| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
 Gold Customer
Joined: 7/21/2007
Posts: 32
|
Take symbol TOBC. Its RSI today for 8/15/2010 is 2.90 and its market rank is 1.270008.
I understand the 2.90 but what calculation produces the .1.270008?
Is market rank based on the symbols in system watchlist 'All items in System'?
Thanks,
Bill S
|
|
Administration
Joined: 9/30/2004
Posts: 9,187
|
List Rank - use this option when you want the percentile rankings to be based solely on the symbols in the WatchList to Scan.
Market Rank - use this option when you want the percentile rankings to be based on all symbols in the database.
Value - use this option when you want to save your criterion as a range of actual values, not list or market rank.
|
|
Gold Customer
Joined: 7/21/2007
Posts: 32
|
What I am looking for is the calculation for market/list rank and what set of stocks market rank is based upon. I assume that is "all items in system" but can't be sure because I can not duplicate the market rank number generated by TeleChart no matter what set of stocks I use.
What I want to know is the formula for figuring market rank. That seems simple. Just divide the number of stocks in the list by 99 and say the result of that operation if 75. Then sort the data ascending and the first 75 in the list are market rank 1 and the second 75 in the list are rank 2. Then within each rank, the middle indicator value would be r.5 where r is the current market rank.
This does not work though. So my question is "How is market rank computed and what set of stocks is it computed on?"
Since my example above has now passed, pick any indicator you would like and display its market rank. Then show me a formula that will generate that number.
Thanks,
Bill Smith
|
|
Gold Customer
Joined: 7/21/2007
Posts: 32
|
I am disturbed by the absence of a relevent response to this thread. Market Rank is significantly incorrect at ranks of 1 and 99 which puts the reliability of all ranks in question. Every software product has bugs. Ignoring them will eventually lead to the death of the product.
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
The Ranks run from 1 through 99 (not 0 through 100 or .5 through 99.5). The formula that appears to be used to calculate the Ranks is 1 + 98 * (i - 1) / (n - 1) where i is the sort position from lowest value to highest value and n is the number of items being ranked (I don't have any special access to the code, so this was determined experimentally). This is one of several valid algorithms used for ranking that you will find on the web (there is no universal agreement on how to calculate Percentile Ranks).
You can test this by having two WatchList Columns for the following Personal Criteria Formula with one set to Display Value and the other set to Display Market Rank.
C
When sorting the All Items in System WatchList in Ascending order, i will be the position in the list and n will be the position of the last symbol with a Value.
How to create a Personal Criteria Forumula (PCF)
Customize the Information Displayed in the WatchList
Create your own stock rankings using WatchLists and Sort conditions
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
Gold Customer
Joined: 7/21/2007
Posts: 32
|
Bruce,
Thanks for the formula. It works perfectly. One issue that I discovered while testing is that n has to be the total number of symbols in the list less the ones where the chosen indicator value can not be computed. I was testing with RSI Today and trying to use n = 7642 and not getting the correct results until I realized that 26 stocks did not have enough data to compute RSI Today. After adjusting these out, I used n = 7616 and got perfect answers. I guess that should have been obvious! (-:
Thanks again,
Bill
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
You're welcome. That why a said, "n will be the position of the last symbol with a Value."
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
|
Guest-1 |