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Registered User
Joined: 4/21/2006
Posts: 26
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What formula can I use to find stocks that are hitting a new relative strength high over a certain time period.
For instance, I tried to find stocks that were hitting a 250 day relative strenth high with formula
RSI > MAXRSI250
Please help!!
thanks in advance
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Registered User
Joined: 1/28/2005
Posts: 6,049
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You could sort by the one year percent change.
Thanks
diceman
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Registered User
Joined: 1/1/2005
Posts: 2,645
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jdstuck,
What you want depends on whether you are asking about the Relative Strength Indicator (RS) or the Relative Strength Index (RSI). There are two approaches:
1) Plot either Indicator and Sort By Visual Value. The Indicator is at a new high for a period equal to the number of bars corresponding to the Zoom setting if and only if the Sort Value is 100.
2) We can write a PCF which returns True if and only if the Indicator is at a new high over a designated period. In order to do this, all parameters for the Indicator and the designated period must specified. In the case of RS, you must type a capital "C" a number of times equal to the designated period prior to each new update of the PCF. I do it frequently, but some consider it not practical. In the case of RSI, I would probably consider the PCF too long for me (but not Bruce) if Wilder Smoothing is used. Otherwise, the PCF is trivial.
If 1) does not satisfy your needs, please supply the information needed for 2).
Thanks,
Jim Murphy
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Registered User
Joined: 4/21/2006
Posts: 26
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Thanks for the feedback.
I'm looking for stocks whose Relative strength vs an index (S&P 500 for example).
Jim, I think #2 is what I'm looking for. I'm looking for new high in relative strength over a 1 year and 6 month time frame.
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Registered User
Joined: 1/1/2005
Posts: 2,645
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jdstuck,
A PCF for RS at a new high for the most recent P days is constructed in two steps. Step 1) is to construct the RS New High Template. It is done once and never repeated. Step 2) is to construct the RS New High PCF. It must be repeated before each new PCF update. The procedure will be illustrated for P = 10.
Step 1) The PCF for the RS New High Template for P = 10 is:
0/C0>1/C1 AND 0/C0>2/C2 AND 0/C0>3/C3 AND 0/C0>4/C4
AND 0/C0>5/C5 AND 0/C0>6/C6 AND 0/C0>7/C7 AND 0/C0>8/C8
AND 0/C0>9/C9
With a judicious use of copy and paste, it is trivial to extended this to any reasonable period we choose.
Step 2) Test the PCF in Step 1) on the Index or Item of your choice. For example, SP-500. Copy the result in the test window and paste in the RS New High PCF window. On 06/20/08, the result would be:
0.00 / 1317.93 > 1.00 / 1342.83 AND 0.00 / 1317.93 > 2.00 / 1337.81
AND 0.00 / 1317.93 > 3.00 / 1350.93 AND 0.00 / 1317.93 > 4.00 / 1360.14
AND 0.00 / 1317.93 > 5.00 / 1360.03 AND 0.00 / 1317.93 > 6.00 / 1339.87
AND 0.00 / 1317.93 > 7.00 / 1335.49 AND 0.00 / 1317.93 > 8.00 / 1358.44
AND 0.00 / 1317.93 > 9.00 / 1361.76
Now, type a capital "C" in front of each numerator. On 06/20/08, the result would be:
C0.00 / 1317.93 > C1.00 / 1342.83 AND C0.00 / 1317.93 > C2.00 / 1337.81
AND C0.00 / 1317.93 > C3.00 / 1350.93 AND C0.00 / 1317.93 > C4.00 / 1360.14
AND C0.00 / 1317.93 > C5.00 / 1360.03 AND C0.00 / 1317.93 > C6.00 / 1339.87
AND C0.00 / 1317.93 > C7.00 / 1335.49 AND C0.00 / 1317.93 > C8.00 / 1358.44
AND C0.00 / 1317.93 > C9.00 / 1361.76
This is the desired RS New High PCF.
Step 2) must be repeated before each new update of the RS New High PCF.
Easy as pie. Right? Even I do it.
Thanks,
Jim Murphy
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Registered User
Joined: 4/21/2006
Posts: 26
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Jim,
Very insightful! Thank you for your help and insight!
Jason
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Registered User
Joined: 4/21/2006
Posts: 26
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Are there any updates to this? I'd like to search for stocks that have a relative strength number that is hitting a new high.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You can do so for the Relative Strength Index indicators (RSI and RSI - Wilder's) in TC2000 version 12.4, but you cannot do so for the Relative Strength (RS) indicator.
You would right-click on the RSI indicator and select Create Scan Condition. Then choose New High from the condition drop-down menu.
Create Conditions from Your Chart (5:25)
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 4/21/2006
Posts: 26
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How do I do it for the RSI and RSI - Wilder's?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You would click on the indicator name at the top of the pane where it is plotted in TC2000 version 12.4 and select Create Scan Condition. Then choose New High from the condition drop-down menu in the Create Scan Conditon window which appears and set the period as desired.
The video referenced in my Wednesday, February 25, 2015 10:50:02 AM ET post covers creating conditions this way in TC2000 version 12.4 in greater detail.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 4/21/2006
Posts: 26
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Excellent. Thank you Bruce!
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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