OPEN-SOURCE SCRIPT
Real Relative Strength
Rolling Real Relative Strength vs SPY measures how strongly a stock is performing compared to a benchmark, such as SPY, over a rolling lookback period. Unlike simple relative strength comparisons, this indicator normalizes both the selected symbol and the comparison security by their respective ATR values, helping account for differences in volatility.
The result is a cleaner view of whether the charted symbol is outperforming or underperforming the benchmark on a volatility-adjusted basis.
Above zero suggests the symbol is showing real relative strength.
Below zero suggests the symbol is showing real relative weakness.
Green/red fill highlights positive or negative relative performance.
Correlation dots on the baseline show how closely the symbol is moving with the benchmark over the selected lookback period.
This tool can be useful for identifying stocks that are holding up better than the market during pullbacks, showing leadership during rallies, or revealing weakness despite broader market strength.
Default comparison symbol is SPY, but it can be changed to any ticker.
The result is a cleaner view of whether the charted symbol is outperforming or underperforming the benchmark on a volatility-adjusted basis.
Above zero suggests the symbol is showing real relative strength.
Below zero suggests the symbol is showing real relative weakness.
Green/red fill highlights positive or negative relative performance.
Correlation dots on the baseline show how closely the symbol is moving with the benchmark over the selected lookback period.
This tool can be useful for identifying stocks that are holding up better than the market during pullbacks, showing leadership during rallies, or revealing weakness despite broader market strength.
Default comparison symbol is SPY, but it can be changed to any ticker.
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.