MarketRS
The strength of a stock relative to the market (SPY) is an import indicator accumulation of a stock by institutionan funds, especially during a market decline. This indicator plot the ratio of a security/SPY and plots a fast (5 period) and slow (21 period) EMA.
study("MarketRS")
fast = 5
slow = 21
thisClose = close
spyClose = security("SPY","D",close)
rsRatio = thisClose/spyClose
fastMarketRS = ema(rsRatio, fast)
slowMarketRS = ema(rsRatio, slow)
plot(fastMarketRS, color=red)
plot(slowMarketRS, color=blue)