OPEN-SOURCE SCRIPT

Comparative Relative Strength of a stock

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Perform comparative relative strength of a stock. Default base is NIFTY 50.
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Cosmetic changes to make the display pretty and input choices in more logical sequence.
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Added input as source. Some cosmetic changes.
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  • version 5
  • Added color code for CRS moving average

A color-based trend on the Ratio moving average. The trend lookback is configurable.
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  • Possible to plot candles, of ratio chart, instead of line chart only.
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Updated to include a "CRS Score" and "CRS Pattern"
  • CRS Score: The number of consecutive bars, when the trend of the relative strength is increasing/decreasing. If CRS is falling, score will be negative, if rising, score will be positive and 0 if it is neither positive nor negative (blue)
  • CRS Pattern: The pattern of the last 23 (default) bars for the CRS Trend.

If say, the CRS Pattern is RRRRRRRRRSSGG - It means that after 11 bars, the strength is now positive for last 2 bars. This is a good way to visualise a turn around in relative strength of the stock. Higher the number of opposite trend the greater that chance of the reversal.
Trend Analysis

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