Is there a canned indicator that shows price performance comparison as relative strength?
Author: wphill
Creation Date: 12/16/2010 9:48 AM
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wphill

#1
To be candid, I posted a similar question under Strategies...trying again, here.

Any chance of getting canned code: four panes:
price curves of symbol and external symbol, relative strength--RS as defined ad symbol/external symbol, rsi of RS, ppo of RS.????

Or, something similar. Below is an example...see link.

This kind of price performance comparison can be quite helpful.
For example, longer term bond prices and equities have de-coupled. Almost a mirror image.
Instead of using bond prices, alone, as a leading indicator for equity bullishness/bearishness the relative strength price chart may offer more confidence in direction.

Maybe, there could be a canned indicator of RS?

http://stockcharts.com/h-sc/ui?s=VT:EDV&p=D&yr=1&mn=0&dy=0&id=p86829371957
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Eugene

#2
If by saying "canned indicator" you mean a "drag & drop indicator" involving an external symbol, then it's probably not going to happen. Sure we have Beta, for example, but it becomes useful only in code-based strategies. Formal indicators (and IndexDefinitions) do have a limitation that is pretty hard to work around (if possible), and it's in accessing external symbol's data.

If WealthScript code is OK for you, then please search the forum carefully. Relative strength in WL5/WL6 has been discussed before more than once, and I even recollect setting up a Wiki page based on some of those discussions: WealthScript Techniques | Relative Performance Chart.
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wphill

#3
thanks
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wphill

#4
Eugene, I have searched and search....the solutions that compile, such as the ones from the wiki page you site have more to do with plotting multiple symbols separately. My goal is more related to the ratio of two symbols, and then be able to plot indicators upon that derived chart.

The closest code from a search follows. This would work better if when I drag and drop an indicator within the relative strength pane and the indicator creates its own pane...then that pane stays open after being saved.


CODE:
Please log in to see this code.
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Eugene

#5
Every solution should compile but sometimes it takes a little more effort.

Meeting the Relatives
how to do GetExternalSeries in WL.net