Relative Comparative Strength

Hi,

Yes, I've looked into our Weinstein scan and I think you're right. It is using RSI when it should be using RSC. 
We can't scan on RSC at the moment, so unfortunately we're probably
going to have to take Weinstein out of the program for the time being.

For the moment BullScript (relevant because BullScan actually uses
BullScript internally) performs calculations on one set of data at a
time, whereas the RSC requires loading in two (the security and the
index). However, this is something we plan to support in the future.
(and you'll also be able to do other cool stuff like correlations, etc
between data sets).

ps. I've moved this topic to the BullScan forum.

Edited by Peter

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Peter Members Profile Send Private Message Find Members Posts Visit Members Homepage Add to Buddy List BullCharts Staff Joined: 09 Sep 2004 Location: Australia Posts: 241	Post Options Post Reply Quote Peter Report Post Quote Reply Topic: Relative Comparative Strength Posted: 18 Nov 2004 at 3:18pm
	Hi, Yes, I've looked into our Weinstein scan and I think you're right. It is using RSI when it should be using RSC. We can't scan on RSC at the moment, so unfortunately we're probably going to have to take Weinstein out of the program for the time being. For the moment BullScript (relevant because BullScan actually uses BullScript internally) performs calculations on one set of data at a time, whereas the RSC requires loading in two (the security and the index). However, this is something we plan to support in the future. (and you'll also be able to do other cool stuff like correlations, etc between data sets). ps. I've moved this topic to the BullScan forum. Edited by Peter

Rhubarb Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 11 Sep 2004 Location: Australia Posts: 10	Post Options Post Reply Quote Rhubarb Report Post Quote Reply Posted: 18 Nov 2004 at 11:11am
	Further to my request for the Relative Strength Comparison to be developed into a straight forward Indicator to be used in our every day work.....I notice that the Weinstein Triple Confirmation Pattern ( mentioned above) does NOT appear to be following Stan Weinstein's recommendations ie using the method of the Relative Strength Comparison. Clearly, it appears that the old standard RSI ( Relative Strength Index) is being used in this scan. This is NOT what Stan Weinstein recommends using. Again. I ask for support in developing this "Relatively" simple Indicator so that we can then develop our own scans in the way intended by the author. I guess I am looking for a response from Peter who is so helpful in achieving so much for our growing band of members. Rhubarb......
	Rhubarb 4 All

Rhubarb Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 11 Sep 2004 Location: Australia Posts: 10	Post Options Post Reply Quote Rhubarb Report Post Quote Reply Posted: 15 Nov 2004 at 10:53am
	BullCharts (BC) makes a feature of several Authors :- Guppy ; Hull and one of my all time favourites Stan Weinstein. BC also includes a Scan for Stan's Triple Confirmation Pattern ( see full description in his book starting at page 148). There is also an ability within BC to insert an Index onto a chart to do a "Relative Strength Comparison) HOWEVER, I find difficulty in interpreting this latter method as opposed to Stan's suggested method ( page 108 in his book). The method used by Stan was quite simple - divide the price of the stock by the selected price of the market average ( S&P Composite was used in his world ). Further, Stan also suggested a "weekly" calculation was more than sufficient. What was used was a "0" line drawn on/in the separate pane and then the interpretation was easy - if the line was rising strongly over the zero line it was a positive indication - the reverse if falling under the line. Would it be possible/feasible for this simple method to be developed into a stand alone indicator - where the user simply chooses his particular index ( eg XAO) and then this feature is available on every chart - just like all of our other indicators. This would be a really helpful feature for all of our BC traders. PS - notice that I refer to "RelativeComparative Strength" as against the term "Relative Strength Comparison" - I think the former is somewhat better because it gets it away from the confusing Relative Strength Index....which it ain't Rhubarb........ Edited by Rhubarb
	Rhubarb 4 All