I am looking for a relative performance indicator to compare performance of indices/sectors/equities/commodities... any market(s) that one may want to track, across different periodicities and time periods. Two usage scenarios come to mind straightaway:
1. Compare intraday performace for the S&P sectors, futures and select stocks. Plot graphs of each as % change from opening price
2. Compare sector and/or select equities performance for a set period - say quarter or year.
To my knowledge nothing like this exists on NT, at least I did not find anything. But this indicator/feature exists in a fully developed form on Investor RT
If anyone can point me to a Nt 6.5 or Nt7 indicator that does this, if it exists. If not, would appreciate if somebody could create this if you feel this is of value.
Thanks in advance
Here's my concrete concrete idea for intraday usage.
Overlay this indicator (% increase from open) on a TICK chart. At a glance this will give TICK confirmation/divergence for all instruments/markets one is tracking.
Last edited by soulartist; November 17th, 2010 at 05:09 PM.
Reason: adding details
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That would be handy. Off the top of my head you would need a way to normalize prices at session start, and then look at log returns. Here is SPY and some sector ETFs intraday courtesy of Bloomberg.com.
Perhaps a chart with your primary index made invisable, overlay the ROC indicator using the left scale, and then overlay the ROC indi for other instruments on the same panel?