- ago
I did not find the "Daily Change" definition in IndexLab, which was in WL6. Is it really not there or was I just looking for it? In my opinion, this should be the most popular definition.

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- ago
#1
Isn't the CompInd indicator (Index-Lab group) what you're looking for? It returns the average indicator value of all of the symbols in the specified DataSet. Pass it the value of the ROC(Close,N) indicator as a parameter.

P.S. What made you create an offtopic post in other poster's topic? 😕 Extracted into this new thread.
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- ago
#2
Let's say the task is to create an index of two instruments - BTC (price $37,000) and DOGE (price $0.1). If we average, we will simply get a BTC chart, because the change in the DOGE price will practically not be noticeable.

Here, for comparison, on the first chart is the real BTC+DOGE index (Daily Change), and on the second chart is the BASIC index (price averaging), which actually repeats the BTC chart:

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Glitch8
 ( 11.64% )
- ago
#3
Try using CompInd with the ROC(1) indicator like Eugene suggested in Post #1
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- ago
#4
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- ago
#5
??
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- ago
#6
Did I build the index incorrectly?
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Glitch8
 ( 11.64% )
- ago
#7
I think we need a new IndexLab indicator to address this, let's call it CompIndexPct. I'll work on it for the next release cycle.
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Glitch8
 ( 11.64% )
- ago
#8
This new indicator will be in IndexLab Build 5, this Pct Index is based on a DataSet containing BTC and DOGE. Notice how it captured the DOGE rally here on the BTC chart?

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- ago
#9
Yes, that's it. Thank you
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