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It is the Relative Strength indicator formula that you can use in an Exploration.
Though, the Chart of the Index or Security that you are comparising against, has to
be Open whilst scanning the formula in the Explorer (See further the repost below).
Tho, if you just want to know the stocks that are outperforming another stock or a
particular Index, then all you have to do is to list their ROC values for the given
time period and then rank them all accordingly, eg all done so as follows:
Make sure that :
1. All the stocks AND the Index are stored IN THE SAME ONE FOLDER.
2. Then run the " Performance, 1 Year's - ROC last 250 day period - Exploration "
that's printed at the bottom of the below repost-mail.
3. Change the used ROC {lookback} period to your own likings.
Regards,
Ton Maas
ms-irb@xxxxxxxxxxxxxxxx
Dismiss the ".nospam" bit (including the dot) when replying.
Homepage http://home.planet.nl/~anthmaas
----- Oorspronkelijk bericht -----
Van: "Alexandros Spiroglou" <a_spiroglou@xxxxxxxxxxxxx>
Aan: <metastock@xxxxxxxxxxxxx>
Verzonden: dinsdag 17 oktober 2000 8:01
Onderwerp: RELATIVE STRENGTH COMPARATIVE
> Does any of the list members know how to do explorations with "Relative strength comparative index" (not RSI). i.e. I am trying to
do an exploration on which stocks are outperforming a particular index
>
> warmest regards
> alex spiroglou
----- Oorspronkelijk bericht -----
Van: "A.J. Maas"
Aan: <metastock@xxxxxxxxxxxxx>
Verzonden: zondag 16 mei 1999 13:34
Onderwerp: Re: explorer
> In your mail program Click "Search|Text in Mail" and enter the following full line:
> Relative Strength Comparative - Exploration
> then Click OK to have our mail program search for it.
> It will bring you to one of the better Explorer's RS-setup sections in this mail.
> (I haven't had the time to make a good shortened version for this faq, as yet).
>
> Regards,
> Ton Maas
> ms-irb@xxxxxxxxxxxxx
> Dismiss the ".nospam" bit (including the dot) when replying.
> ====================================
>
> ----- Original Message -----
> From: william robson
> To: <metastock-list@xxxxxxxxxxxxx>
> Sent: maandag 10 mei 1999 19:44
> Subject: explorer
>
>
> > I would like some advice on setting up an exploration to compare the
> > Comparitive Relative Strength of a folder of stocks against an index.
> > Thanks in advance.
> > w.ronson
> ====================================
>
> ----- Original Message -----
> From: A.J. Maas
> To: <metastock@xxxxxxxxxxxxx>
> Sent: woensdag 11 november 1998 23:56
> Subject: Re: system testing
>
>
> I refer you to previous mail send to the List which had as subject
> "Re: GEN/MKT: What is this called?"
> with more explainations and instructions, eg using the " P " variable
> as an indicator or formula, and also as you can use more other
> indicators too, such as:
> -Correlation
> -Relative Strength
> -Divergence
> -Performance
> -Rate of Change
> etc.
> -----------------------------
> "P" as indicator (MS65 manual p.213)
>
> Have them compare "your secs" against the "index" using the "P" operator/indicator.
> By using the " P " indicator, eg as a custom formula "P/C" , you are able to compare
> base sec versus any sec (P/C = a Relative Strength Comparative Ratio Comparison).
> Using the "P" variable ALWAYS represents the charts' plot where its dropped on, eg
> this can be the Base sec itselve as well as an indicator plotted in any of the
> MAIN windows inner windows.
>
> When plotting, it will always represent an already on a chart plotted but now highlighted
> (=selected) indicator when dragged + dropped down on a chart/inner window from
> the Indicator QuickList.
