Hi All !
Been trying to use/develop a Comparative Relative Strength indicator.
The following code gives me a straight line with a value of one. What am I doing wrong?
Anyone ?
Creation of a Template for Comparative Relative Strength
(For this illustration, we assume an equity/stock is compared to theS&P 500)
- 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. (The new indicator will plot in the same window as the S&P 500 plot.).
7. Save this chart as a Template.
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
Thanks
TAI