Relative Strength Index Indicator Help!

[lockscombi]

Hey there investors/traders

I have been reading Stan Weinsteins terrific book and have recently read a chapter where he talks about the RS (Relative Strength Indicator) and how this is a very important indicator against a chart

I have amibroker and when i drag the RSI indicator (I hope that is the right indicator, i have no idea what the comparative indicator is), onto the chart it looks nothing like Stans indicator in the book. In fact i don't think it is even remotely close to what the overall market is doing. It looks like it is just following the actual stock chart.

Do I have the right indicator up?

If not, Is it the comparative Relative Strength indicator instead?

If not that, can someone please inform me where a code is for it?

If not that also, should i set my hair on fire?

Thanks in advance

 

[Newt]

Try using Relative Performance - then pick which index ticker you'd like your relative stock performance compared against using right click - Parameters.

 

[peter2]

That would be a yes to your suggestion that it is a comparative relative strength indicator (not the common RSI).

The relative strength indicator used by Stan Weinstein is known as the Mansfield variant of the indicator.
The formula is easily found when searching for it.

 

[lockscombi]

Thanks guys it is indeed RS, comparative indicator.

Here's what i did. I overlay-ed the XBAK (Bank industry group) RS over my CBA chart and it works a treat!

BUT

When I browse through some other symbols say WPL, Do I have to manually change the RS parameters for each symbol? Because at the moment the RS under WPL ticker looks like this: RS(xbak) which is the bank industry group parameter. Even thought the RS chart changes, why does it still display RS(xbak) on it confusing me to bits?

Thanks

 

[tech/a]

This is testing my memory but back in the day---

I remember having to highlight the index before
overlaying the indicator on the chart.
So two charts open.

 

[peter2]

If you want to see the relative performance against the market use a market index like XJO, XAO or even an ETF (STW). Then if you wish to see the RSC against its sector use the sector index as you've already tried. You'll have to change the sector index for each stock codes if you when you change sectors.

If you look at all the banks against the bank index then you'll see which is the strongest/weakest banks.

 

[lockscombi]

Excellent. Thanks a bunch

While I have your attention the ADLine indicator in Amibroker comes up as empty all the time? I pay a subscription to PremiumData which is the basic service (end daily asx chart data)

I tried looking for info on PremiumData website to no avail

This is the last indicator I need to be fully satisfied going forward to making billions

Thanks

 

[lockscombi]

Oh, I realize I am not giving them enough bunsen burner (nice litter earner - Ricky Gervais)

I have to add another monthly $5 bill to the Norgate Data team

Thanks everyone