>
> Examples:
>
> To CREATE CUSTOM indicator usable in Charts, Layouts, Templates, Explorer,
> System Tester and in Expert Advisor
>
> -Start Metastock
> -Click the Indicator Builder button
> -Click "New"
> -In the Name Field type SPX-P indicator
> -In the Formula Filed type P/C
> P=Base Close Present
> C=Base Close Original
> -Click OK
>
> To create Chart/Template/Layout :
>
> -Open the SPX chart
> -After opening the SPX-chart drag the selve made "SPX-P" indicator down from
> the IQL and 'release' it in its own inner window(it will now calculate on the CLOSE
> from its own chartbase, the SPX, AND also the Base sec's CLOSE of the SPX
> as it is then representing the present "P" part of the indicator
> -Open the chart of the FTSE
> -Click on one of the Display Adjusting Tools, eg the "Column" button, to have the
> charts orderly displayed side by side on the screen
> -From the SPX chart Drag the just made "SPX-P" indicator onto the FTSE chart
> and release to have it being displayed in its inner window and it will now calculate
> on the FTSE as Base)
> -Click the New | Layout button (here you can also choose Template)
> -Click Add All (this will add both charts)
> -Click OK (from this point on you are able to File | Save As to any folder as either
> a Template or as a Layout, whatever your preference)
>
> The program will now calculate, plot and create an always re-usable Layout of the
> FTSE/SPX comparison, eg Create a shortcut from this Layout onto your
> Desktop/Toolbars.
> If you have saved the above as a Template then you can compare any security against
> the SPX.
>
> To run all the above as a System Test, you will have to create a System Test first using
> the above given formula, but most importantly, see the MS manual(p.213-287) :
> "You MUST have a Layout or a Templated Chart open & active running before
> any " P " System Tests or " P " Explorations can be made".
>
> =====================================
>
> ----- Original Message -----
> From: Richard Wells
> To: <metastock-list@xxxxxxxxxxxxx>
> Sent: dinsdag 10 november 1998 18:21
> Subject: system testing
>
>
> >I'm trying to figure out how I can do a system test against an
> >indicator. For example, the SPX seems to frequently move in the
> >direction of the european markets of the night before. Can this be
> >tested, such as, against the FTSE ?
> ==========================================
> ----- Original Message -----
> From: A.J. Maas
> To: <metastock@xxxxxxxxxxxxx>
> Sent: zondag 25 oktober 1998 0:57
> Subject: Re: GEN/MKT: What is this called?
>
> As a desert, found these too.
>
> Regards,
> Ton Maas
>
> =================================================
> Relative Strength Comparitive(MSv6.x) - Ton Maas
>
> For Metastockv6.x - 2 custom indicators have to be created
>
> Name: P identifier indicator
> Formula: P
>
> Name: Relative Strength Comparitive
> Formula: P/C
>
> -Open an index or other security you would like the original security to be compared with,
> select(=highlight) its Price indicator(=the 'close' of that base security's), this will
> put the 'handles' on the Price
> -Open the original security and drag down the custom P identifier indicator from the
> programs Indicator Quick List and release this dragging when the mousepointer shows a
> chart image, this will now have the P identifier shown in its own inner window
> -Drag down the Relative Strength Comparitive custom indicator from the Indicator Quick List
> and on dragging drown, the base security(the original) will change its color into magnenta,
> release this dragging into the P identifiers inner window(you now have a one day RS indicator)
> -go back to the P identifier indicator and right click on it, in the then displayed
> quickmenu choose for its properties, the color TAB, and go to style and change to "Invisable"
> click ok and you will now have only the RS indicator being displayed
> -go back to the Indicator Quick List and drag down 2x the Moving Average indicator and choose
> as their time periods 10 and 30
> -best results will be seen when changing between daily and weekly Price data
>
> ======================================================
>
> Relative Strength Comparative - Equis Support
> ------------------------------------------------------------------
> Here is a document describing the way to perform a Comparative Relative
> Strength in MetaStock for Windows:
>
> Comparative Relative Strength charts can be useful in deciding which security
> to buy, by helping to pinpoint the best performer. They can also be useful
> in developing spreads, i.e., purchase of the best performer "long", and
> selling the weaker issues "short." Comparative Relative Strength can be
> applied in MetaStock for Windows as follows:
>
> Creation of a Template for Comparative Relative Strength
>
> (For this illustration, we assume an equity/stock is compared to the S&P 500,
> both of which must first have been collected from your vendor. Both data
> files should be in the same periodicity.)
>
> 1. Load the S&P 500.
> 2. Load the equity, or whatever you wish to find the relative strength for.
> 3. Drag the S&P 500 plot into a new inner window of the equity. (You may
> need to click Stack first.)
> 4. Close the S&P 500 chart.
> 5. Create a custom indicator: Div(close, p)
> 6. Drag the custom indicator into the inner window containing the S&P 500
> plot, moving it over the plot until the plot changes to a pink or lavender
> color, then release your mouse button. (This is called dragging and dropping
> an indicator on an indicator. The new indicator will plot in the same window
> as the S&P 500 plot.) You have three options here:
>
> 6a. You can change the color of the S&P 500 plot to be the same as the chart
> background color, so that it is effectively invisible. (Double-click the S&P
> 500 plot to get to its "properties", then choose the color you need from the
> Colors list.)
