OPEN-SOURCE SCRIPT
RS/Correlation Panel
**RS/Correlation Panel**
A single-table dashboard that benchmarks the current chart's symbol against any reference ticker you choose (SPY, QQQ, BTC, or any other symbol) across multiple timeframes — correlation, today's relative performance, short-term relative strength, and a longer IBD-style relative strength rating — plus historical daily move statistics for the symbol itself.
**Inputs**
- **Benchmark Ticker** — the symbol to compare against. Defaults to SPY, but accepts any ticker (QQQ, individual stocks, or crypto via its exchange prefix, e.g. COINBASE:BTCUSD).
- **Correlation Lookback (bars)** — number of bars used for the rolling correlation calculation. Default 20.
- **Daily Stats Lookback (days)** — number of trading days used to calculate average rise/fall and green/red day percentages. Default 60.
- **Short-Term RS/RW Lookback (bars)** — the window used for the medium-term relative strength/weakness reading, sitting between the 1-day and quarterly reads. Default 10.
- **Table Position** — corner of the chart where the table is displayed.
**Table Rows**
- **Correlation** — rolling correlation coefficient between the symbol and the benchmark over the chosen lookback, tagged Strong / Moderate / Weak based on absolute value.
- **Symbol's Today's Move / Benchmark's Today's Move** — each instrument's current-session percent change, calculated from that day's open to the live/last close.
- **RS/RW Today** — the difference between the symbol's and benchmark's daily percent change. Positive means the symbol is outperforming the benchmark today; negative means it's underperforming.
- **N-Bar RS/RW** — the same outperformance/underperformance concept, but measured as the difference in rate-of-change over the user-defined short-term lookback (default 10 bars). This fills the gap between a single day's move and a full quarterly trend.
- **IBD-Style RS** — a quarterly-weighted relative strength calculation modeled on the classic IBD Relative Strength methodology: the symbol's and benchmark's trailing performance are each computed across four rolling quarters (weighted 40/20/20/20, most recent quarter weighted heaviest), then compared as a percentage difference. This is a slower-moving, trend-level strength read — it won't react much to a single day's move, by design.
- **Avg % Rise / Fall** — average percentage gain on up days and average percentage loss on down days, calculated over the Daily Stats Lookback period.
- **Green Days % / Red Days %** — percentage of days in the lookback period that closed up versus down.
**Notes**
- All relative-strength and correlation metrics reference the same user-selected benchmark, so switching the input updates every row consistently.
- The IBD-Style RS calculation is a reproduction of the standard quarterly-weighted RS methodology and is intended to complement — not replace — short-term price action analysis.
- This is a decision-support tool, not a standalone trading signal. Always confirm readings against price structure, volume, and catalysts before acting.
A single-table dashboard that benchmarks the current chart's symbol against any reference ticker you choose (SPY, QQQ, BTC, or any other symbol) across multiple timeframes — correlation, today's relative performance, short-term relative strength, and a longer IBD-style relative strength rating — plus historical daily move statistics for the symbol itself.
**Inputs**
- **Benchmark Ticker** — the symbol to compare against. Defaults to SPY, but accepts any ticker (QQQ, individual stocks, or crypto via its exchange prefix, e.g. COINBASE:BTCUSD).
- **Correlation Lookback (bars)** — number of bars used for the rolling correlation calculation. Default 20.
- **Daily Stats Lookback (days)** — number of trading days used to calculate average rise/fall and green/red day percentages. Default 60.
- **Short-Term RS/RW Lookback (bars)** — the window used for the medium-term relative strength/weakness reading, sitting between the 1-day and quarterly reads. Default 10.
- **Table Position** — corner of the chart where the table is displayed.
**Table Rows**
- **Correlation** — rolling correlation coefficient between the symbol and the benchmark over the chosen lookback, tagged Strong / Moderate / Weak based on absolute value.
- **Symbol's Today's Move / Benchmark's Today's Move** — each instrument's current-session percent change, calculated from that day's open to the live/last close.
- **RS/RW Today** — the difference between the symbol's and benchmark's daily percent change. Positive means the symbol is outperforming the benchmark today; negative means it's underperforming.
- **N-Bar RS/RW** — the same outperformance/underperformance concept, but measured as the difference in rate-of-change over the user-defined short-term lookback (default 10 bars). This fills the gap between a single day's move and a full quarterly trend.
- **IBD-Style RS** — a quarterly-weighted relative strength calculation modeled on the classic IBD Relative Strength methodology: the symbol's and benchmark's trailing performance are each computed across four rolling quarters (weighted 40/20/20/20, most recent quarter weighted heaviest), then compared as a percentage difference. This is a slower-moving, trend-level strength read — it won't react much to a single day's move, by design.
- **Avg % Rise / Fall** — average percentage gain on up days and average percentage loss on down days, calculated over the Daily Stats Lookback period.
- **Green Days % / Red Days %** — percentage of days in the lookback period that closed up versus down.
**Notes**
- All relative-strength and correlation metrics reference the same user-selected benchmark, so switching the input updates every row consistently.
- The IBD-Style RS calculation is a reproduction of the standard quarterly-weighted RS methodology and is intended to complement — not replace — short-term price action analysis.
- This is a decision-support tool, not a standalone trading signal. Always confirm readings against price structure, volume, and catalysts before acting.
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.
Richard Etter
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.
Richard Etter
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.