RelativeStrength makes new high

[malone1020]

I'm looking for the standard Relative Strength line lower study to make a new high where price does not, but I want to code in an arrow to show where this occurs on the lower study. Any idea what that might look like?

Also, when trying to scan, that 2nd line says it's an invalid statement:

def study2 = RelativeStrength makes new high;

Any ideas? Thanks again, XeoNox!

 

[XeoNoX]

I'm looking for the standard Relative Strength line lower study to make a new high where price does not, but I want to code in an arrow to show where this occurs on the lower study. Any idea what that might look like?

Also, when trying to scan, that 2nd line says it's an invalid statement:

def study2 = RelativeStrength makes new high;

Any ideas? Thanks again, XeoNox!

you didnt specify when relative volume makes a new high, so i assumed you meant in the same day.
the code below rarely triggers, so i left out the first study of new high but price does not. if you want to include the first study simply change
plot greenArrow = hhBar;
to
plot greenArrow = hhBar and study1;

declare lower;
input Opentime1 = 0930;
input Endtime1 = 1600;
def ActiveTime = if GetLastDay() == GetDay() and SecondsFromTime(Opentime1) >= 0 and SecondsFromTime(Endtime1) < 0 then 1 else 0;
input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;
def rawRelVol = (volume - Average(volume, length)) / StDev(volume, length);
plot RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);
def study1 = close is less than high within 8 bars;
plot highestrelvolofday  = highestall(if GetLastDay() == GetDay() and highestall(relvol) then (relvol) else double.nan);
def hhBar = if relvol==highestrelvolofday then BarNumber() else hhBar[1];
plot scan = hhbar;
RelVol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RelVol.SetLineWeight(3);
RelVol.DefineColor("Above", GetColor(0));
RelVol.DefineColor("Below", GetColor(2));
RelVol.AssignValueColor(if RelVol >= numDev then RelVol.Color("Above") else RelVol.Color("Below"));
plot greenArrow = hhBar;
greenArrow.SetDefaultColor(Color.GREEN);
greenArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

 

[malone1020]

you didnt specify when relative volume makes a new high, so i assumed you meant in the same day.
the code below rarely triggers, so i left out the first study of new high but price does not. if you want to include the first study simply change
plot greenArrow = hhBar;
to
plot greenArrow = hhBar and study1;

declare lower;
input Opentime1 = 0930;
input Endtime1 = 1600;
def ActiveTime = if GetLastDay() == GetDay() and SecondsFromTime(Opentime1) >= 0 and SecondsFromTime(Endtime1) < 0 then 1 else 0;
input length = 60;
input numDev = 2.0;
input allowNegativeValues = no;
def rawRelVol = (volume - Average(volume, length)) / StDev(volume, length);
plot RelVol = if allowNegativeValues then rawRelVol else Max(0, rawRelVol);
def study1 = close is less than high within 8 bars;
plot highestrelvolofday  = highestall(if GetLastDay() == GetDay() and highestall(relvol) then (relvol) else double.nan);
def hhBar = if relvol==highestrelvolofday then BarNumber() else hhBar[1];
plot scan = hhbar;
RelVol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
RelVol.SetLineWeight(3);
RelVol.DefineColor("Above", GetColor(0));
RelVol.DefineColor("Below", GetColor(2));
RelVol.AssignValueColor(if RelVol >= numDev then RelVol.Color("Above") else RelVol.Color("Below"));
plot greenArrow = hhBar;
greenArrow.SetDefaultColor(Color.GREEN);
greenArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

Ha, appreciate the response, but you read Relative Volume where I wrote Relative Strength. Any chance you would be able to take a shot at this? As always, very much appreciated.

 

[XeoNoX]

"Relative Strength line lower study to make a new high where price does not,"
new high as defined would mean the Relative strength would never go down and would only record higher numbers (new highs) meaning it would only go up to infinite, therefore your scan theory although possible would never trigger unless it a newly listed asset.

 

[malone1020]

"Relative Strength line lower study to make a new high where price does not,"
new high as defined would mean the Relative strength would never go down and would only record higher numbers (new highs) meaning it would only go up to infinite, therefore your scan theory although possible would never trigger unless it a newly listed asset.

There are many stocks that exhibit new RS line highs where price is consolidating (i.e., "not making a new high"), and some do multiple times a year. It's a leading indicator for a stock to make a move up in the near-term. Anyway, I hope you grasp that and don't mind providing the code logic for it! Your willingness to help UTS members ver and over is incredibly admirable...thank you.

 

[XeoNoX]

I'm looking for the standard Relative Strength line lower study to make a new high where price does not, but I want to code in an arrow to show where this occurs on the lower study. Any idea what that might look like?

Also, when trying to scan, that 2nd line says it's an invalid statement:

def study2 = RelativeStrength makes new high;

Any ideas? Thanks again, XeoNox!

here is what you wanted.

Relative Strength makes a new high and price less than the high

close is less than high within 8 bars and RelativeStrength()."RS" is greater than RelativeStrength()."RS" from 1 bars ago