We have got this question alot recently: How do you plot the Relative Strength Line in StockCharts?
This blog post will walk you through the steps.
Stockcharts FREE accounts allow you to chart three indicators and this is enough to plot the Relative Strength Line over-layed with SPX in a style that is very similar to MarketSmith.
We won’t walk you through the registration process but we are sure you can figure that out for yourself at StockCharts.com
Step 1: Set up your Chart Attributes
HLC Bars are achieve the same candle type as on MarketSmiths platform.
Time Span can be configured to your liking
Up Color: Blue
Down Color: Pink
Select: Log Scale, Color Volume, Smooth Lines
The Chart Attributes are personal preference.
Step 2: Depending on the level (if FREE) you can plot up to 3 Indicators / Moving Averages on the charts. (21, 50, 200DMA are typical Moving Averages that we like to use on our charts)
The Overlays are of personal preference. Stockcharts allows you to set colors and opacity as well.
Step 3: Plotting the Relative Strength Line and SPX price action
In the Indicators Section, set the first Indicator to Price-Performance and for Parameters use the $SYMBOL:$SPX
This will allow you to compare “Symbols” to the $SPX which is the Relative Strength Line
We set the color to BLUE for the Price-Performance Indicator
Next, to plot the $SPX price line select Price from the Indicators drop down and then type in $SPX for Parameters.
To achieve a plot of the $SPX behind the Relative Strength Line we just plotted set the Position to Behind Ind.
That is it. You are all set.
Below we do a few comparisons on how this stacks up with MarketSmith’s Relative Strength Line. Enjoy! 🙂
StockCharts Chart with Relative Strength Line and SPX Price Action
Note the Blue Relative Strength Line on MarketSmith and how it compares to what plotted on StockCharts. A very similar effect.
Plotting Relative Strength on TradingView
At the end of this blog post, you will be able to plot the Blue Relative Strength Line on MarketSmith in Trading View. Very similar effect.
Step 0: Head over to https://www.tradingview.com/u/TraderLion/#published-scripts
Step 1: Add Both “Relative Strength Line” and “SPX Line” to “Add to Favorite Scripts” near the bottom of the page.
Step 2: Click “Indicators” at the very top on TradingView. Under Favorites click “Relative Strength Line”
Step 3: Hover on the Indicator name (Relative Strength Line) on your plot under legend and click the three dots at the very right. Under the “Pin To Scale” choose a setting that works best for you (optional).
Step 4: Once again click “Indicators” at the very top on Trading View. Under Favorites click “SPX Line”
Step 5: Hover on the Indicator name (SPX Line) on your plot under legend and click the three dots (see screenshot). Under the “Move To” choose “New Pane Above”.
All set. You should now have a similar setup to that of MarketSmith with a Relative Strength Line and SPX plotted on the same chart.
Please note we are not affiliated nor have do we have any partnerships with any of the businesses mentioned in this blog post.
This is for Educational Purposes only