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Rank Industries based on the average Relative Strength Index
To calculate the average 14-bar relative strength index of each U.S. industry, I have used the composite function and grouped stocks by the value returned by the "industry()" function. This function returns the industry name of a stock. By passing it to the composite function, the average calculation will not be computed for all stocks; instead, an average is calculated for each group of stocks (In this case, stocks that belong to the same industry).
Once we have the RSI average, we should rank the different industry RSI values using the composite function again with the "rank!" calculation method. We utilize the "rank!" instead of "rank" because the former returns the same rank for similar RSI values.
Example of using "rank": (Symbol - RSI - Rank - Industry)
Given the above example, it is easy to understand why we need the "rank!" method.
The current screen displays the close price, industry name, average industry RSI and the RSI rank for each stock.
Example of usage:
- Get stocks that belong to the top four industries based on their average RSI:
filter = var2 <= 4; // var2 is calculated in the screen formula
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.
