Relative Strength (RS 55)

Relative Strength (RS55) with RSI Confirmation

This indicator measures Relative Strength (RS) of the selected ticker against a comparative benchmark (default: NSE:NIFTY) over a fixed 55-period lookback. It helps identify whether the asset is outperforming or underperforming its benchmark.

🔑 Key Features

Relative Strength (RS 55):

Plots the relative performance of the asset compared to the benchmark index.

Values above 0 indicate outperformance; values below 0 indicate underperformance.

Background Color Filters:

🟩 Green → RS(55) > 0 AND RSI(14) > 51 (confirmed bullish strength).

🟥 Red → RS(55) < -0.1 (confirmed bearish weakness).

Transparent otherwise.

Zero Line: Helps to quickly identify whether RS is positive or negative.

RS Moving Average (optional): Smooths RS values and highlights RS trend direction (color-coded).

Alerts:

Alert when RS55 background turns green (bullish confirmation).

Alert when RS55 background turns red (bearish confirmation).

Alerts for RS MA trend changes (rising/falling).