Volume Weighted Real Relative Strength (VRRS) measures the relative strength of a tickers vs. a benchmark ticker for the market, i.e. SPY, and a benchmark ticker for the sector it is in. The calculation of VRRS is done as follow:
Where: Close is Close price smaClose is the last simple moving average value. Ref is Reference ticker VolWeighted is the volume weighted factor and is defined as (smaVol_short / smaVol_long); where smaVol_short, smaVol_long are the simple moving average of volume calculated for a short period (i.e. 21 period) and long period (i.e. 5 days), respectively.
Feature: 1. It can show two VRRS, one calculated against a market benchmark (i.e. SPY) and one for a sector benchmark. 2. It shows also the bar plot of the benchmark ticker.
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This update: - Updating default value - Cleaning the code - Using better default color
In previous description, the formula was cutoff. It should be read VRRS = ( (Close - smaClose)/smaClose - (RefClose - RefsmaClose)/RefsmaClose ) * VolWeighted * 100
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Fix bug for accurate reference plotting
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This update includes
Fix bug on displaying SPY intra day change
Add change rate of VRRS. This measure the rate at which the VRRS changes from bar to bar. It is calculated by using linear regression of the last number of bar (set by user). The Certainty measures how good this calculation is. 100% means completely linearly growth.
Select sector automatically for sector VRRS
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Add option to disable/enable Auto Sector Selection
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Volume Weighted is now optional
Faster loading
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Add comment
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Fix typo
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Improve loading time
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The automatic option to select sector reference causes about 5-10 second delay on the first load. I am still trying to find solution for it. If user does not want this option and want to do manual sector selection (much faster), please do the following
Comment out line 130 (add // at the beginning of the line)
Uncomment out lines 132 and 133 (remove // at the beginning of the lines)
The formula for VRRS seems to be cut off. It should be VRRS = ( (Close - smaClose)/smaClose - (RefClose - RefsmaClose)/RefsmaClose ) * VolWeighted * 100
@dealsatm thanks for the script! I think I found a small bug, I think the open and close should be relplaced by RefOpen/RefCloseD-1)*100 and (RefHigh/RefCloseD-1)*100 in the plotbar function? plotbar((RefOpen/RefCloseD-1)*100, (RefHigh/RefCloseD-1)*100, (RefLow/RefCloseD-1)*100, (RefClose/RefCloseD-1)*100, title="Reference Change", color = open < close ? color.rgb(255, 0, 255, 0) : color.rgb(255, 255, 0, 0))
arnab96
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Thank you very much for this script. I have been using this and trying to time my entry and exits accordingly and it has been super useful. I was wondering if we can add another line which shows the sector strength w.r.t to the market as well. So suppose we want to go long, we check if the stock has Relative strength to the market as well as to the sector (which is already present in this script), but also see if the sector has relative strength to the market as well.
Project_Money_Heist
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Please explaine. Move up in price stock on D2 chart setup with 99.37% Certainty confirm beginning of Bullish swing ?
dealsatm
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@MaciekAthlone, I can't not advice on this. This indicator indicates how strong/week a stock is with respect to market and sector (Relative Strength/Weakness). The change rate is showing how RS or RW moving. Certainty indicates if the change is linear or not (100% is completely linear). This indicator is best to use with M5 for daytrade and D1 for swing. Please check r/RealDayTrading for more details, if you have not seen explanation.
masterbaud
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Thanks
Heavenscent
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Thank you...I too would like to see that moving average all in one