OPEN-SOURCE SCRIPT
Updated RS Line_Keshab Pyakurel
Unlike the Relative Strength Index (RSI), which is a momentum oscillator bound between 0 and 100, the RS Line measures real outperformance by dividing the price of the base asset by a benchmark index (defaulted to the S&P 500: SPX or SPY). It highlights whether a stock is truly leading the market or just floating along with the tide.
Release Notes
Relative Strength (RS) is a momentum strategy used to identify assets that are outperforming the broader market or their industry peers.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.