>
> 6b. You can change the style of the S&P 500 plot to "invisible", which
> effectively does the same as changing its color to match the background.
> (Double-click the S&P 500 plot to get to its "properties", then choose
> "invisible" from the Styles list.)
>
> 6c. You can give both plots different colors so you can tell which is which.
>
> 7. Save this chart as a Template. (File|Save As, set "Save File As Type" to
> Template, and give it a name, such as CMPRELST.MWT.)
>
> Any time you want to see Comparative Relative Strength of an equity against
> the S&P 500, apply this template to the equity's chart. Note: if you should
> move the data file against which you are comparing, such as the S&P 500, this
> template will no longer work, and would have to be recreated.
>
> If you would like a hard copy of this faxed to you contact Technical Support
> at 801-265-9998 or send me a e-mail with your fax number.
>
> Cheryl,
> Equis Support.
> ------------------------------------------------------------------------------------------------
> Comparative Relative Strength in MetaStockT for Windows
>
> rev. 01/06/97
>
> Comparative Relative Strength charts can be useful in deciding which
> security to buy, by helping to pinpoint the best performer. They can also
> be useful in developing spreads, i.e., purchase of the best performer
> "long", and selling the weaker issues "short." Comparative Relative
> Strength can be applied in MetaStock for Windows as follows:
>
> Creation of a Template for Comparative Relative Strength
>
> (For this illustration, we assume an equity/stock is compared to the S&P
> 500, both of which must first have been collected from your vendor. Both
> data files should be in the same periodicity.)
>
> 1. Load the S&P 500.
> 2. Load the equity, or whatever you wish to find the relative strength
> for.
> 3. Drag the S&P 500 plot into a new inner window of the equity. (You may
> need to click Stack first.)
> 4. Close the S&P 500 chart.
> 5. Create a custom indicator: Div(close, p)
> 6. Drag the custom indicator into the inner window containing the S&P 500
> plot, moving it over the plot until the plot changes to a pink or
> lavender color, then release your mouse button. (This is called
> dragging and dropping an indicator on an indicator. The new indicator
> will plot in the same window as the S&P 500 plot.) You have two
> options here:
> o You can change the color of the S&P 500 plot to be the same as
> the chart background color, so that it is effectively invisible.
> (Double-click the S&P 500 plot to get to its "properties", then
> choose the color you need from the Colors list.)
> o You can give both plots different colors so you can tell which is
> which.
> 7. Save this chart as a Template. (File|Save As, set "Save File As Type"
> to Template, and give it a name, such as CMPRELST.MWT.)
>
> Any time you want to see Comparative Relative Strength of an equity against
> the S&P 500, apply this template to the equity's chart. Note: if you should
> move the data file against which you are comparing, such as the S&P 500,
> this template will no longer work, and would have to be recreated.
>
> To Run an Exploration Using Comparative Relative Strength
>
> 1. Load the S&P 500 (or whatever you want to compare against).
> 2. Create a custom indicator of the Close.
> 3. Drag and drop this indicator on the S&P 500 (or whatever...). (Note:
> the S&P 500 plot must change to pink/lavender color before you drop
> it.) The indicator will plot.
> 4. Select the indicator plot (by single-clicking with the left mouse
> button on the line).
> 5. Do an Exploration with DIV(Close,p) in column A, and specify which
> directory to explore.
> 6. The results are displayed in the Exploration report.
>
> (P is a special variable that points at the last indicator plotted or
> selected.)
> --------------------------------------------------------------------------------------------
> Comparative Relative Strength Exploration
>
> rev. 01/06/97
>
> * To construct a Comparative Relative Strength Exploration in MetaStock
> for Windows perform the following steps:
>
> * Load the S & P 500.
> * Create a custom indicator of the Close. Plot the indicator on the S &
> P 500. Select this plot by clicking on it.
> * Create an exploration with div(C,P) in column A and also specify which
> directory to explore.
> * Note: ( the P variable references the selected indicator in the active
> chart which would be the close)
>
> The results are displayed in the exploration report.
> --------------------------------------------------------------------------------------------
> Comparative Relative Strength in MetaStockT for DOS 4.x
>
> rev. 01/06/97
>
> To plot a Comparative Relative Strength use the following steps:
>
> * Load the Index (e.g. S&P 500).
