drewby4321

Relative Candle

This script visualizes the relative movement of a single OHLC candle compared to an index (or another symbol). The vertical location of the candle indicates the general positive/negative comparison of the bar vs the index. The color of the candle indicates how the candle moved relative to the index. The wick indicates the closing range compared to the index (did the symbol close at lows of the bar while the index closed at highs).

The area graph in the background shows the average relative close over a 10-day simple moving average .

I use this to pop any behavior that is out of line with the market, whether positive or negative. For example, is a red bar day due to the market pullback or something specific to the stock. Or did the market pull back and the stock did the opposite, strong day!
Release Notes: Updates:
  • Added input.symbol type for Index so it's easier to select the comparative ticker.
  • Matched the resolution to the chart, so it can now be used on more than just Daily charts.

This script visualizes the relative movement of a single OHLC candle compared to an index (or another symbol). The vertical location of the candle indicates the general positive/negative comparison of the bar vs the index. The color of the candle indicates how the candle moved relative to the index. The wick indicates the closing range compared to the index (did the symbol close at lows of the bar while the index closed at highs).

The area graph in the background shows the average relative close over a 10-day simple moving average .

I use this to pop any behavior that is out of line with the market, whether positive or negative. For example, is a red bar day due to the market pullback or something specific to the stock. Or did the market pull back and the stock did the opposite, strong day!
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
Website: https://www.drewby.com

Twitter: https://www.twitter.com/drewrobbins

All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.

Kommentarer

500 coins
+1 Svara
drewby4321 PineCoders
@PineCoders, thank you!
Svara
This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
+3 Svara
drewby4321 PineCoders
@PineCoders, Thanks, I'm glad you like it! :)
Svara
thanks for sharing
+2 Svara
Very nice ,thanks god bless u 👍
+1 Svara
drewby4321 vijay0811vs
@vijay0811vs, thanks for the comment! I'm glad you like it.
Svara
Hi ,
when i apply the index to Nifty vs NSE stocks, there are no divergences in daily candles and 1 have checked at least a dozen stocks . It is that my sample was small or something else . please advise
+1 Svara
@sendk, Can you give me the ticker/symbol of what you configure as Index in the indicator? And then what is ticker are you viewing on the chart? And also, what timeframe (minute, hour, daily, weekly?)
Svara
Thank you
How do I use your latest version
+1 Svara
Hem Aktie-screener Forex-screener Krypto-screener Ekonomisk kalender Om Diagramfunktioner Priser Tipsa en vän Ordningsregler Hjälpcenter Webbsidor och mäklarlösningar Widgets Diagramlösningar Lightweight Charting Library Blogg och nyheter Twitter