usage:
- Look for an upward sloping line.
- The steeper the line, the better.
- Can be used for viewing long-term trend.
Notas de prensa
Colors for all of the RS Line variations can now be configured. Notas de prensa
Version updates:
✓ Support for any index, defaults to S&P 500 (SPX).
✓ Default plot color now shows on both dark and light modes.
Notas de prensa
v4 version updates:The max vertical offset on where to show the RS Line is now 200. This is necessary to accommodate scaling requirements for some indexes.
Notas de prensa
v5 version updates:One helpful tool when viewing an RS Line is to use a trendline, which can provide insight into the bigger picture performance of a stock versus the S&P 500. With this release of the RS Line you can now configure two trendlines that will be drawn for you, based on the criteria you specify.
The trendlines will be colored green or red based on the direction of the trend. You can also configure how far to look-back for each line, providing information for both short-term and long-term traders. For example, if you set a trendline look-back to 10, it will look back 10 days on a daily chart, 10 weeks on a weekly chart, etc
The configurable trendlines offer the following features:
■ Trendlines can be used on any timeframe
■ Trendlines are automatically colored based on the direction:
green for uptrend, red for downtrend
■ Plot up to two trendlines
■ Trendline width can be adjusted
■ Configurable look-back values
Two examples are shown below: APPL and CRSR
Notas de prensa
v6 version updates:The following new features have been added:
■ Draw most recent high based on your preferred look-back range
■ Set color preferences for RS Line
Please leave a comment if you have suggestions on features you'd like to see.
More updates coming soon...
Notas de prensa
v8 version updates:■ For an IPO, verify look-back date range.
Notas de prensa
v9 version updates:■ Visual callout to show the RS Line at a new high before the price reaches a new high.
■ Visual callout to show the price at a new high.
Historical research of past big winners has shown that an RS Line at a new high before the price reaches a new high, may proceed a significant move up. This bullish signal is now much easier to identify.
Example #1 - Microsoft in 1986
Over approximately 8 months, MSFT was up over 200% before a decisive close below the 50-day SMA.
Example #2 - OKTA in 2020
A more recent example is OKTA. In just 5 months there was a 50% move up before closing below the 50-day SMA.
Notas de prensa
v10 version updates:■ Added an option to show a configurable moving average of the RS Line.
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v11 version updates:■ Minor changes to default settings.
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v12 version updates:■ Add an option to show/hide RS Line recent high line.
■ Change order of various Settings for easier navigation.
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v14 version updates:■ Update Settings dialog with section titles to make navigation easier.
■ RS Line only on daily, weekly and monthly charts as intraday skews the chart.
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v16 version updates:■ Minor updates so the RS Line and related information are only shown on daily, weekly and monthly charts.
Notas de prensa
v17 version updates:■ Changes to the Settings dialog to simplify the user interface.
■ RS Line is no longer displayed on futures or indexes as these charts can becomes skewed.
Notas de prensa
Update the chart to show various features of the RS Line indicator.Notas de prensa
v18■ Updates to layout and color configurations.
Notas de prensa
v19■ Minor change to scaling of the chart.
Notas de prensa
v20■ Updates to RS Line layout.
■ Customization of line colors and width.
■ Simplification of Settings dialog.
Notas de prensa
v21■ Auto-generated trendline updates.
■ Specify timeframe(s) to show the RS Line.
Notas de prensa
v22■ Updates to trendline calculations.
Notas de prensa
v23■ RS Line and related data no longer shown for indexes and futures.
Notas de prensa
v24■ Support for longer trendlines.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
Access our premium tools: LevelUpTools.net
Join traders in over 40 countries and LevelUp!
Join traders in over 40 countries and LevelUp!
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.