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OmniTrader Archives OmniTrader 2008 Technical Support Relative Strength indicator		Last Activity 3/17/2018 3:08 PM 4 replies, 1919 viewings

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Jon Roberts

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Joined: 12/23/2007
Location: Oklahoma City, OK

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Subject : Relative Strength indicator
Posted : 6/20/2008 6:33 PM
Post #14765

I have a question about the parameters for the Relative Strength Indicator (RS).

According to Indicators and Systems Help, the RS has two parameters, such as RS($SPX,7).

When I try to use the RS function in a custom scan, the indicator needs three parameters, such as RS(7,"$SPX",1).

I presume the "7" is a moving average of the ratio between the stock's close and the index ($SPX in the examples), but I'm not at all clear what the "1" is for when building a custom scan.

Also, when plotting the RS or building a custom scan, my assumption is that I can use any stock symbol (e.g. GLD if I wanted to to a relative strength against GLD) or am I limited to only comparing against an index?

Thank you for your consideration.

Jon

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Barry Cohen

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Subject : RE: Relative Strength indicator
Posted : 6/24/2008 9:59 AM
Post #14772 - In reply to #14765

The first parameter is the periods, the second is the reference symbol, while the third is the unit. You would get the same parameters if you plotted the RS Indicator on your charts. The reference symbol can be any valid symbol.

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Jon Roberts

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Location: Oklahoma City, OK

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Subject : RE: Relative Strength indicator
Posted : 6/24/2008 7:55 PM
Post #14777 - In reply to #14765

Thanks, Barry. I appreciate your input. One more question. You said the last parameter is the unit. What unit does "1" represent, and what are the other choices?

Thanks again!

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Barry Cohen

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Subject : RE: Relative Strength indicator
Posted : 6/25/2008 12:27 PM
Post #14784 - In reply to #14777

Unit refers to Price or Return. If it is set to 1 then you're referencing Price. To set it to Return set the Unit to 2 instead. Try plotting the RS on your chart. Right-click the chart & select Add Indicator -> Relative Strength. You will see the option there as well.

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Jon Roberts

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Location: Oklahoma City, OK

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Subject : RE: Relative Strength indicator
Posted : 6/25/2008 5:00 PM
Post #14786 - In reply to #14765

Thanks Barry. I appreciate the quick responses!

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