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Hi to
all
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I think Relative
Strength (Comparative) is one of the most valuable indicators - after all
why attempt swimming against the tide!
Being UK based I use
the FTSE All Share Index (ASX) as a benchmark but you can substitute it with you
own choice of index.
Note that you need
MS 8.01 as earlier versions incredibly did not have the "Security"
function.
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This is an extract
of one exploration I regularly use:
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{Col A Relative
Strength - 5 day %}
PDS:= 5;ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>ROC(CLOSE/ASX,PDS,%)
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size=2>
{Col B Relative
Strength - 10 day %}
PDS:= 10;ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>ROC(CLOSE/ASX,PDS,%)
<FONT face=Arial
size=2>
{Col C Relative
Strength - 15 day %}
PDS:= 15;ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>ROC(CLOSE/ASX,PDS,%)
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Just change "PDS" to
periods that suit your own style of trading.
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etc
etc
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This is an extract
of another exploration:
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{Col A Relative
Strength Line - Actual} ASX:= Security("C:\METASTOCK\UK\FT
Indices\ASX",CLOSE);
<FONT face=Arial
size=2>Ref((CLOSE/ASX),-0)
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size=2>
{Col B Relative
Strength Line - Actual}ASX:= Security("C:\METASTOCK\UK\FT
Indices\ASX",CLOSE);
<FONT face=Arial
size=2>Ref((CLOSE/ASX),-1)
<FONT face=Arial
size=2>
{Col C Relative
Strength Line - Actual}ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>Ref((CLOSE/ASX),-2)
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size=2>
etc
etc
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In the filter
section I would have something like colA>colB and colB>colC to identify
which way RS is going.
Remember that the
numbers in the RS Line don't mean much - what you need to know is the
direction of the RS line.
Also remember that
you have "good" RS even when your security is falling - it's just falling by
less than your benchmark!
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I also use RS in an
expert. For example in "Bullish" you could have:
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PDS:=60;ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>If(ROC(CLOSE/ASX,PDS,%)>0,1,0)
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size=2>
and in
"Bearish"
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PDS:=60;ASX:=
Security("C:\METASTOCK\UK\FT Indices\ASX",CLOSE);
<FONT face=Arial
size=2>If(ROC(CLOSE/ASX,PDS,%)<0,1,0)
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size=2>
and in the
commentary ...
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<FONT
size=2>RS 5d % :
writeVal(ROC(CLOSE/Security("C:\METASTOCK\UK\FT Indices\ASX",Close), 05,%),8.2)
% WriteVal(Ref(ROC(CLOSE/Security("C:\METASTOCK\UK\FT Indices\ASX",Close),
05,%),-3),8.2) % WriteIf(ROC(CLOSE/Security("C:\METASTOCK\UK\FT
Indices\ASX",Close), 05,%)>Ref(ROC(CLOSE/Security("C:\METASTOCK\UK\FT
Indices\ASX",Close), 05,%),-3),"rising
","<FONT color=#ff0000
size=2>falling<FONT
size=2>")
<FONT
size=2>
<FONT
size=2>RS 10d % :
writeVal(ROC(CLOSE/Security("C:\METASTOCK\UK\FT Indices\ASX",Close), 10,%),8.2)
% WriteVal(Ref(ROC(CLOSE/Security("C:\METASTOCK\UK\FT Indices\ASX",Close),
10,%),-3),8.2) % WriteIf(ROC(CLOSE/Security("C:\METASTOCK\UK\FT
Indices\ASX",Close), 10,%)>Ref(ROC(CLOSE/Security("C:\METASTOCK\UK\FT
Indices\ASX",Close), 10,%),-3),"rising
","<FONT color=#ff0000
size=2>falling<FONT
face=Arial>")
<FONT
face=Arial>/Security("C:\METASTOCK\UK\FT Indices\ASX",Close),
60,%),-3),"rising <FONT
face=Arial>","<FONT color=#ff0000
size=2>falling")
<FONT face=Arial
size=2>
etc
etc
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size=2>
Obviously you can
create a custom formula to replace <Security("C:\METASTOCK\UK\FT
Indices\ASX",Close)> but when I did that in an expert with many
different dates I experienced a lot of disk read/write activity and the
expert seemed to slow down drastically.
I think there is an
article about the RS in the files section.
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face=Arial size=2><FONT face=Arial
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Good
luck.
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<FONT face=Arial
size=2>Casimir
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