/******************************************************************************** Title: IBD Relative Strength Watchlist for eSignal By: Divergence Software, Inc. Web: http://www.sr-analyst.com ===================================================================== Project Description: This is a watchlist-only indicator. When loaded into a Watchlist this indicator will calculate a relative strength ranking (in a fashion similar to that used by Investors Business Daily) and display that rank for each symbol in the Watchlist, allowing you sort by strength. The "rank" that it assigns is relative to all other symbols in your Watchlist. So a rank of 99 would be extremely strong relative to all other symbols in your Watchlist and a rank of 0 would be extremely weak relative to all other symbols in your Watchlist. The indicator would typically be used in conjunction with Daily bars, which will provide you with an RS rank based on performance over the last year (approximately) but it can certainly be used with other bar intervals as well (i.e., you might want to use it with 1-min or 5-min bar data). The calculation is based upon a quadrant size that you specify in the Watchlist menu. The default value is 60, but you can use any value between 2 and 1000. It is critical that you apply a Time Template to your Watchlist that pre-loads at least 4 x Quadrant number of bars. So if quadrant size is set to 60, make sure you apply a Time Template to your watchlist that preloads at least 240 bars of data. If you do NOT apply a Time Template then it is likely that no results will be displayed. This is due to the fact that, by default, a Watchlist will only preload a small number of bars unless instructed (via a Time Template) to do otherwise. If you are using a large Watchlist (i.e., more symbols than can be visible in the Watchlist grid), be sure to turn the Watchlist Hibernate setting off. You can do this by clicking in your Watchlist and then selecting the "Watch List" menu option that you will see at the very top of the eSignal program. Then click on the "Hibernation Mode" option so that the checkmark is removed. Operation: ========== For this indicator to operate correctly and calculate ranks, it is a requirement that live data must be coming into your Watchlist. So it typically can only be used during market hours. If you are using a basket of symbols that do have overnight activity then you can certainly apply a Time Template to the Watchlist that is 24-hours. Indicator Parameters: ==================== Interval: Select the bar interval under which this indicator should be run. The default will be "D" for Daily. You can type in any interval you wish to use in this field (see discussion above regarding applying a Time Template, which is critical!) RS Quadrant Size: Input the size of the quadrant to be used. The default is 60 and you can input any value between 2 and 500. Rank Cell Foreground Color: Select the color to be used for the cell foreground in the Watchlist. Default color is black. 'Strong' Cell Background Color: Select the background color that will signify a strong relative strength ranking (i.e., an RS value >=75). The default is lime. 'Average' Cell Background Color: Select the background color that will signify an average relative strength ranking (i.e., an RS value >25 and <75). The default is yellow. 'Weak' Cell Background Color: Select the background color that will signify a weak relative strength ranking (i.e., an RS value <=25). The default is red. Unique ID: Set the unique identifer. The default is 1. If you run only one Watchlist then this can be left at 1. If you are running multiple Watchlists and if you want each Watchlist to maintain its own distinct relative strength rankings then make sure that each instance of the indicator that you load is set to a different Unique ID. On the other hand, if you have multiple watchlists and you want the relative strength ranking calculated based on the symbols in ALL of the watchlists combined then leave the Unique ID set to 1 in all instances that you load. Disclaimer: For educational purposes only! Obviously, no guarantees whatsoever and use at your own risk. *******************************************************************************************************/