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Relative Strength Comparison (RSC) The Key Success Tool In Trading-Part 3
To create an investigation using RSC, you first need to open a chart of the underlying index, such as the S&P/ASX200 for the Australian market or the Singapore Straits Times Index, which you use to compare market sectors. With the chart open, left-click on the price chart to highlight price information. You’ll know it’s selected when small dark squares appear on the price chart. It is important to note that any time you want to do this type of research, you must first select your base index.
Next, open the Explorer dialog box and select “new” Name the Explorer “MetaStock Guide Sector Analysis”. Then click in column A and enter the following formula:
This formula calculates the percentage change in the relative strength of the sectors relative to the underlying index over a 13-week period. This might sound complicated, but let’s break it down into manageable chunks, starting with the innermost parentheses first:
C/P is the relative strength (or RSC component) of the tested sectors compared to the base security.
It is calculated by dividing the closing price of the sector by P, where P is the base index that you highlighted before creating this study.
(MOV((C/P),13,S) calculates the RSC moving average over 13 weeks.
ROC(MOV((C/P),13,S),1,%) calculates the rate of change of the RSC moving average, in other words, the amount by which the sector has moved up or down in percentage.
Looking back at MetaStock, notice that you didn’t enter anything in the filter tab. This is because you only use the filter tab if you want to remove certain securities from your research results. Since you don’t want to exclude any sector, but rank all sectors, you should leave the filter blank.
You need to check the time period before starting this investigation. To do this, click the “Options” button at the bottom of the “Exploration Edition” dialog box, and then select the radio button marked Weekly. Click OK twice to return to the Explorer dialog box.
Now you’re ready to start your survey, so click the ‘Explore’ button. The “Select Securities for MetaStock Guide Sector Analysis” dialog box will appear and you will need to select the directory that contains your market sectors. This directory should be stored with your other market data and is usually one directory above your stocks folder. However, this may vary depending on who is transferring your data.
Once the market sectors are highlighted, click OK. When the investigation is complete, the “Investigation Completed” dialog box appears. Click the ‘Reports’ button to view a summary of the investigation. The results shown in column A give you the rate of change in relative strength
A tip. By clicking on the heading “Column A”, you can sort the results in ascending or descending order.
What do these results mean?
The results of this investigation are quite clear. A value greater than zero indicates that the market sector is outperforming the underlying index. A zero indicates that the market sector is performing at the same level as the underlying index, while a negative number indicates that the market sector is underperforming relative to the underlying index.
Remember that an increase in RSC value only indicates that the market sector is outperforming the underlying index, it does not necessarily mean that the sector is increasing in value. Likewise, if the RSC drops; it only indicates that this sector is not leading the market index and the market sector may not lose value. Therefore, it is important to open the market sector table to analyze the trends.
This information alone can complement your current trading. For example, you may decide to trade only the securities of the best sectors. Or you can go a step further and select the top five sectors and use the ‘MetaStock Guide Sector Analysis’ explorer again. This time, however, it was possible to compare individual securities with the corresponding sectors.
The difference between conducting this investigation and the first is that the market index would now become a market sector chart; and the list of sectors would become the list of securities forming the best performing sectors.
By following the same steps as before, you can perform five different investigations and rank securities based on their respective sectors. As a result, the best securities of the top five sectors are identified.
The final stage of this top-down analysis would be to unlock all the rankings that made the list. You can further reduce this list by removing those securities that are not in an uptrend or those that are trading too little. In the end, you would be left with a shell, five to ten securities. These securities are the best performing securities in the best performing sectors.
These securities should now be added to your watchlist. I suggest you don’t go out and buy them. Instead, wait for the appropriate trigger to enter. It can be based on candlestick patterns and/or favorable combinations of other bullish indicators.
Researching RSC is a great way to harness the power of MetaStock. This can be an extremely effective tool in identifying profitable trading opportunities. The downside of this type of research is that it is not a complete system on its own and should be combined with other entry, exit and money management rules. However, you can create a solid trading system that would greatly benefit from incorporating sector analysis.
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