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Thanks Fred,
I used MetaStock for a short time and found that while it had some nice features, in general it was not as useful or user friendly as my present combination of AmiBroker and TC2007. Thanks for the info though.
Don Lindberg
-------Original Message-------
Date: 9/7/2006 4:54:17 PM
Subject: RE: [amibroker] IBD Relative Strength
Dear Don,
I hesitate to mention this because this is an Amibroker forum; I have started using a MetaStock plugin called SpyGlass for doing exactly what you propose. It provides relative strength rankings on stocks within folders such that the stocks are ranked 1-99. It also can identify the strongest stocks in the strongest industries in these folders. You can run the External Relative Strength Analysis on all stocks or subsets of stocks chosen by whatever criteria you see fit. Ive corresponded with the developer and inquired as to whether he was willing to make it available for Amibroker. Unfortunately, its not on his agenda although if enough people requested him to do so he might change his mind. I much prefer Amibroker to Metastock, but Im just not proficient enough to program such a sophisticated analysis as we both wish to perform in Amibroker.
If you are curious about SpyGlass, the URL is: www.debry.com
With kind regards,
Fred
PS. Ive copied a bit of information from the Debry.com website for your interest. I have no affiliation with John Debry other than being a customer.
PSS. If anyone has figured out how to do this in Amibroker, please speak up!
External Relative Strength (ERSA)
Calculates the popular External Relative Strength indicator.
External Relative Strength compares a stock's performance versus all other stocks in your database. Includes Explorations to back-test ERSA values, to find large movers, to find strong stocks in strong industries (with separate Paritech disk), and to show ERSA values over various time periods.
Broad Market
Calculates Broad Market numbers
The Broad Market tool calculates many market-wide numbers, such as the number or percent of Advancing Issues, Declining Issues, New Highs, New Lows, stocks above a moving average, or any number of your creation. These numbers can then be used to construct indicators such as the Advance/Decline Line, Advance/Decline Ratio, Advancing minus Declining Issues, Arms Index (TRIN), Breadth Thrust, Cumulative Volume Index, McClellan Oscillator, McClellan Summation, New Highs minus New Lows Cumulative, New Highs/New Lows Ratio, New Highs minus New Lows, Open-10 TRIN, Overbought/Oversold, Upside/Downside Ratio, and Upside/Downside Volume. For a great description of all of these indicators, see the book Technical Analysis from A to Z.
Folder Averages
Calculates the average price of all securities in a folder (a.k.a. Industry Indices).
Use the Paritech Industry Group CD to create a database, then create a price-weighted index for each group, then use the ERSA tool to see which industry groups and which stocks have the best relative strength.
From: amibroker@yahoogroups.com [mailto:amibroker@yahoogroups.com] On Behalf Of Don Lindberg
Sent: Thursday, September 07, 2006 12:23 PM
To: amibroker@yahoogroups.com
Subject: Re: [amibroker] IBD Relative Strength
Thanks for the info. Looking ay the Quotes Plus web page it appears that they make some efforts to mimic IBD's system. I am curious about your feedback on QP vs Worden's TelChart. Since you have used both your ideas and feed back would be valuable to me. I presently use TC2007 and Yahoo for my data feed.
-------Original Message-------
Date: 9/7/2006 6:12:34 AM
Subject: Re: [amibroker] IBD Relative Strength
Don - Quotes Plus has a relative strength metric and here's how it's calculated; by ranking the issue against all of the other issues in the database, numbering some 8208 as of last night. I think it was Randy that pointed out you won't get to the IBD ranking unless you compare an issue to all the others in your universe on in this case the IBD universe. The formulas/TC2005 scripts given in my note and previous notes won't do it. As an ex user of TC2000 I don't think that package develops any ranking either.
I have a surrogate of IBD's RS in my QP database and it's an area that I've been interested in. I've not been able to work up a profitable strategy from it. IBD's RS may have worked in the past when time moved more slowly, OR in a rising trend, it will work like a charm to select out the top performers.
