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Indicator - Relative Strength of Multiple Instruments
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Indicator - Relative Strength of Multiple Instruments

  #1 (permalink)
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Indicator - Relative Strength of Multiple Instruments

Here is an indicator to plot the relative strength of multiple instruments relative to a base symbol, upto 10 symbols. This can be easily extended to 50, which is the maximum limit in Ts for Data Set.

To use this indicator, insert multiple symbols into the chart and apply the indicator. To have a clear display, set the SubGraph to hidden for all symbols.

Data 1 will be treated as the base symbol, usually input this as SPY. You may use any base symbol.
Configure the total number of inputs to match the symbols inserted in the chart.


TODO : Add labels to the plots.

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Attached Files
Register to download File Type: eld RELATIVESTRENGTHMULTI.ELD (14.7 KB, 52 views)
Register to download File Type: tsw RelativeStrength.tsw (240.0 KB, 33 views)

Last edited by rahulgopi; July 26th, 2015 at 10:18 PM. Reason: Attached a workspace in case someone wants to try it
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  #2 (permalink)
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@rahulgopi would this also work with TS 9.1

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  #3 (permalink)
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paps View Post
@rahulgopi would this also work with TS 9.1

Yes, this is simple enough to work on older versions.

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  #4 (permalink)
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rahulgopi View Post
Here is an indicator to plot the relative strength of multiple instruments relative to a base symbol, upto 10 symbols. This can be easily extended to 50, which is the maximum limit in Ts for Data Set.

To use this indicator, insert multiple symbols into the chart and apply the indicator. To have a clear display, set the SubGraph to hidden for all symbols.

Data 1 will be treated as the base symbol, usually input this as SPY. You may use any base symbol.
Configure the total number of inputs to match the symbols inserted in the chart.


TODO : Add labels to the plots.

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@rahulgopi Thank you so much for sharing. I was looking for a relative strength similar to TS NRSS(see link below) for Sector Rotation. I'm looking forward to test this out.

https://www.tradestation.com/education/labs/analysis-concepts/sector-rotation-spotting-the-turns

Eddie

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rahulgopi View Post
To use this indicator, insert multiple symbols into the chart and apply the indicator. To have a clear display, set the SubGraph to hidden for all symbols.

@rahulgopi Thank you kindly for sharing!

I am trying to apply the indicator. I set the subgraph for all symbols to hidden but I get an error. If I set the subgraph for Data1 (SPY) to hidden, the indicator disappears? I can hide all the symbols I am comparing to with no issue. I must be making a bonehead error? Any ideas? I don't want to plot SPY due to the scaling difference between it and the indicator.

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  #6 (permalink)
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GoldenRatio View Post
@rahulgopi Thank you kindly for sharing!

I am trying to apply the indicator. I set the subgraph for all symbols to hidden but I get an error. If I set the subgraph for Data1 (SPY) to hidden, the indicator disappears? I can hide all the symbols I am comparing to with no issue. I must be making a bonehead error? Any ideas? I don't want to plot SPY due to the scaling difference between it and the indicator.

Adjust the scaling for the indicator and choose to scale on right axis and subgraph 1. Your current setting is to scale on underlying axis and that is why the plot disappears when you hide SPY.

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rahulgopi View Post
Adjust the scaling for the indicator and choose to scale on right axis and subgraph 1. Your current setting is to scale on underlying axis and that is why the plot disappears when you hide SPY.

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Thanks so much , that fixed it - duh!

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