Relative Strength Line For ThinkOrSwim

[rdlann026]

https://www.thebeardedinvestor.net/...ing-the-s-p-using-ibd-style-relative-strength

The author states:
The relative strength line tells you how strong a stock is relative to every other stock on the market. It is a time-tested technical analysis indicator that has been effective for decades–its longevity means it can be trusted and used with confidence and conviction. The relative strength line is often associated with the RS Rating 1-99, however this article focuses on the RS Line itself.

Relative Strength Line Calculation
The calculation is simple; it is the price of the stock divided by the price of the S&P 500 at that time. Though deceivingly uncomplicated, the relative strength line is undoubtedly the key to finding the best-performing true market leaders, especially when the market is in a correction.

80-90% of all new stock bases are formed while the market is in correction. The relative strength line is one of the most efficient and effective tools to find the strongest stocks among thousands to sort through.
https://traderlion.com/technical-analysis/using-the-relative-strength-line/

# Plot the Relative Strength Line in ThinkorSwim
# Written by: @Diamond_Stocks @RayTL_ - TLScripts
# Site:     https://www.traderlion.com/ https://www.traderlion.com/tl-scripts/

declare lower;

# User Inputs
input show_RSNHBP = yes; #Hint show_RSNHBP: Set to "Yes" to display RS New High Before Price (RSNHBP). The Pink Dot
input show_RSNH = yes; #Hint show_RSNH: Set to "Yes" to display RS New High. The Green Dot.

#Relative Strength Type - Candlestick to be added later.
input graphStyle = {default "Line"}; #Hint graphStyle: Only available format is Line.

#3 Month, 6 Month, 1 Year RS
input TimeFrame = {default "Three_Months", "Six_Months", "1_Year"}; #Hint TimeFrame: Select the appropriate timeframe to calculate Relative Strength.

#Index SymbolRelation
input CorrelationWithSecurity = "SPX"; #Hint CorrelationWithSecurity: Select appropriate Index against which Relative Strength will be calculated.

#Calculation TimeFrame
def aggregationperiod = AggregationPeriod.DAY;

#Chart Normalized Relative Strength Rating on Last Bar
def isLastBar = BarNumber() == HighestAll(if !IsNaN(close) then BarNumber() else Double.NaN);

#Turn on or off Alerts when cycling charts
input Alerts_On = yes; #Hint Alerts_On: Set to "Yes" to receive sound alerts when triggered.

#Add Chart Bubbble to Graph
input RS_Rating_ChartBubble = yes; #Hint RS_Rating_ChartBubble: Set to "Yes" to display current Normalized RS Rating (not the same as MarketSmith).

#Establish look back length:
def Length = if TimeFrame == TimeFrame.Three_Months then 63 else if TimeFrame == TimeFrame.Six_Months then 126 else 252;

#Get Index Close/Open/High/Low - Prep for Candlestick RS.
def indexopen = open(CorrelationWithSecurity, aggregationperiod);
def indexhigh = high(CorrelationWithSecurity, aggregationperiod);
def indexlow = low(CorrelationWithSecurity, aggregationperiod);
def indexclose = close(CorrelationWithSecurity, aggregationperiod);


#Get Relative Strength - Prep for Candlestick RS.
def RSopen = open / indexopen;
def RShigh = high / indexhigh;
def RSlow = low / indexlow;
def RSclose = close / indexclose;

def barCount = IF !IsNaN(close) THEN IF IsNaN(barCount[1]) THEN 1 ELSE barCount[1] + 1 ELSE barCount[1];

#Normalize Relative Strength
def newRngMax = 99; #Maximum normalized value
def newRngMin = 1; #Minimum normalized value

def HHDataclose = HighestAll(RSclose);
def LLDataclose = LowestAll(RSclose);
def HHDataopen = HighestAll(RSopen);
def LLDataopen = LowestAll(RSopen);
def HHDatalow = HighestAll(RSlow);
def LLDatalow = LowestAll(RSlow);
def HHDatahigh = HighestAll(RShigh);
def LLDatahigh = LowestAll(RShigh);

def normalizeRSclose = ((( newRngMax - newRngMin ) * ( RSclose - LLDataclose )) / ( HHDataclose - LLDataclose )) + newRngMin;
def normalizeRSopen = ((( newRngMax - newRngMin ) * ( RSopen - LLDataopen )) / ( HHDataopen - LLDataopen )) + newRngMin;
def normalizeRShigh = ((( newRngMax - newRngMin ) * ( RShigh - LLDatahigh )) / ( HHDatahigh - LLDatahigh )) + newRngMin;
def normalizeRSlow = ((( newRngMax - newRngMin ) * ( RSlow - LLDatalow )) / ( HHDatalow - LLDatalow )) + newRngMin;

#Chart RS Line and set appearence:
plot RSLine = RSclose;
RSLine.DefineColor("Positive", Color.UPTICK);
RSLine.DefineColor("Negative", Color.DOWNTICK);
RSLine.SetLineWeight(1);
RSLine.AssignValueColor(if RSLine[0] > RSLine[1] then CreateColor(43, 152, 242) else CreateColor(227, 88, 251));

#Get Highest RS Value
def highestRS = Highest(RSclose, Length);

#RSNHBPCondition
def RSNHBPcondition = if RSclose >= highestRS and close < Highest(close, Length) then highestRS else no;

#Plot RSNHBP Condition
plot RSNHBP = if show_RSNHBP and RSNHBPcondition == highestRS then highestRS else Double.NaN;

#Plot RSNH Condition
plot RSNH = if show_RSNH and RSNHBPcondition == no and RSclose == highestRS and isLastBar then highestRS else Double.NaN;


#Appearance Settings
RSNHBP.SetPaintingStrategy(PaintingStrategy.POINTS);
RSNHBP.SetLineWeight(2);
RSNHBP.SetDefaultColor(CreateColor(196, 94, 225));
RSNHBP.HideBubble();
RSNH.SetPaintingStrategy(PaintingStrategy.POINTS);
RSNH.SetDefaultColor(Color.GREEN);
RSNH.SetLineWeight(2);
RSNH.HideBubble();

#Add Chart Bubble for RS Rating
AddChartBubble(RS_Rating_ChartBubble and isLastBar, RSclose, "RS: " + Round(normalizeRSclose, 0),  Color.WHITE, no);

#Add Label
AddLabel(yes, Concat("Relative Strength: ", Round(normalizeRSclose, 0)), CreateColor(43, 152, 242));

#Alert Capability
Alert( if Alerts_On and RSNHBP then yes else no, "Relative Strength Line New Highs Before Price", Alert.BAR, Sound.Ding);
Alert(if Alerts_On and RSNH then yes else no, "Relative Strength Line New Highs", Alert.BAR, Sound.Chimes);

########### End of Code##################################################

 

[rdlann026]

Can someone please help revise the RS Line Script so I can use it on a weekly chart as well?


Thank you!