TurtleQuants : Relative Strength

21 дек. 2021 г.

This is the customer indicator built by "TurtleQuants" based on the relative strength against the broader index. This indicator is built purely based on technicals and price action, does not include any fundamentals of the company / script.

This works the best on Weekly Time, while can also be used on Daily Time. This is not designed for hourly or Intraday trading.

How it works : It calculates the short term and long relative strength as against the broader index along with other technical indication, which can further be customized (Ex: we kept RSI length as 21 weeks default, however this can be changed based on individual preference or set-up)

How to use: This indicator triggers

buy signal when the indicator turns "GREEN".....

*sell signal when the indicator turns "Red"


*If the color of the indicator is BLUE, then previous position status continues....meaning, earlier signal was Green and now changed to Blue, then its hold....and if earlier signal was Red and then changed to Blue, then watchlist, triggers a new buy only when it turns Green from BLUE.

The script (TCS), that was show is just for illustration but not recommendation.

21 дек. 2021 г.

Информация о релизе

Here is more description :

The indicator is set up based on the below parameters

Relative Strength Custom indicator - To calculate the strength of the script as compared to the broader index i.e. Nifty 50

We have leveraged existing built-in indicators as below to validate the strength of the stock

RSI : Relative Strength Index, to measure the strength of the stock. We had kept the look back period (length) as 21 days
SuperTrend : To measure the trend of the script, our default settings are 10,3
ATR : To measure the strength of the trend, the default value is 20
Moving averages: to measure price and volume moving average, the length we considered is 13

Once the above parameters are met, then the indicator will provide the signals through Color codes
Green : Buy
Red : Sell
Blue : Statusquo - No action needed from previous signal

These parameters works optimal on weekly timeframe for Indian script, while taking positional trades. Please note that this will not provide optimal returns for any other asset class or different timeframes4