30 custom RS

This is an indicator that calculates and plots the Relative Strength (RS) between the price of a given stock and 30 others tikers of your choice. It is fully customizable depending on the market you prefer to follow. Personally, I’ve set it up with the top 30 Nasdaq tickers and used the NASDAQ itself as the benchmark title.
This script is extremely useful for understanding how many companies have a positive correlation and how many have a negative one. If many companies show a negative correlation, it could indicate the beginning (not yet evident) of a bear phase. On the other hand, if many companies show a positive correlation, it could indicate the beginning (not yet evident) of a bull phase.
Regardless of whether the correlation is positive or negative, the lower the correlation, the more likely it is that the given symbol won't produce fake signals on indicators like the RSI or CCI.
So essentially, this indicator shows a composite RS

This indicator is designed to be used in combination with other similar tools I've published, which track the RSI,CCI, ATR, MACD, etc., of the top 30 NASDAQ companies
In particular, I recommend using this script if you plan to use any other indicators from the 'Composite 30' series, as it is the one that most validates any signals received from the composite charts. This is because it allows you to determine the level of correlation between the BENCHMARK and the others that make up the composite.