OPEN-SOURCE SCRIPT
Simple Relative Strength
This 'Simple Relative Strength' (SRS) indicator is similar to RSI in that it's a measure of relative strength, except that it's calculated entirely differently.
This means that although it may look similar, it may also look and behave very differently depending on the settings.
It is calculated from a time period, specified by a number of bars, hours or days.
The SRS value is the current price, expressed as a percentage of the price range, from low to high, of the specified time period.
This is my own invention, and not like anything else, that I'm aware of.
I currently use this SRS as one of the indicators, within a more complex live trading strategy for my bots, trading on Bitcoin and Gold.
I did initially try using an RSI or CMF within my strategy, but found this SRS to be more useful instead.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.