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Relative Performance/Return Chart - Compare Several Assets/Stocks
Relative Performance indicator compares the rate of price change (return) of two or several assets and plots the performance of each asset on the chart.
Relative Performance/Strength chart displays percentage changes and compares the return or price changes of different assets or securities. You can use it, for example, to quickly identify assets that are performing better than others are or to detect potential pair-trades or correlated stocks.
The indicator allows you to enter a list of symbols (separated by semi-colons) and a reference date. The indicator begins plotting relative performance starting from the reference date (0%) and then plots the percentage change of close prices for every symbol specified in the list.
Example:
a = CompareAssets("GOOG;A;AA;AAPL", "05/20/2009");
Plots the relative performance of several stocks (Google, Agilent, Alcoa Inc and Apple) starting from May 20, 2009 (Zero is displayed on the graph before this date). A different color is automatically assigned to each stock.
You can dynamically update the list of symbols and the reference date by right clicking on the chart, selecting "Update Formula Dynamically" then clicking on the appropriate formula name. You can hide the zero line by removing the "Plot" function.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
