RSI Mansfield +An adaptive relative strength indicator for any market and timeframe.
OVERVIEW
This indicator plots the Mansfield Relative Strength (RSI Mansfield) oscillator, a tool to compare the performance of your instrument against a chosen benchmark index or asset. It auto-adjusts to cryptocurrencies, stocks, and various timeframes, applying the appropriate smoothing techniques to reveal true relative strength or weakness.
CONCEPTS
Relative Strength: Measures how the price of your asset evolves compared to a benchmark (e.g., BTC dominance, S&P 500).
Mansfield Normalization: Expresses the deviation from the moving average of the ratio between your asset and the benchmark, scaled to highlight trends.
Adaptive Smoothing: Automatically selects EMA or SMA smoothing depending on market type and timeframe.
Divergences: Detects regular and hidden bullish or bearish divergences in the Mansfield oscillator, which can signal potential reversals.
FEATURES
Supports major global stock indices and crypto benchmarks.
Auto-selection of moving average length (daily, weekly, monthly).
Dynamic coloring: green for positive relative strength, red for negative.
Configurable detection of four divergence types:
Regular Bullish Divergence
Hidden Bullish Divergence
Regular Bearish Divergence
Hidden Bearish Divergence
Toggle switch to show/hide divergences.
Clear zero baseline reference.
USAGE
Benchmark Selection
Choose the benchmark index or asset you want to compare against, e.g., Bitcoin Dominance, S&P 500, or other regional indices.
Interpret Colors
Green oscillator: outperforming the benchmark.
Red oscillator: underperforming.
Analyze Divergences
Enable divergence detection to spot potential reversal points. Regular divergences indicate classical divergence; hidden divergences may confirm continuation.
Timeframes
Works on intraday, daily, weekly, or monthly charts. The indicator auto-adjusts smoothing and calculation length accordingly.
Mansfield
Mansfield RSHello,
I hope you like this representation of the Mansfield Relative Strength Indicator.
The calculations have been made based on the following formulas:
Standard Relative Performance indicator
RP = ( stock_close / index_close ) * 100
Mansfield Relative Performance indicator
MRP = (( RP (today) / sma ( RP (today), n)) - 1 ) * 100
Where:
RP = Standard Relative Performance indicator (see above)
SMA = Simple moving average over n days.
n = 52 for weekly charts, and n = 200 on daily charts
Thanks,
Mansfield Relative Strength indicatorUse this indicator to compare how security is performing in compare with preferred index (SPX by default).
> 0 outperforming
< 0 underperforming
Works best for weekly, but can be applied to monthly and daily charts. It will be rather useless to use it in smaller timeframes
Apply it to SPX, industry index, sector index or other security in similar sector
