Percentage Relative Strength

A relative strength indicator that compares your main symbol ( one on your chart) strength to another symbol by percentage.
The result is plotted as a histogram showing which symbol is rising or falling more in percentage.
In case your chart symbol is TSLA ( Tesla ) and the indicator 'Symbol to compare' is SPX:

GREEN area (above zero) means TSLA is rising more than the SPX .
RED area (below zero) means TSLA is falling more than the SPX .

To these who wants to understand calculation, it's pretty straightforward.
For each asset we calculate everyday percentage change based on previous close and current close.
We take main asset (chart symbol) percentage and subtract it from percent of change of the symbol we want to compare to.
Result are smoothed by SMA ( Simple Moving Average )
You can select different indexes or cfds such as S&P500 (SPX) , NASDAQ 100 ( NSX ), RUSSELL 2000 (RUT) and NASDAQ (IXIC).
Default is S&P 500 (SPX) .

Enjoy and Like if you like.
Open-source script

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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Hi, Great tool ! Is there any way of changing what it compares it to? (Id like to use it to compare two different government bonds)
Thanks a lot! It's just what I was looking for. Is it used to analyze the weekly chart?
dman103 neiragonzalopsi
@neiragonzalopsi, yeah, you can use weekly chart or any timeframe.
This is exactly what I'm looking for. Thanks so much!
dman103 etouve
@etouve, Thanks for the appealing words, Enjoy!
Thank you for this indicator. Not very many use it but I,m starting to appreciate working with it.
dman103 Madcaptains
@Madcaptains, Great, thanks for the feedback.
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