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This This month in Traders' Tips we look at the MACD of the relative strength (MACD RS) between two instruments. This indicator is fairly easy to recreate in TradeStation's PowerEditor using the built-in MACD function. In the EasyLanguage for this indicator, relative strength is calculated first. Once the relative strength value has been obtained, then the Macd function is used to calculate the differential line for Plot1. Both the XAverage and the MACD functions are used in Plot2 for the calculation of the signal line. The suggested format for this indicator is specified after the EasyLangauge. Here's the EasyLanguage that would be used to recreate the MACD of the relative strength: Type: Indicator, Name: MACD RS Inputs: Length(10), FastMA(12), SlowMA(25), MacdMA(9); Variable: RSFago(0), RSF(0), RS(0); RSFago = Close[Length] of Data1 / Close[Length] of Data2; RSF = (Close of Data1 / Close of Data2) * 100; RS = RSFAgo / RSF; Plot1(MACD(RS, FastMA, SlowMA), "Diff"); Plot2(XAverage(MACD(RS, FastMA, SlowMA), MacdMA), "Signal"); Style: Plot Name Type Color Weight Plot1 Diff Histogram Blue Thinnest Plot2 Signal Line Red Thinnest Scaling: Screen Note: To apply this indicator to a chart, you will first need to create a multidata chart. The typical chart setup for this indicator would have an equity defined as Data1 and an index defined as Data2. Once you have set up the chart with both instruments, you can then apply the MACD RS indicator to the chart. This EasyLanguage code is also available from Omega Research's Website. The name of the file is MACDRS.ELS. Note that all Traders' Tips posted at the Omega Research Website can be utilized by both TradeStation and SuperCharts. When possible, the posted analysis techniques will include both QuickEditor and PowerEditor formats. -- Gaston Sanchez, Omega Research Inc 800 422-8587, 305 270-1095 Internet: http://www.omegaresearch.com Code:
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| However we try to maintain hiqhest possible level of service - most formulas, oscillators, indicators and systems are submitted by anonymous users. Therefore S4T™ does not take any responsibility for it's quality. If you use any of this information, use it at your own risk. You are responsible for your own trading decisions. Be sure to verify that any information you see on these pages is correct, and is applicable to your particular trade. In no case will S4T™ be responsible for your trading gains or losses. |
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