> * Create and plot a custom formula of the closing prices (e.g. Close).
> * Press Control B and select Save to Buffer.
> * Load the security.
> * Press Control B and select Restore from Buffer.
> * Create and plot the custom formula: C/P.
>
> To use the Comparative Relative Strength in the MetaStock Explorer:
>
> * Plot the index used for comparison (S&P, DOW, etc.).
> * Create a custom formula that plots the closing price of the index in
> the indicator window.
> * Plot the "Closing price" indicator.
> * Enter the Explorer. In column A enter "(C/P)" which means the close
> divided by the previous plotted indicator; in this case P= the closing
> price of the index.
> * Enter your filter which may say something like: "when(colA,>=,x)".
>
> Once this is complete, the Explorer will search through the securities in
> various directories and find those that meet the Comparative RS criteria.
>
> Chances are when you are filtering or ranking on Relative Strength
> Comparative you may want to do something more sophisticated than just the
> relative strength number itself. The reason is the value of this number
> will be based solely on how high the current stock price is. A rate of
> change of the relative strength or other method to show how quickly the RS
> is rising or falling would probably give a better comparison. Whichever way
> you decide to compare c/p would be used as the data array for any formula
> when referencing the relative strength comparative.
>
> ==========================================
>
> ----- Original Message -----
> From: A.J. Maas
> To: <metastock@xxxxxxxxxxxxx>
> Sent: donderdag 22 oktober 1998 23:53
> Subject: Re: GEN/MKT: What is this called?
>
> By using the Relative Strength of a security(ies) you can do just that, in
> 2 ways, either by comparing or by 'performance' ranking.
>
> In Metastock this indicator is build-in as the "Relative Strength Comparison".
> You will have to press the Browse button to search/apply for that index or
> other security to which you want your base security to compare to
> (or to compare with).
>
> Open a security, drag the RS from the Indicator List and on plotting the RS
> you will be straight in its Parameter TAB(of the Properties Dialog Window),
> then click Browse, apply the Index(eg S&P500) and on the next Color TAB
> change its color and Press OK.
> (Note that you can apply to have the comparison to start at "0").
> This will then get the RS plotted in its own window.
> Now, go back to the Indicator List and drag down twice(2x) the Moving Average
> indicator, selecting the RS as underlay, and also change their color and apply
> for periods to be used 10 and 30 days.
>
> Regards,
> Ton Maas
>
> ==========================================================
> Relative Strength Comparative
>
> Description
> The Relative Strength Comparative indicator compares two securities to show
> how the securities are performing relative to each other. (Be careful not to
> confuse Comparative Relative Strength with the Relative Strength Index).
>
> Relative Strength Comparative Ratio
> The Relative Strength Comparative Ratio is calculated by dividing one security's
> prices by a second security's price. The result of this division is the ratio, or
> relationship, between the two securities.
>
> -Another way to display the Comparative Relative Strength of two securities, is to
> create a composite security using The DownLoader (see Maintaining Your Data
> with The DownLoader).
> -Another way to display securities Relative Strength towards one of their previous
> levels singlely and then results combined and compared ranked to other securities,
> eg as a group, is to do a Relative Strength - Exploration.
>
> Interpretation
> A Relative Strength Comparative chart compares a security's price with that of
> another security.
> -When the indicator is moving up, it shows that the security
> (the one displayed in the chart) is performing better than the selected security.
> -When the indicator is moving sideways, it shows that both securities are
> performing the same (i.e., rising and falling by the same percentages).
> -When the indicator moves down, it shows that the security is performing worse
> than the selected security (i.e., not rising as fast or falling faster).
>
> Stock and mutual fund traders may find it helpful to track the Relative Strength
> Comparative between the stocks and funds you are following and an index such as
> the NASDAQ Composite or the Dow Industrials. Or you may want to do a comparison
> with a closely tied industry group. For example, if you were following Ford,
> a Relative Strength Comparative between Ford and the S&P Auto Index would be
> helpful to show how Ford is performing relative to the entire auto industry.
>
> Futures Traders may find it helpful to compare futures with the CRB index. Or perhaps
> one future with another. For example, Gold and Silver, the Yen and the Pound, Bonds
> and the Dollar, etc.
>
> OLE
> OLE linking the Relative Strength Comparative indicator values to a spreadsheet
> will give you further statistical means.
