RS Rating for Indian MarketRS Rating for Trading View
This Trading View script calculates the Relative Price Strength (RS) Rating for a given stock. It's a measure of a stock's price performance over the last twelve months, compared to all stocks in a selected Index. The rating scale ranges from 1 (lowest) to 99 (highest).
Features
- Adaptation for Indian Market
- Option to choose the index to compare to (NSE:NIFTY, NSE:CNX500, NSE:NIFTYSMLCAP250, NSE:CNXSMALLCAP)
- Option to compare to a different index
- Option to hide the RS rating
- Option to plot RS new highs
- Option to adjust the offset of the line for display purposes
- Option to change the color of the RS Line & Rating
- Option to change the color of the dots for RS new highs
- Option to choose which new high to plot (RS New Highs, RS New Highs Before Price, Historical RS New Highs, Historical RS New Highs Before Price)
- Option to adjust the recent high look-back count
Please note that the script is designed to work best in the daily timeframe. Results may not be accurate in other timeframes.
This script uses three methods to calculate the RS Rating:
1. A method that calculates how the stock behaves vs SMA.
2. A classic performance method that calculates the performance of the stock's closing price vs the closing price 3 months back.
3. A method that measures how the stock performs against the comparative Symbol.
The final RS Rating is a combination of the results from these three methods. The script also includes some adjustments based on observations to improve the accuracy of the rating.
RSRATING
MarketSmith IndicatorThis script provides you with several indicators that will enable you to mimic MarketSmith charts, even with a free TradingView plan.
You can use this script with my ' EPS & Sales ' indicator.
MarketSmith-style bars
The script offers an original approach to managing candlesticks within the code, making them almost identical to those on MarketSmith.
For a perfect display, select ' Bars ' on your chart and set the opacity of your candles to 100% to display only the candles proposed by this indicator.
If you don't want them, you can simply disable them in the ' Style ' tab by unchecking 'MarketSmith Bars' and 'Chars'.
These candles are designed to be used with a fix chart. (No beautiful result with zooming in or out.)
Normally, the display will still be correct by right-clicking, and ' Reset Chart '.
Simple customizable moving averages
With automatic distinction of the weekly time unit. You can choose to display them or not, select the calculation method and modify their length via the panel.
The RS Rating indicator
I've integrated the RS Rating indicator into this script, as the RS Rating is a fundamental component of this layout.
High and valley points
These points are used by MarketSmith to detect bases, patterns, cup & handle.
Designed for US Market only you won't be able to screen correctly the India market for example.
