OPEN-SOURCE SCRIPT
MHIDa Relative-Weakness vs BTC
WHAT IT DOES
This indicator measures how much the asset on your chart is underperforming Bitcoin (or any reference symbol you choose) over a rolling window of bars. It plots the difference between the asset return and the reference return over the same window, in percent, in a separate pane. Values below zero mean the asset is weaker than the reference.
HOW IT WORKS
- It takes the asset return over the last N bars (default 10) and subtracts the reference symbol return over the same N bars. The comparison uses the just-closed bar (close[1] versus close[1+N]), so the reading is based on completed bars.
- Relative weakness = (asset return - reference return) * 100.
- When this value drops below your chosen threshold (default 8%), the pane background is shaded: that is an excess-of-weakness zone.
- If, inside that zone, the current candle closes green (close above open), a small watch triangle prints at the bottom of the pane: the underperformance is extreme AND a first sign of stabilization has appeared. The marker draws only on standard chart types.
WHY THESE PIECES ARE TOGETHER
The shaded zone alone tells you the underperformance is extreme, but an extreme can keep getting worse. The green-candle condition adds the first hint that the fall against the reference is cooling off. Neither piece is a trade signal on its own; together they point at spots worth examining by eye.
HOW TO USE IT
Works on any symbol and timeframe. Inputs: reference symbol (default BTC), window length in bars, weakness threshold in percent, and whether to require a green candle before flagging. An optional alert fires on the flag - it is a reminder to go look at the chart, not an order.
HONEST LIMITS
This is a context tool, not a signal and not financial advice. It is not a winning system on its own. The decision, the context and the risk stay with you.
This indicator measures how much the asset on your chart is underperforming Bitcoin (or any reference symbol you choose) over a rolling window of bars. It plots the difference between the asset return and the reference return over the same window, in percent, in a separate pane. Values below zero mean the asset is weaker than the reference.
HOW IT WORKS
- It takes the asset return over the last N bars (default 10) and subtracts the reference symbol return over the same N bars. The comparison uses the just-closed bar (close[1] versus close[1+N]), so the reading is based on completed bars.
- Relative weakness = (asset return - reference return) * 100.
- When this value drops below your chosen threshold (default 8%), the pane background is shaded: that is an excess-of-weakness zone.
- If, inside that zone, the current candle closes green (close above open), a small watch triangle prints at the bottom of the pane: the underperformance is extreme AND a first sign of stabilization has appeared. The marker draws only on standard chart types.
WHY THESE PIECES ARE TOGETHER
The shaded zone alone tells you the underperformance is extreme, but an extreme can keep getting worse. The green-candle condition adds the first hint that the fall against the reference is cooling off. Neither piece is a trade signal on its own; together they point at spots worth examining by eye.
HOW TO USE IT
Works on any symbol and timeframe. Inputs: reference symbol (default BTC), window length in bars, weakness threshold in percent, and whether to require a green candle before flagging. An optional alert fires on the flag - it is a reminder to go look at the chart, not an order.
HONEST LIMITS
This is a context tool, not a signal and not financial advice. It is not a winning system on its own. The decision, the context and the risk stay with you.
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.
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.
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.