This indicator is a ranking tool used to compare a group of stocks, ETFs or futures contracts to determine which specific instrument is performing best. The indicator creates a score based upon the symbols historical price movement. You can then compare this score to the other RS Rank scores of other stocks or ETFs in your basket of trading instruments. Thus, you can simply pick the instrument with the highest RS Rank score when creating a momentum based trading system.

The RS Rank is computed by taking the average of a long-term price change with a short term price change. This average is then divided by the 10-day Average True Range. This will produce a ranking score which can be compared to other instruments.

//PRC_Relative Strength Rank | indicator
//08.07.2019
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge

// --- settings 
RsrShortPeriod = 20
RsrLongPeriod  = 140
RsrMaMode      = 0 //MA type 
AtrPeriod      = 10
// --- end of settings 

RsrPrice       = customclose

price = average[1](RsrPrice)
mas   = average[RsrShortPeriod,RsrMaMode](RsrPrice)
mal   = average[RsrLongPeriod,RsrMaMode](RsrPrice)
atr   = averagetruerange[AtrPeriod]
if (atr<>0) then 
 rsr = (price-mas+price-mal)/(2.0*atr)
else  
 rsr = 0
endif

slope = slope[1]
if (rsr>rsr[1]) then 
 slope =  1
endif
if (rsr<rsr[1]) then 
 slope = -1
endif

rsrhuu=0
if (rsr>0) then 
 if slope=1 then
  rsrHuu = rsr
 else  
  drawbarchart(0,rsr,0,0) coloured(0,191,255)
 endif
endif

rsrhdd=0
if (rsr<0) then
 if (slope=-1) then
  rsrHdd = rsr
 else  
  drawbarchart(0,0,rsr,0) coloured(199,21,133)
 endif
endif

return rsrhuu coloured(0,191,255) style(histogram), rsrhdd coloured(199,21,133) style(histogram), rsr coloured(150,150,150) style(line,4)