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We usually read at<A
href="">http://finance.yahoo.com/mrd or<A
href="">http://finance.yahoo.com/mruthat
stock XXXX outperforms or underperforms the market.Siligardos method [<A
href="">http://www.traders.com/Documentation/FEEDbk_docs/Abstracts_new/Siligardos/siligardos.html]may
give a simple visual criterion to have our own quick estimate.If we take
Value=RSI() we will have a RErsi identical to close graph for each
stock.
Plot( Close, "CLOSE" , 1, 8);Value=RSI();WildPer =
14;ExpPer = 2 * WildPer - 1;AUC = EMA( Max( C - Ref( C, -1 ), 0 ), ExpPer
);ADC = EMA( Max( Ref( C, -1 ) - C, 0 ), ExpPer );x = (WildPer - 1) * (
ADC * Value / (100-Value) - AUC);RevEngRSI = IIf( x >= 0, C + x, C + x *
(100-Value)/Value );Plot( RevEngRSI,"Reverse Eng. RSI( "+WriteVal(Value,
1.0)+" )",4,4);
If we replace it with Value=MeanRSI, ie the average RSI()
of the market, we may easily compare how the stock performs the market.The
red graph is the virtual Close, if the stock was aligned with the market.The
stock outperforms the market when the black line is higher than the red and
underperforms the market when the black line is lower.Dimitris
TsokakisPS: For the technical part, create first the MeanRSI, scanning your
database
withAddToComposite(RSI(),"~SUMRSI","C");AddToComposite(1,"~COUNT","V");Buy=0;and
then past in your IB thePlot( Close, "CLOSE" , 1,
8);Value=Foreign("~SUMRSI","C")/Foreign("~Count","V");WildPer =
14;ExpPer = 2 * WildPer - 1;AUC = EMA( Max( C - Ref( C, -1 ), 0 ), ExpPer
);ADC = EMA( Max( Ref( C, -1 ) - C, 0 ), ExpPer );x = (WildPer - 1) * (
ADC * Value / (100-Value) - AUC);RevEngRSI = IIf( x >= 0, C + x, C + x *
(100-Value)/Value );Plot( RevEngRSI,"Reverse Eng. RSI( "+WriteVal(Value,
1.0)+" )",4,4);We may see at a glance that DELL outperforms the market from
A to B and then underperforms the market from B to C.Dimitris
Tsokakis
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