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Price performance over its SMA
I would like to have a scan which can tell me whether the price performance is above its weekly sma(50) and/or whether it's trending higher.
I tried a syntax mentioned in one of the earlier threads (symbol:$SPX) *1.03 > (SMA,20,symbol:$SPX) but it no longer works. I have been experimenting quite a bit and no matter what I tried, I am struggling to get it right:
weekly close ('$SYMBOL:$NYA') > weekly SMA(50,close ('$SYMBOL:$NYA'))
I would deeply appreciate if someone could help and point me in the right direction, please.
I'm a long time subscriber. Ratio symbols came along long after the scanning engine was designed and built and for reasons unknown (to me) it was never updated to accommodate them. I'm not sure if it's a design issue or a capacity issue (meaning, it would slow down the scan engine too much) or a business priority issue.
I use ratio symbols extensively on my charts and it burns me that I can't scan for the charts I want to see based on those symbols.
You can increase the likelihood of finding those outperforming charts by including the base symbol ( like $NYA in your example) in a favorites list, and running a scan against the list that includes a "rank by PctChange( x, x)"
(substitute your values for the "x"s). For instance
// [favorites list is ??] // your target stocks
rank by [weekly PctChange(20, weekly close)]
Unfortunately, this solution only works against a list, not a group like [group is EnergySector] because the base symbol "$NYA" is not in any group.
So statements like:
and [PctRelative(75,$industry) > 20]
and [PctRelative(75,$Sector) > 10]
and [PctRelative(75,VBINX) > 10]
rank by [PctRelative(10,$NYA)]
but the PctRelative crossing the MA of the PctRelative will not. Well, it will scan, and you won't get a syntax error, but the results are suspect.
I have been playing around with some compound filter statements on this topic. Like the Seasonality code I posted, if I achieve something along these lines, I'll post it. Like my experience with ACP, I usually end up frustrated and move on to working on my favored scans. Working on a Renko Block scan, 100% Pole on a PnF chart scan, etc. Things that appear to be productive.
I think that the RS aspect does provide value. How much? Well, it's a vital component to successful portfolio management in the opinion of many portfolio managers.
For me, the price chart rules, but it's always nice to know where you stand in relation to the market.
All of my non-PnF charts have the Price Performance RS panels on them. My PnF charts would as well except StockCharts doesn't allow it as a panel.
It's a pity that the RS over its MA cannot be used as an input directly. I doubt that it can make our scans considerably slower. Well, at worst it can double the time but so far I am happy with the SC scanning speed.
I will follow your recommendations and will experiment with PctRelative.
I have been using NinjaT and am new to SC. Do you happen to know what the route is for enhancement requests and how responsive is their development team? ACP is good but so far it does not allow us to plot MA for the relative strength indicator.
Many thanks once again.
As far as enhancement/recommendations, they are responsive to the requests, but there is often a lag in implementing them. I've been waiting for several years now (maybe on year 8 now?) for, what I consider simple, enhancements suggested for the Point and Figure Charts. The response is 'thank you for your suggestions. When we review that area of the system, we will take them into account.' or something like that. "The Team" seems to be focused exclusively on ACP, so perhaps, those may get more gravitas at the moment.
I agree, making changes requires testing skills. Skills that may no longer be available in the company at the SharpCharts level. That's why I think we'll only see additions with no changes or deletions. Hope I'm wrong but...........we'll see what happens. It's still the best, by far, platform I use.
I have submitted a couple of enhancement requests for:
1) a possibility to use RS relative to its MA condition in our scans;
2) making MA for $SYMBOL/$SPX available in ACP.
Let's hope for the best.
P.S. Thinking about the (1) it would be great to have a possibility to subtract the MA out of MA value as well as out of $SYMBOL/$SPX, so that the MA appears to be horizonal, then it would be a bit easier to see how quickly it is improving or deteriorating. Well, one thing at a time.
I like your suggestion on the use of creating a horizontal line. Two workarounds for this come to mind. One is the Annotation Tools. If you haven't tried them yet, they are quite robust.
Another may be to put Price Channels overlay on your Ratio symbol. Price Channel will put a Top, Center, and Bottom for the period that will provide a great deal of clarity, in my opinion, of what is going on. I have a tremendous appreciation for Price Channels on my charts. You'll be able to see when the Top and Bottom are rising or falling very easily. I put them on a lot of my indicators when appropriate. You may even "spot divergences" using them.