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Hi -- I'm trying to write EFS for a variant of Relative Strength (not RSI). RSI essentially is a ratio of a stock to an index (for e.g.). However, this RS is not usefult for comparing the level of strength between stocks.
I'd like to have RS as a % change using the closing price. The maths would work as follows:
% chg for stock = StkChg = (Today's close / Y'day's close -1)
% chg for index = IndexChg = (Today's close / Y'day's close -1)
Rel Perf = StkChg - IndexChg
I want to plot Rel Perf, but on a cumulative basis (daily or weekly).
I'm currently using a Relative Strength EFS I found on the Forum, and this could form the basis of my Rel Perf study, but don't know how to incorporate the maths above.
I've searched the EFS web-site plus forums, and the EFS tutorials but can't figure out how to write the EFS. Would appreciate help from any of you out there.
Thanks.
I'd like to have RS as a % change using the closing price. The maths would work as follows:
% chg for stock = StkChg = (Today's close / Y'day's close -1)
% chg for index = IndexChg = (Today's close / Y'day's close -1)
Rel Perf = StkChg - IndexChg
I want to plot Rel Perf, but on a cumulative basis (daily or weekly).
I'm currently using a Relative Strength EFS I found on the Forum, and this could form the basis of my Rel Perf study, but don't know how to incorporate the maths above.
I've searched the EFS web-site plus forums, and the EFS tutorials but can't figure out how to write the EFS. Would appreciate help from any of you out there.
Thanks.