OPEN-SOURCE SCRIPT
Price Relative / Relative Strength Comparative [NeoButane]

"The Price Relative indicator compares the performance of one security to another with a ratio chart."
Divergences and chart patterns can apply to this ratio.
This was created because I wanted to compare bitcoin to currency/stock indices. So far I've seen mostly confluence with cryptos. Comparing stocks against market indices better shows where the index begins to outperform the stock before price action can reveal dips in price. Using same length moving averages or divergences can help spot that.
There's a glitch where candle colors turn blue when editing. Turn the candles on and off to fix it.
Reference: stockcharts.com/school/doku.php?id=chart_school:technical_indicators:price_relative
Formula:
Price Relative = Base Security / Comparative Security
Ratio Symbol Close = Close of First Symbol / Close of Second Symbol
Ratio Symbol Open = Open of First Symbol / Close of Second Symbol
Ratio Symbol High = High of First Symbol / Close of Second Symbol
Ratio Symbol Low = Low of First Symbol / Close of Second Symbol
Note: Although StockCharts states
"Base Security / Comparative Security"
I've used
"Base Security / (Base Security + Comparative Security)
to create a ratio as the article has stated it should be.
Possible use: margin/CVD

Divergences and chart patterns can apply to this ratio.
This was created because I wanted to compare bitcoin to currency/stock indices. So far I've seen mostly confluence with cryptos. Comparing stocks against market indices better shows where the index begins to outperform the stock before price action can reveal dips in price. Using same length moving averages or divergences can help spot that.
There's a glitch where candle colors turn blue when editing. Turn the candles on and off to fix it.
Reference: stockcharts.com/school/doku.php?id=chart_school:technical_indicators:price_relative
Formula:
Price Relative = Base Security / Comparative Security
Ratio Symbol Close = Close of First Symbol / Close of Second Symbol
Ratio Symbol Open = Open of First Symbol / Close of Second Symbol
Ratio Symbol High = High of First Symbol / Close of Second Symbol
Ratio Symbol Low = Low of First Symbol / Close of Second Symbol
Note: Although StockCharts states
"Base Security / Comparative Security"
I've used
"Base Security / (Base Security + Comparative Security)
to create a ratio as the article has stated it should be.
Possible use: margin/CVD
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.