OPEN-SOURCE SCRIPT
DAX Universe Relative Strength [JS]
DAX Universe Relative Strength [JS]
This indicator compares the current stock with an equal-weighted German stock market benchmark consisting of DAX, MDAX, SDAX and TecDAX.
Instead of comparing a stock only with one single index, the script creates a broader DAX Universe benchmark by calculating the average performance of the four major German equity indices over a selected lookback period.
The goal is to identify whether a stock is showing relative strength or relative weakness versus the broader German stock universe.
How it works:
1. The script measures the performance of the current stock over the selected comparison period.
2. It measures the performance of DAX, MDAX, SDAX and TecDAX over the same period.
3. It calculates the equal-weighted average performance of these four indices.
4. It compares the stock’s performance with this benchmark.
5. The result is plotted as a relative strength line.
Interpretation:
- RS above 0:
The stock is outperforming the DAX Universe benchmark.
- RS below 0:
The stock is underperforming the DAX Universe benchmark.
- RS above its moving average:
Relative strength is improving.
- RS below its moving average:
Relative strength is weakening.
- Strong RS signal:
The stock is above the benchmark, above its RS moving average, and the RS moving average is rising.
This indicator is designed as a filter, not as a standalone buy or sell signal.
For pullback and swing trading, I use it to identify stocks that are stronger than the broader German market. A strong RS reading does not mean that a stock should be bought immediately. It only means that the stock deserves attention and may be worth adding to a watchlist.
A complete trade setup should also include:
- constructive trend structure
- price above important moving averages
- controlled pullback
- declining selling pressure
- clear pivot or trigger
- defined stop-loss
- attractive risk/reward ratio
The indicator includes:
- relative strength line
- moving average of the RS line
- zero line
- histogram
- background highlighting
- interpretation label
- alert conditions for RS changes
Suggested use cases:
- screening German stocks
- comparing DAX, MDAX, SDAX and TecDAX stocks
- identifying potential market leaders
- filtering pullback candidates
- avoiding stocks with persistent relative weakness
Important:
This script is for educational and analytical purposes only. It does not provide investment advice, buy signals or sell signals. Always combine relative strength analysis with your own chart analysis, risk management and trading plan.
This indicator compares the current stock with an equal-weighted German stock market benchmark consisting of DAX, MDAX, SDAX and TecDAX.
Instead of comparing a stock only with one single index, the script creates a broader DAX Universe benchmark by calculating the average performance of the four major German equity indices over a selected lookback period.
The goal is to identify whether a stock is showing relative strength or relative weakness versus the broader German stock universe.
How it works:
1. The script measures the performance of the current stock over the selected comparison period.
2. It measures the performance of DAX, MDAX, SDAX and TecDAX over the same period.
3. It calculates the equal-weighted average performance of these four indices.
4. It compares the stock’s performance with this benchmark.
5. The result is plotted as a relative strength line.
Interpretation:
- RS above 0:
The stock is outperforming the DAX Universe benchmark.
- RS below 0:
The stock is underperforming the DAX Universe benchmark.
- RS above its moving average:
Relative strength is improving.
- RS below its moving average:
Relative strength is weakening.
- Strong RS signal:
The stock is above the benchmark, above its RS moving average, and the RS moving average is rising.
This indicator is designed as a filter, not as a standalone buy or sell signal.
For pullback and swing trading, I use it to identify stocks that are stronger than the broader German market. A strong RS reading does not mean that a stock should be bought immediately. It only means that the stock deserves attention and may be worth adding to a watchlist.
A complete trade setup should also include:
- constructive trend structure
- price above important moving averages
- controlled pullback
- declining selling pressure
- clear pivot or trigger
- defined stop-loss
- attractive risk/reward ratio
The indicator includes:
- relative strength line
- moving average of the RS line
- zero line
- histogram
- background highlighting
- interpretation label
- alert conditions for RS changes
Suggested use cases:
- screening German stocks
- comparing DAX, MDAX, SDAX and TecDAX stocks
- identifying potential market leaders
- filtering pullback candidates
- avoiding stocks with persistent relative weakness
Important:
This script is for educational and analytical purposes only. It does not provide investment advice, buy signals or sell signals. Always combine relative strength analysis with your own chart analysis, risk management and trading plan.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
Kein Trigger, kein Trade.
Erst Risiko definieren, dann Chance suchen.
Erst Risiko definieren, dann Chance suchen.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
Kein Trigger, kein Trade.
Erst Risiko definieren, dann Chance suchen.
Erst Risiko definieren, dann Chance suchen.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.