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Working with sector indices

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pipsqueek View Drop Down
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Joined: 03 Jan 2005
Location: Australia
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    Posted: 27 May 2005 at 10:18pm

Thanks Peter

This works well and will be very useful

failing to plan is planning to fail.
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Joined: 09 Sep 2004
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Post Options Post Options   Quote Peter Quote  Post ReplyReply Direct Link To This Post Posted: 27 May 2005 at 2:51pm
The relative strength comparison indicator is a useful tool for determining how well one security is performing when compared to the market, or to another security.

A common request is to want to use the RSC to compare a company to the index of its own sector. Normally this would require you to manually enter the sector index code into RSC for each security.

By using the Security.SectorIndex variable, we can modify the RSC indicator script to automatically select the correct index. Follow these steps:
  1. Open the indicator window and select the builder tab
  2. Locate the "Relative Strength Comparison" indicator and select copy.
  3. Find the line: symb := inputsymbol("Compare to", "XAO"); and change it to symb := Security.SectorIndex;
  4. Save the indicator and add it to your chart
This new indicator will automatically display the RSC comparing the company to the index of that companies sector. The Security.SectorIndex returns the ASX code of the relevant index.

By using similar techniques, you could also make it just display the index (instead of the RSC). You can also use this new indicator in a scan to find companies that are out performing their sector.

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