jayy

Relative strength to Index set up as per Leaf_West

Relative Strength to index as used by Leaf_West. If you follow his methods be aware of the different moving averages for the different time periods. From Leaf_West: "on my weekly and monthly R/S charts, I include a 13 EMA of the R/S (brown dash line) and an 8 SMA of the 13 EMA (pink solid line). The indicator on the bottom of the weekly/monthly charts is an 8 period momentum indicator of the R/S line. The red horizontal line is drawn at the zero line.
For daily or 130-minute time periods (or shorter), my R/S charts are slightly different - the moving averages of the R/S line include a 20EMA (brown dash line), a 50 EMA (blue dash line) and an 8 SMA of the20 EMA (pink solid line). The momentum indicator is also slightly different from the weekly/monthly charts – here I use a 12 period calculation (vs 8 SMA period for the weekly/monthly charts)." Leaf's methods do evolve and so watch for any changes to the preferred MAs etc..
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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// Relative Strength to index as used by Leaf_West
//On Leaf's weekly and monthly R/S charts, he uses a 13EMA of the R/S (brown dash line) 
//and an 8SMA of the 13EMA (pink solid line). 
//For daily or 130-minute time periods,  R/S charts are slightly different - 
//the moving averages of the R/S line include a 20EMA (brown dash line), a 50EMA (blue dash line) 
//and an 8SMA of the20EMA (pink solid line). 
//The momentum indicator is also slightly different from the weekly/monthly charts – 
//here he uses a 12 period calculation (vs 8 period for the weekly/monthly charts).
study(shorttitle = " Rel Strength to index Leaf_West", title=" Relative strength to Index", overlay=false)

sym = input(title="Symbol", type=symbol, defval="SPY")
src = input(title="Source", type=source, defval=close)
lenemars = input (20, title=" smoothing period for ema")
lensma_ema = input (8, title="smoothing period for sma of ema")

s = security("sym", "1", src)
s3= close/s*100

emars= ema(s3, lenemars)
sma_ema= sma(emars, lensma_ema)

plot(s3, color=black,title=" rel chart strength")
plot (emars, color=maroon, title="e moving avg of rel chart strength")
plot (sma_ema, color=fuchsia,  title="s moving avg of e moving avg ")