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According to AB help file, RS by definition is: Calculates relative
strength of currently selected security compared to "tickername"
security, using SYNTAX relstrength( "tickername", fixup = 1)
AND
RSI is a technical indicator developed by Welles Wilder to help
investors gauge the current strength of a stock's price relative to
its past performance. It compares a stock's highest highs and lowest
lows over a period of time. RSI is based upon the difference between
the average of the closing price on up days vs. the average closing
price on the down days.
Problem:
Many investors use a screening method called relative strength to
filter out stocks that have a value between 0 and 100 which is not
considered RSI in my opinion. This filtering is the strength of a
stock price movement over a set period of time which is relative to
the price movement to all other stocks in the database. The
comparison to an index is not the objective, only how well the price
is moving compared to the price movement of other stocks.
For exmaple: "Filter stocks whose RS is above 85" means screen for
those stocks whose price movement is in the top 15% of all stocks in
the database. Again, this is not RSI, because RSI compares a stock
price to its own past performance and not to that of all stocks. The
code somehow ranks stocks by percentile (0 to 100) and you
automatically know which stocks prices are in the top 10% or 15%,
etc., which ever filter you wish to screen for. The code must include
the ability to take into account the price within a given period of
days, for example 1 month, 3 months or 1 year, etc.
At this time I can not find any instructions in AB that would help me
code and screen for stocks with price movement (or RS) that returns
all stocks with a selected value (between 0 and 100) which is
actually a comparison to all other stocks in the database. I have
used other software applications that performed this function, but
the code was not available to the user.
Your help is appreciated.
Thank You
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