>
> Tip
> When using a composite security to create a Relative Strength Comparitive, the value
> is stored in the price fields (rather than the indicator field). This enables you to easily
> display indicators of Relative Strength Comparatives.
>
> Parameters
> The parameters for the Relative Strength Comparative indicator are shown below.
> These parameters are specified at the time the indicator is plotted. You can edit the
> parameters of an existing plot by right-clicking on the indicator and choosing Properties
> from the shortcut menu.
>
> -Security and Folder.
> Click the Browse button to select the security with which to compare the chart's base
> security. This is usually a market index like the S&P 500. The chart's base security
> is divided by the selected security.
>
> -Normalize To Start At Zero.
> Check this box if you want the indicator to be "normalized" to start at zero. This is done
> by subtracting the beginning Relative Strength ratio (for the first bar loaded in the chart)
> from every subsequent value.
> This is helpful for comparing one security's Relative Strength with another's.
>
> =================================================
> Relative Strength Comparative - Exploration
>
> Eploration Editor Notes:
> {****This exploration requires a selected price or indicator plot in the active chart !!***
> If you want to do this RS-Ratio scan versus an Index, then use your Index as the Open chart.
> -Open a chart and select(=highlight) the security's Price indicator as the active plot
> -Keep this chart Open and click the Explorer button
> -Select the Relative Strength Comparative exploration as your scan}
>
> FORMULA:
> colA: Close/P
> colB: Close
> colC: P
> Filter: Close/P
>
> You can also scan for possible "Buys" based on the RS-Ratio by using as Filter
> Filter: Close/P>0
> or
> Filter: (Close/P)>0 And RSI(14)>60 And MACD()>Mov(MACD(),9,E)
>
> Results
> The development of underlays RS-Ratios output reading values can be seen as:
> 1. (+) > 0 = possitive development
> 2. 0 = equal
> 3. (-) < 0 = negative development
>
> Note however, that a possitive Ratio value used by itself, does not implement
> a price to rise or that it is a signal to buy. It should be used in combination with
> other analysis techniques and tools.
>
> -When your index(=market) rises stronger, a negative RS-Ratio value will be
> given and means the underlay is a weaker, slower rising or declining security
> -When your index(=market) declines stronger, a possitive RS-Ratio value will be
> given and means the underlay is a stronger, rising or slower declining security
>
> =================================================
> Performance, 1 Year's - ROC last 250 day period - Exploration
>
> Eploration Editor Notes:
> {Relative Strength performance and ranking comparising}
>
> FORMULA:
> ROC(C,250,%)
>
> SCAN
> in Metastocks' Explorer scan-configure :
> colom A formula : C
> colom B formula : Ref(C,-250)
> colom C formula : ROC(C,250,%)
> colom A name= Close
> colom B name= C1yr-ago
> colom C name= Volatil
> Filter : ROC(C,250,%)
>
> SEE ALSO
> Above mentioned Scan-configure options
> (Explorer's main window choose: OPTIONS / LOAD min. 300 periods)
> (Explorer's Editor's main window choose: OPTIONS / most recent date / daily data)
> Scan-reports Ranking Ability is done by using SORT-button(or the above mentioned method)
>
> USE ALSO
> Copy+Paste : to copy report to Excel or Word(Wordpad)
> Print : print to file(Win95-Text-printer/Win95-PowerToys95-HTML-printer) or
> plain to paper(Default-printer)
>
> NOTE
> -250 is the approx. "Exchange-working" days in a one year time period
> -Data errors and folder's "dead" stock will appear as rejects and lowest performers.
> -If you had a crash before or did an incomplete programs' shutdown , then anoying
> files are beiing put in your sec-folders(4x files) wich have to be deleted first!!!!!!
> -Composites held in the to be scanned folders disrupt the reliability of reports' outputs;
> and while scanning can cause the program to crash.
>
> =================================================
> -----Oorspronkelijk bericht-----
> Van: UG
> Aan: metastock@xxxxxxxxxxxxx
> Datum: donderdag 22 oktober 1998 17:14
> Onderwerp: GEN/MKT: What is this called?
>
>
> >
> >Is there an indicator that measures movement with respect to the market?
> >Not Beta; that's volatility. I'm looking for something that would vary
> >in value from a negative number to a positive one; a value of 1 would
> >indicate the security rises in price when the market rises in price, and
> >about the same amount. A value of -2 would indicate the security drops
> >in price when the market rises (and vice versa), and about double the
> >amount.
> >
> >Does such an indicator exist?
> =================================================
>
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