TAPLOT Relative Strength New High Multi Lookback

This indicator will compare your Stock or ETF to any other security of your choice. The indicator a stock's price action to that of the S&P 500. A rising line tells you the stock is outperforming the benchmark index. When looking for stocks to swing trade, I like to build my watchlist from stocks that are showing a rising/strong Relative Strength line.

What differentiates this indicator from others that are available out there is:

• Ability to choose any benchmark index to compare to (from ticker pick field in settings)
  
• Plotting Relative Strength New High (Relative Strength NH) and Relative Strength New High Before Price (RS NHBP) on the Relative Strength line by looking back at 3 different lookback periods (3 months, 6 months, and 12 months)
  
• Plotting all history occurrences of RS NH and RS NHBP
  

By being able to plot NHs from all 3 lookback periods gives you an early heads up on stocks that started to outperform the market early on (3 months RS NHs). The indicator then switches to 6 months plotting Crosses for NHs and then to 12 month lookback when 12 month Relative Strength New Highs are present.
The Relative Strength line itself will be plot on all of your chart timeframes however the RS NH and RS NHBP are only plotted on Daily and Weekly charts.

The indictor is very customizable - you are able to adjust:

• Benchmark to compare to
  
• Lookback period (default to Multi/All)
  
• Change the width of Relative Strength line and color
  
• Change the size of Dashes, Crosses, and Circles plotted on RS line
  
• Change the color of NH and NHBP plots
  
• Force Relative Strength NH/NHBP shapes to Circles for all lookback periods
  

This is version 1.0 and initial release. Please report any bugs in the comments section below. Hope you find this useful.
Here is an example of $NFE showing early signs of strength from late Feb 2022 with 3 month Dashed signals then 6 month outperformance with Crosses and finally 12 months outperformance with Circles.

Informacje o Wersji:

A bit of style cleanup.

Informacje o Wersji:

Working with TradingView on fixing a typo in the indicator title. Should saw New High not New Nigh

Informacje o Wersji:

Per popular demand I've added the option of a Moving Average.
The RS moving average is turned off by default, double click the indicator and scroll to the bottom of the setting windows, check the box to enable it.
You can control MA Length, Type and Color.
Here is how it looks on $ARRY with 20 SMA

Informacje o Wersji:

I’ve recently watched Mike Webster on IBD Live discuss how he uses the 21 EMA of an RS line that is calculated from the “low” price vs “close” price as a way to show if the stock is outperforming vs underperforming relative to the market.
I like the concept so I am enhancing our RS line to change color depending on its location vs its 21 EMA (daily time frame) or 10 week MA (on weekly time frame).

• Blue RS line means it is above the 21 EMA = stock is outperforming
  
• Red RS line means it is below the 21 EMA = stock is underperforming