Define a near time frame base and a far time frame base to compare the selected symbol RS. This helps in situations were you could keep the far RS length to a fixed value and the near RS length to a more recent "event" in the market and it's subsequent movement. For example, if the market index has made a recovery from a deep crash 80 sessions ago, set the near RS length to 80 and keep the far RS length to a fixed value say, 123 corresponding to 6 months. This will help you gauge the historical vs the recovery strength of your interested symbol before and after the "event".
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Added input source for comparison with other source values.
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Added reference label dates
Increased line widths of plots
Changed default values of near and far RS length
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Added toggle color option on crossovers
Fixed bug on label display, even when plot option was disabled
Though there is option added to show color toggle, in a dual RS plot it can become very intimidating to get a clear view when both the RS whipsaw near the zero line. Therefore the option is turned off by default. When enabled, it is recommended to disable one of the plots to get the best effect.
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Plots sequence aligned with input sequence for better clarity in summary info.
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Possible to set alert
Using the new alert() function, it is now possible to set alarms on ARS and SRS plots whenever a configured threshold is crossed.
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Added more flexibility to configuring alerts
Alert Condition : Crossing => Trigger only when there is a crossover or crossunder "Greater or Less" => Trigger when the value is less or greater than the threshold Alert on Candle: Start => Trigger at the start of the candle formation Close => Trigger at the end of the candle formation
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Changed default ARS length to reflect new ARS date
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Change default Far Date (96 as of today's date)
Current CRS color to purple
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Updated for new ARS Date 16-Feb-2021
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Pine 5
Update far length to most recent
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Default ARS length
New ARS Date: 18th May 2021
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Auto calculation of the ARS length
With the capability provided by Pinescript to "look ahead" at the last candle, it is now possible to calculate the ARS length on the ARS date. Therefore the need to increment the count by 1 day everyday is not required with this version. With this feature, however, historical plots of ARS will not be available since the length of ARS will be known only after crossing the ARS date. In essence, ARS plot before the ARS date, doesn't mean anything anyways, since it is comparison of a future price-action on a past date. Also, I have now renamed, "Near RS" to "Static RS" and "Far RS" to "Adaptive RS". So it is easier to read and mark them on the plots.
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New ARS - 3rd Aug 2021
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New ARS Date - 18th Oct 2021
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Added manual override of ARS date - It is possible to define the adaptive length manually
A manual override will help the use case in case you need to analyse historical plots.
Hi bhart sir i am unable to add this indicator on chart
SiddharthaRay007
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Really Love your RS indicator. I have a request, can you make a 'New 52w High & Low' plot in your RS indicator like "Jack Corsellis RS Line". Thank You.
bharatTrader
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@SiddharthaRay007, Thanks. New highs and lows doesn't make sense on this indicator., that plots just the latest value of the out performance. For trend analysis of the ratio chart, it is better to follow Fixed Ref. Indicator. in.tradingview.com/script/5gurMNhe-Fixed-Reference-Ratio-Charts-RSWarriors-R/ . That has bubbles on constantly rising ratio plots as wells as new high grounds.
abhilashjain
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Hi , Excellent Indicator for RS. Was learning more about RS from your source code and checking on calculations for ARS and SRS . What I understand is baseSymbol[farLength] and comparativeSymbol[farLength] variable value is equals to the close price of AdaptiveRS date and should remain same throughout the timeline. If my understanding is correct, the same is not reflected if I plot both variables, on current date value is correct but as you move back the timeline value changes. Let me know if my observation makes sense.
bharatTrader
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@abhilashjain, Thanks! Yes, you are absolutely right in your observation. The historical ARS/SRS plots differ since we are incrementing the length input each day. There are some historical reasons for this type of calculation. The one that you seek is here: in.tradingview.com/script/vxPLuImA-Fixed-Reference-Relative-Strength/ The description of this indicator explains this concept clearly and with examples. Please go through it.
Now
Far is ARS date....
Near is SRS date..
i hope i uderstood it right ?
pls correct me if i m wrong