OPEN-SOURCE SCRIPT
NBSG_RelativeStrength_HeatMap
█ OVERVIEW
The Ranked Relative Strength (RS) Heatmap is a top-down institutional-grade analysis tool designed to identify market leadership and rotation in real-time. Unlike standard performance indicators that are anchored to fixed calendar months, this dashboard utilizes rolling trading-day windows (21, 63, and 126 days) to provide a consistent, non-lagging view of momentum across 18 key market sectors and themes.
By measuring the Rate of Change (ROC) of each asset against a core benchmark (default: CBOE:SPX), the indicator generates a Composite RS Score and automatically reorders the table. This ensures that the current market leaders are always pinned to the top, while laggards fall to the bottom.
█ HOW IT WORKS
The script calculates Relative Strength by comparing the percentage return of an asset to the percentage return of the benchmark over three distinct time horizons: • Short-Term (1M): 21 Trading Days • Intermediate (3M): 63 Trading Days • Long-Term (6M): 126 Trading Days
The Composite Ranking: The dashboard averages the performance across all three periods to determine the final rank. A ticker flashing green across all columns represents high-conviction leadership, while "Neutral" grey zones highlight assets that are tracking the index closely (+/- 1% variance).
█ KEY FEATURES
• Dynamic Sorting: Tickers automatically reorder based on performance. • Institutional Themes: Includes core SPDR sectors (XLK, XLF, etc.) and high-impact themes like Semiconductors (SMH), Regional Banks (KRE), and Bitcoin (IBIT). • Benchmark Flexibility: Fully compatible with any benchmark (SPX, QQQ, IWM, etc.) via the settings menu. • UI Controls: Adjustable table position (corners/center) and size (Small/Normal/Large) to fit any screen layout. • Neutral Filtering: Uses a grey "Neutral Zone" for performance within +/- 1% to filter out market noise.
█ SETTINGS & USAGE
• Benchmark Ticker: Set this to your primary index. For best results, use a high-fidelity feed like CBOE:SPX. • Position/Size: Use the dropdowns to move the grid so it does not interfere with your primary price action or other indicators like Unified Significance Zones. • Interpretation: Look for "Group Strength." When multiple thematic ETFs (like SMH and IGV) move to the top of the list together, it confirms a sector-wide risk-on environment.
█ DISCLAIMER
This script is a visual analysis tool and does not provide financial advice or trade signals. Past relative strength is not a guarantee of future performance.
The Ranked Relative Strength (RS) Heatmap is a top-down institutional-grade analysis tool designed to identify market leadership and rotation in real-time. Unlike standard performance indicators that are anchored to fixed calendar months, this dashboard utilizes rolling trading-day windows (21, 63, and 126 days) to provide a consistent, non-lagging view of momentum across 18 key market sectors and themes.
By measuring the Rate of Change (ROC) of each asset against a core benchmark (default: CBOE:SPX), the indicator generates a Composite RS Score and automatically reorders the table. This ensures that the current market leaders are always pinned to the top, while laggards fall to the bottom.
█ HOW IT WORKS
The script calculates Relative Strength by comparing the percentage return of an asset to the percentage return of the benchmark over three distinct time horizons: • Short-Term (1M): 21 Trading Days • Intermediate (3M): 63 Trading Days • Long-Term (6M): 126 Trading Days
The Composite Ranking: The dashboard averages the performance across all three periods to determine the final rank. A ticker flashing green across all columns represents high-conviction leadership, while "Neutral" grey zones highlight assets that are tracking the index closely (+/- 1% variance).
█ KEY FEATURES
• Dynamic Sorting: Tickers automatically reorder based on performance. • Institutional Themes: Includes core SPDR sectors (XLK, XLF, etc.) and high-impact themes like Semiconductors (SMH), Regional Banks (KRE), and Bitcoin (IBIT). • Benchmark Flexibility: Fully compatible with any benchmark (SPX, QQQ, IWM, etc.) via the settings menu. • UI Controls: Adjustable table position (corners/center) and size (Small/Normal/Large) to fit any screen layout. • Neutral Filtering: Uses a grey "Neutral Zone" for performance within +/- 1% to filter out market noise.
█ SETTINGS & USAGE
• Benchmark Ticker: Set this to your primary index. For best results, use a high-fidelity feed like CBOE:SPX. • Position/Size: Use the dropdowns to move the grid so it does not interfere with your primary price action or other indicators like Unified Significance Zones. • Interpretation: Look for "Group Strength." When multiple thematic ETFs (like SMH and IGV) move to the top of the list together, it confirms a sector-wide risk-on environment.
█ DISCLAIMER
This script is a visual analysis tool and does not provide financial advice or trade signals. Past relative strength is not a guarantee of future performance.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.