Here's a definition, an attached plot for your comparison, and the AFL used to plot it in an indicator window with a QP3 database.
Plot(Close,"Close",colorBlue,styleThick);
QRS = GetExtraData("QRS");
Plot(QRS,"RelStrength - QuotesPlus",colorOrange,styleLine|styleOwnScale);
Hope this helps
JOE
>>>>>>>>>>>>>>>>>.. QP Definition <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Relative Strength( DayNum )
Returns the relative strength for the selected date. The Quotes Plus Relative Strength is calculated by comparing the performance of each issue for the past 4 quarters to the performance of every other issue in the database over the same time. The most recent quarter is given twice the weight of the previous 3 quarters.
The relative strength value ranges from 0 to 99. A value of 99 means that the issue has performed better than 99% of the other issues in the database. DayNum must be <= 0.
----- Original Message -----
Sent: Thursday, September 07, 2006 12:34 AM
Subject: RE: [amibroker] IBD Relative Strength
Thanks for the code. It is awful close to the IBD charts in the paper, just a bit more choppier than IBD's version. I am playing around with applying different moving averages to see if I can pull it closer to O'Niel's version. I'm getting closer. Thanks for your help.
-------Original Message-------
Date: 9/6/2006 9:23:11 PM
Subject: RE: [amibroker] IBD Relative Strength
Dear Don,
I included an exponential moving average of the ROC to identify trend changes. I agree with Randys post that being able to rank all stocks against each other in a 1-99 ranking system would be great. My sense is that it can be done but Im not familiar enough with AFL to do it.
Regards,
Fred
//IBD Weighted ROC
//Ideally would like to compare an ROC of a stock vs all other stocks and rank them 1-99.
Per = Param("Per",63,5,250,1);
IBDroc = ((C-Ref(C,-63)/Ref(C,-63))*0.4 + (C-Ref(C,-126)/Ref(C,-126))*0.2 + (C-Ref(C,-189)/Ref(C,-189))*0.2 + (C-Ref(C,-252)/Ref(C,-252))*0.2)*100;
IBDrocMA = EMA(IBDroc,Per);
Plot(IBDroc,"IBD Weighted ROC",colorBlue,styleLine);
Plot(IBDrocMA,"EMA of IBDroc",colorBlue,styleDashed);
From: [EMAIL PROTECTED]ps.com [mailto:[EMAIL PROTECTED]ps.com] On Behalf Of Randy Harmelink
Sent: Wednesday, September 06, 2006 6:03 PM
To: [EMAIL PROTECTED]ps.com
Subject: Re: [amibroker] IBD Relative Strength
On 9/6/06, Don Lindberg <[EMAIL PROTECTED]net> wrote:
> I am trying to create an indicator that will mimic the Relative
> Strength Line from the IBD newspaper charts. Using the default RS in
> AmiBroker does not give same graph. I also use Worden's Tel-Chart,
> and I am able to get the indicator in TC to work correctly with the
> folowing formula:
> ((((C - C63) / C63) * .4) + (((C - C126) / C126) * .2) + (((C -
> C189) / C189) * .2) + (((C - C252) / C252) * .2))*100
I believe the calculation would be:
((((C - C63) / C63) * .4) + (((C63 - C126) / C126) * .2) + (((C126 - C189) / C189) * .2) + (((C189 - C252) / C252) * .2))*100
....but all that will give you is an weighted quarterly ROC with the most recent quarter double-weighted.
> Now my question is, can anyone adapt this indicator code for use in
> AmiBroker, so I can have an IBD Relative Strength Line in my AB charts
> as well?
The calculation above would only compute the weighted ROC for a single stock. In order to create the IBD relative strength line, you now need to rank the weighted ROC of that stock against the weighted ROC of all other stocks, then group the rankings from 1 to 99.
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