Relative Strength 3D Indicator [CC]This is a custom indicator of mine loosely based on the work by James Garofallou (Stocks and Commodities Sep 2020 pg 14) and this is meant for medium to long term trend confirmations. The idea behind this indicator is to capture 3 different dimensions of trend strength. The first dimension captures the overall strength of the underlying stock vs the market (in this case the S&P 500). The second dimension captures the overall trend strength by assigning a scoring system so when all faster moving averages are stronger than slower moving averages then it gets the max points. The final dimension is the strength of the overall strength of everything so far. Buy when the indicator line turns green and sell when it turns red.
Let me know if there are any other indicators or scripts you would like to see me publish!
Relativestrengthmeter
Relative Strength Market PickerModified to code from @modhelius and added colors and histogram for easy reading...thanks to him...
What is Relative Strength?
Relative strength is a ratio of a stock price performance to a market average (index) performance. It is used in technical analysis.
It is not to be confused with relative strength index.
To calculate the relative strength of a particular stock, divide the percentage change over some time period by the percentage change of a particular index over the same time period.
How to read this indicator for trading and decesion making?
There are four colors
Aqua: Shows the bullish momentum against the index of your choosing
Navy blue: Show the bearish momentum is weakning at the time period
Fuschsia : Shows the bullish gaining strength and about to cross zero line
Red: Shows the bearish momentum is strong.
Other indicators to be used along with this are
1. Pivot points
2. Moving Average of highs and lows -- 17 period
To take long calls --- There has to be high closing candle above the 17 period moving average of highs and there has to be bullish momentum and ideally with the pivot point as a support
To take short calls -- There has to low closing candle below the 17 period moving average of lows and there has to be bearish momentum and ideally with the pivot point as a resistance.
BOSS Relative Strength MeterTHE BEST FOREX, STOCKS, COMMODITIES , AND CRYPTO INDICATORS FOR TRADINGVIEW.COM
The relative strength meter (RSM) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
The RSM is displayed as a color coded meter.
GREEN: Bullish Uptrend
RED: Bearish Downtrend
YELLOW: Disbursement
Highlights:
Add to any chart or time frame
Prints on the current bar in real time
DOES NOT repaint several bars after the fact
Freedom to Tune
User can change colors
Available Here: bosscripts.com
7_Day Trial: bosscripts.com
