OPEN-SOURCE SCRIPT
NBSG_RelativeStrength_HeatMap
█ OVERVIEW
The Ranked Relative Strength (RS) Heatmap is a top-down institutional-grade analysis tool designed to identify market leadership and rotation in real-time. Unlike standard performance indicators that are anchored to fixed calendar months, this dashboard utilizes rolling trading-day windows (21, 63, and 126 days) to provide a consistent, non-lagging view of momentum across 18 key market sectors and themes.
By measuring the Rate of Change (ROC) of each asset against a core benchmark (default: CBOE:SPX), the indicator generates a Composite RS Score and automatically reorders the table. This ensures that the current market leaders are always pinned to the top, while laggards fall to the bottom.
█ HOW IT WORKS
The script calculates Relative Strength by comparing the percentage return of an asset to the percentage return of the benchmark over three distinct time horizons: • Short-Term (1M): 21 Trading Days • Intermediate (3M): 63 Trading Days • Long-Term (6M): 126 Trading Days
The Composite Ranking: The dashboard averages the performance across all three periods to determine the final rank. A ticker flashing green across all columns represents high-conviction leadership, while "Neutral" grey zones highlight assets that are tracking the index closely (+/- 1% variance).
█ KEY FEATURES
• Dynamic Sorting: Tickers automatically reorder based on performance. • Institutional Themes: Includes core SPDR sectors (XLK, XLF, etc.) and high-impact themes like Semiconductors (SMH), Regional Banks (KRE), and Bitcoin (IBIT). • Benchmark Flexibility: Fully compatible with any benchmark (SPX, QQQ, IWM, etc.) via the settings menu. • UI Controls: Adjustable table position (corners/center) and size (Small/Normal/Large) to fit any screen layout. • Neutral Filtering: Uses a grey "Neutral Zone" for performance within +/- 1% to filter out market noise.
█ SETTINGS & USAGE
• Benchmark Ticker: Set this to your primary index. For best results, use a high-fidelity feed like CBOE:SPX. • Position/Size: Use the dropdowns to move the grid so it does not interfere with your primary price action or other indicators like Unified Significance Zones. • Interpretation: Look for "Group Strength." When multiple thematic ETFs (like SMH and IGV) move to the top of the list together, it confirms a sector-wide risk-on environment.
█ DISCLAIMER
This script is a visual analysis tool and does not provide financial advice or trade signals. Past relative strength is not a guarantee of future performance.
The Ranked Relative Strength (RS) Heatmap is a top-down institutional-grade analysis tool designed to identify market leadership and rotation in real-time. Unlike standard performance indicators that are anchored to fixed calendar months, this dashboard utilizes rolling trading-day windows (21, 63, and 126 days) to provide a consistent, non-lagging view of momentum across 18 key market sectors and themes.
By measuring the Rate of Change (ROC) of each asset against a core benchmark (default: CBOE:SPX), the indicator generates a Composite RS Score and automatically reorders the table. This ensures that the current market leaders are always pinned to the top, while laggards fall to the bottom.
█ HOW IT WORKS
The script calculates Relative Strength by comparing the percentage return of an asset to the percentage return of the benchmark over three distinct time horizons: • Short-Term (1M): 21 Trading Days • Intermediate (3M): 63 Trading Days • Long-Term (6M): 126 Trading Days
The Composite Ranking: The dashboard averages the performance across all three periods to determine the final rank. A ticker flashing green across all columns represents high-conviction leadership, while "Neutral" grey zones highlight assets that are tracking the index closely (+/- 1% variance).
█ KEY FEATURES
• Dynamic Sorting: Tickers automatically reorder based on performance. • Institutional Themes: Includes core SPDR sectors (XLK, XLF, etc.) and high-impact themes like Semiconductors (SMH), Regional Banks (KRE), and Bitcoin (IBIT). • Benchmark Flexibility: Fully compatible with any benchmark (SPX, QQQ, IWM, etc.) via the settings menu. • UI Controls: Adjustable table position (corners/center) and size (Small/Normal/Large) to fit any screen layout. • Neutral Filtering: Uses a grey "Neutral Zone" for performance within +/- 1% to filter out market noise.
█ SETTINGS & USAGE
• Benchmark Ticker: Set this to your primary index. For best results, use a high-fidelity feed like CBOE:SPX. • Position/Size: Use the dropdowns to move the grid so it does not interfere with your primary price action or other indicators like Unified Significance Zones. • Interpretation: Look for "Group Strength." When multiple thematic ETFs (like SMH and IGV) move to the top of the list together, it confirms a sector-wide risk-on environment.
█ DISCLAIMER
This script is a visual analysis tool and does not provide financial advice or trade signals. Past relative strength is not a guarantee of future performance.
סקריפט קוד פתוח
ברוח האמיתית של TradingView, יוצר הסקריפט הזה הפך אותו לקוד פתוח, כך שסוחרים יוכלו לעיין בו ולאמת את פעולתו. כל הכבוד למחבר! אמנם ניתן להשתמש בו בחינם, אך זכור כי פרסום חוזר של הקוד כפוף ל־כללי הבית שלנו.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
סקריפט קוד פתוח
ברוח האמיתית של TradingView, יוצר הסקריפט הזה הפך אותו לקוד פתוח, כך שסוחרים יוכלו לעיין בו ולאמת את פעולתו. כל הכבוד למחבר! אמנם ניתן להשתמש בו בחינם, אך זכור כי פרסום חוזר של הקוד כפוף ל־כללי הבית שלנו.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.