A TradingView script that compares multiple stock tickers' performance against SPY, calculating relative strength and providing quick market analysis for traders.
Explore complementary indicator rolesHow it works
The script fetches closing prices for selected ticker symbols and the SPY ETF, calculating their percentage changes over a specified lookback period. It determines the relative strength (RS) by comparing each ticker's price change to SPY's change, effectively measuring how individual stocks perform against the broader market benchmark.
The calculation creates an RS score for each ticker, which is displayed as a label on the chart's top-left corner. By using a flexible, user-defined lookback period, the script allows traders to customize their analysis timeframe and quickly assess multiple stocks' market performance in real-time.
Why it may be useful
Relative strength analysis provides traders with a powerful tool to identify outperforming and underperforming stocks compared to the broader market. By comparing individual stock performance against a market benchmark like SPY, traders can make more informed investment decisions and quickly spot potential trading opportunities.
This script simplifies complex market analysis by presenting multiple ticker comparisons in a clear, visual format. It enables options traders and investors to rapidly assess market trends, helping them allocate capital more effectively and identify stocks with superior momentum relative to the overall market.
When to explore it
The relative strength indicator is most effective during periods of market volatility or when evaluating sector-wide performance across different market conditions. Traders can use this tool to compare stocks within specific sectors or across diverse market segments, helping them identify potential investment opportunities.
This script is particularly useful for traders managing smaller accounts who need to quickly assess multiple stock performances. It can be applied across various timeframes, from intraday trading to longer-term swing trading strategies, making it a versatile tool for different trading styles and investment approaches.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
