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#1 Selling Amibroker Plugin featuring:
RS Line for Amibroker (AFL)
18 days ago
RS line is an outstanding indicator which depicts whether a particular stock is overperforming or underperforming the index. This helps in taking decision to buy or sell in combination with other indicators.
Indicator / Formula
// Calculcate the RSL RSL = C/Foreign("NSENIFTY", "C"); // bias the RSL to appear below your chart without screwing it up (you may need to adjust the 2.25 value to your tsate) rslb = RSL*1500 + LastValue(C)/2.25; // plot the RSL on the chart Plot(rslb, "RS Line", colorYellow, styleLine|styleThick); // find the last highest value in the last three months H_HHV = HHV(H,69); // find the number of bars since this high occurred BaseHigh = BarsSince(H == H_HHV); // find the high of the RSL within the consolidation RS_HHV = HHV(RSL, 69); // check if a new RSL new high occurs RSNH = RSL > Ref(RS_HHV, -1); // determine if the RSL new high is within a decently long consolidation (I chose four weeks) RSNH_inbase = RSNH AND BaseHigh > 20; // plot the dots for regular RSL new highs and those within consolidation with different colours PlotShapes(IIf(RSNH, shapeCircle, shapeNone), colorAqua, 0, rslb, 0); PlotShapes(IIf(RSNH_inbase, shapeCircle, shapeNone), colorOrange, 0, rslb, 0);
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Great post. Thanks