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I have looking to use comparitve relative strength indicator that is
given in AB, for example, RelStrength( "^DJI",fixup=1). As of now I
perform an exploration that returns and desired number of stocks
meeting my criteria. To see what values RS gives me, I include the
following index:
AddColumn(RelStrength( "^DJI",fixup=1),"RS/DJI",1.2);
AddColumn(RelStrength( "^SPX",fixup=1),"RS/SPX",1.2);
AddColumn(RelStrength( "comp",fixup=1),"RS/COMP",1.2);
AddColumn(RelStrength( "NDX",fixup=1),"RS/NDX",1.2);
AddColumn(RelStrength( "qqq",fixup=1),"RS/QQQ",1.2);
I expected the values returned would be similar for COMP, NDX, and
QQQ as these % returns are similar. However, the numbers are quite
different. Not know exactly how RS formula is determined and how to
interpret such returned numbers becomes difficult to get any use
from this indicator. I am thinking that some how these values can
be reported so that the comparison of a given stock compare to a
given index can be standardized to make some sense of the
relationship of the stock compared to various indexes, but I don't
know how to do this.
If anyone has been able to take the returned values for given
indexes and modify the results so that the comparison of a stock to
any index can be scaled across indexes, please advise me. I guess
what I would like to do is use this indictor to give a percentile
ranking, such as seen in Investors Business Daily, i.e. RS = 90 etc.
Thank You
MR
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