If you are desperately looking for a novel RSI, this isn't that. This is another lesser known novel species of indicator. Hot off the press, in multiple stunning color schemes, I present my version of "Relative Strength (RSMK)" employing PSv4.0, originally formulated by Markos Katsanos for TASC - March 2020 Traders Tips. This indicator is used to compare performance of an asset to a market index of your choosing. I included the S&P 500 index along side the Dow Jones and the NASDAQ indices selectively by an input() in "Settings". You may comparatively analyze other global market indices by adapting the code, if you are skilled enough in Pine to do so.
With this contribution to the Tradingview community, also included is MY twin algorithmic formulation of "Comparative Relative Strength" as a supplementary companion indicator. They are eerily similar, so I decided to include it. You may easily disable my algorithm within the indicator "Settings". I do hope you may find both of them useful. Configurations are displayed above in multiple scenarios that should be suitable for most traders.
As always, I have included advanced Pine programming techniques that conform to proper "Pine Etiquette". For those of you who are newcomers to Pine Script, this script may also help you understand advanced programming techniques in Pine and how they may be utilized in a most effective manner. Utilizing the "Power of Pine", I included the maximum amount of features I could surmise in an ultra small yet powerful package, being less than a 60 line implementation at initial release.
Unfortunately, there are so many Pine mastery techniques included, I don't have time to write about all of them. I will have to let you discover them for yourself, excluding the following Pine "Tricks and Tips" described next. Of notable mention with this release, I have "overwritten" the Pine built-in function ema(). You may overwrite other built-in functions too. If you weren't aware of this Pine capability, you now know! Just heed caution when doing so to ensure your replacement algorithms are 100% sound. My ema() will also accept a floating point number for the period having ultimate adjustability. Yep, you heard all of that properly. Pine is becoming more impressive than `impressive` was originally thought of...
Features List Includes: Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting AND much, much more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
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#1 - I added a "Manual Input" for the "Comparative Market Index" input(). If the index you wish to do comparative analysis isn't listed there, you can now manually choose a desired index. A list of numerous indices TV has to offer is included in a link presented in the code. There is 100+ indices you may use that I couldn't provide in an all-encompassing input(). This also allows you to compare anything else that is NOT an index if you dare.
#2 - I also added a dotted correlation colored zero line that portrays the extent of correlation in color between the two tickers. Generally speaking bright red is considered negative correlation, while bright green is considered positive correlation between the two tickers. This is disabled by default, but can be enabled with a checkbox. I thought this may be helpful in some way for some who have a greater comprehension of correlation with two assets. For example, an overwhelming amount of red dots would imply the tickers are not correlated very well at all.
Hi Sir, can you please put more information on how can we use this ? I can see RSMK,Signal and CRS,CRS Signal
on which basis/logic ,we need to take entry/exit position? what is the diff between RSMK and Signal? and what is the diff between CRD and CRS Signal?
is there any logic between Signal and CRS signal?
code looking something promising to trade but I could not able to find any idea on the above mentioned points.
will this work for day/hr/15 min time frame?
ImmortalFreedom
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@SocietyPlayer, Information on the original formulation of this RSMK algorithm may be obtained here: store.traders.com/stcov381usre.html The RSMK has a very small amount of smoothing applied to it. The signal applies even more smoothing while not affecting the RSMK itself. The indicator functions on small intervals like 15 mins, and even smaller. This doesn't imply it may be well suited for this purpose depending on the asset, index, and time frame in question. As always, become familiar with indicators you have intentions of trading with, BUT long before you actually start making trading decisions with them.
johstewa
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Can you explain how this is used (without referring everyone to read articles written by someone else that are behind a paywall)?
blackcat1402
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thanks for sharing this. it is quite interesting when I use NIfty and NASDAQ as reference to plot this indicator on XBTUSD. It exhibit execllent performance? Does it hint that BTC correlates with Nifty and NASDAQ indice in some way?
allanster
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Amazing as always, keep up the great work!
FadiD86
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Thanks for coding such a great indicator!
tarheel74
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Thank you for sharing this, nice work! I'm working reading Marko's book.
pcarma
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This is awesome. Thank you for sharing. Wondering how to build a screen to locate stocks making the cross up or down on the factors, like the MA or the zero line. Anyone doing this?
jonny1960
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thank you for great script. can you recommend additional indicator that best helps to identify trend strength/direction?