Making an RRG is easy, but how do I just do a relative strength of two indices/tickers? SPX:VEA or some such comparion
Perhaps I just figured it out? Is it called a “Division Spread”? So this is saying that the VEA is currently stronger than SPX.
Another way is to create a formula for strength. Mine is:
X=CHANGE(INT_COUNT=23); Y=CHANGE(INT_COUNT=130); Z=CHANGE(INT_COUNT=260); (0.25*X) + (0.5*Y) + (0.25*Z);
This weights the 130 dma the same as the 23 dma plus the 260 dma. It doesn’t really matter.
Then you can plot a few and see which has been stronger. The easier way is to put codes of interest into a watchlist and sort by the RS column.
1st - Thanks
2nd - How do I get those data fields in my watchlist? Do I need to create/code scripts for those?
Hi Theodore,
You can add custom watchlist columns to add any formulas. Sign in here to watch Lesson 3 on adding columns:
https://learn.optuma.com/course/introduction-to-scripting/
Going back to your original question yes a Division Spread is one way, but you can also create your own symbol under Data > Custom Codes to create the chart. The benefits of this over the Division Spread chart is that you can add it to a watchlist or RRG, but also give it a title and apply alerts:
For a video on creating these ratio chart see here:
http://www.optuma.com/videos/how-to-create-relative-strength-ratio-charts/