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I offer the following comments on external relative strength and
Metastock.
Assume a group of 100 stocks. In one column of the Explorer, do a
price ROC based on percentage for a set time period. Then sort the
stocks by this column. This should yield an ordered list that ranks
the 100 stocks based on price strength so that the top stock had the
most increase (or smallest decrease) in price and the last stock had
the lowest increase (or the highest decrease) in price.
As has been suggested before, this ordered list of 100 stocks can be
exported to a spreadsheet where each stock can be easily assigned a
rank number from 1 to 100.
The problem is then how to get this rank information back into
Metastock so that it can be accessed for testing, etc. The
Downloader can be used to add this data for each stock into the open
interest field for the respective stocks; open interest data is not
normally used for stocks. An open interest indicator is built-in to
Metastock and so the data contained in the open interest field now
becomes available for most purposes.
Yes, this would be a time consuming chore if each of the 100 stocks
had to be updated manually. Fortunately, it can be automated. A
macro program, e.g. MacroExpress (I use it and get no benefit for
mentioning it), can be used to automate this process. I have used
MacroExpress together with the Downloader to enter a current real-
time price update into otherwise EOD data (20 minutes old) just
before the market close so indicators can be generated on more
current price data. If desired the rank data could be entered each
day so that a continuous rank value would be available for back
testing.
Of course, any data that is not internally available within Metastock
could be inserted into the open interest field of stocks and then
accessed for testing within Metastock.
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