The RS Rank indicator is actually a ranking tool which is 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.
As explained by Mladen in our saved notes:
Used default parameters but added options to change all the parameters used in calculation from the first link you posted, and embellished it a bit compared to the code you posted.
Also added something that does not exist in the original - price (price used in calculation of ROC) smoothing. Here is an example of an 2 period price smoothed RSR from the above example - it seems that the price smoothing (mild price smoothing) adds to readability of the indicator and adds only minimal or no lag at all.
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