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Does the RRG Indicator take any parameter besides $SPX such as $INDUSTRY or $SECTOR?
I tried to use $INDUSTRY or $SECTOR as a parameter but it doesn't seem to work. It seems to work with $INDU, $RUT or XLB for example but it would be really convenient if it worked with $INDUSTRY and $SECTOR too. I need help please.
If you think about this, the reason why should become apparent apart from not being programmed in: In the Free Charts section, the first input box is "Symbols" which means you can input more that one ticker symbol, which means tickers from multiple different sectors and/or industry groups can be entered, same goes for calling RRG Charts from the Members Section via ChartLists.
The variables $SECTOR and $INDUSTRY apply to only one ticker symbol. Therefore, using $SECTOR and $INDUSTRY in the RRG Charts is a no go. Thus, you may want to find a different way to utilize the $SECTOR and $INDUSTRY variables.
Here is my perspective on this: According to Mr. de Kempenaer (or someone else), RRG Charts do not provide trading signals (Can you find the link that mentions this?). With this in mind, I would consider RRG Charts to be secondary, or maybe use it for confirmation of your analysis. It is meant to be a tool not necessarily an indicator.
The intent behind the development of the $SECTOR and $INDUSTRY variables is to make the Price Relative mechanism easier to use. The best way to take advantage of this feature is to create ChartStyles that incorporate the $SECTOR and $INDUSTRY variables. Add a couple of indicators like MACD for Momentum, and CCI for OB/OS, and then add a Moving Average. You now have a important new dimension for investing/trading signals.
Hope this helps.
P.S. RRG is a chart or tool.
As Kevo states RRG charts can be used to "confirm" other analysis, although that is certainly true I would promote the use of RRGs as a possible starting point for further analysis as they enable you to very quickly get a handle on what is going on in a specific universe.
If that universe happens to be an existing portfolio RRG charts can help you to monitor existing positions and pin-point to the positions which may deserve some extra attention as they are starting to weaken from a relative perspective.
If the universe is a more general (stock) universe that you may be using, RRG charts can help to find ppotential trade ideas.