Im New in this site and still learning how to trade and read indicators.

PrincessAngel

Newbie
5 0
I m new to this site and also still learning how to trade and how to read chart and use indicators. Im currently reading a book by stan weinstein. I have been trying to find out how to write a formula for mansfield chart, RS chart for my Metastock and bump into this site. May I know anyone can help me out to write a formula for mansfield chart, relative strength line, and long range ground chart for Metastock. I wanted to see how it works as I read the book and apply it to the chart. I would appreciate your help. Without the manfields chart and RS chart, I can't apply what I read. Thanks.

:) PrincessAngel
 

tomorton

Legendary member
7,317 982
I've been trading a long time and I know Stan Weinstein is well regarded by traders. But I can't seem to find out what's a Mansfield chart or what's a long range ground chart.

Why are they essential to your trading strategy? Is there another way forward available?
 

PrincessAngel

Newbie
5 0
I've been trading a long time and I know Stan Weinstein is well regarded by traders. But I can't seem to find out what's a Mansfield chart or what's a long range ground chart.

Why are they essential to your trading strategy? Is there another way forward available?

Hi Tomorton

Thanks for your reply. Mansfield chart is what Stan been talking about.

Well I think what I need is the Relative Strength formula for Metastock. Relative Strength formula is simply the price of a stock (or group average) divided by the price of a market average.

I saw the chart and it mentioned the name long range background chart. It is the yearly high-low figures. The value of the long range helps to put current price activity into historical context. For eg. if there is a breakdown on the chart that drops a stock to a new yearly low is a dangerous pattern. If both long range and stock has broken to a new low for the past several years, then it is bearish and dangerous for the long side.

Anyway, I haven't finish reading the book, but I was thinking if I can have the formula, I can work on it as I read so that I can apply what I read and understand better what Stan is trying to say.

Stan explained about Relative Strength: how a given stock (or group) acts in relation to the overall market. For eg if stock XYZ rallies 10% while the market moves ahead 20%, that's poor relative strength even though the stock has advanced. Vice versa if XYZ declines. If XYZ declines 10% while market avg decline 20%, that's favourable RS even thought the stock has moved lower.

Your question why are they essential to my trading strategy? Since I have bought the book, without the indicator, I won't be able to see how it works. Im a pictorial person. When I read, I need to practise to see the whole picture. He is talking about profiting in Bull and bear market. Now market is so volatile, so Im thinking maybe I should read his book and learn his strategy to cope with this volatile market. Still looking into which trading strategy I should use when the market is so volatile. Since you are a long time trader, maybe you can suggest something to me for volatile market.

May I know what do you mean by is there another way forward available? Not sure what you mean?

Thanks.
 

tomorton

Legendary member
7,317 982
Thanks for this - its not as complicated as I first thought. The indicator is RSI and its available in probably every chart package, and the long range chart is just that.

Any broker live account or demo account will enable you to follow this strategy I am sure.
 

PrincessAngel

Newbie
5 0
Thanks for this - its not as complicated as I first thought. The indicator is RSI and its available in probably every chart package, and the long range chart is just that.

Any broker live account or demo account will enable you to follow this strategy I am sure.

Relative Strength is not RSI. Right now Im trying to find out what is Relative Strength.
 

malaguti

Senior member
2,373 459
you may need to code the new indicator Princess which is below:
{Relative Strength Mansfield}
x:= Security("G:\Invest\Metastock\US2\SPY",C);
y:= Input("Periods for Ratio",0,9999,1);
z:= Input("Periods to Sum up", 1,9999,52);
R:= C/x;
base:= Sum(R,z)/z;
mf:= ((Ref(R,-y)/base)-1)*10;
mf;0;

where SPY is the security for the S&P, alternatively it may be $SPX, so you will need to substitute the index which ive highlighted above
haven't used metastock in years but hopefully you should have no problems
 

PrincessAngel

Newbie
5 0
Hi Malaguti

Thanks a lot for your help. May I know if I trade in Australia market AORD, so should I substitute SPY with the word AORD ?

I tried to type in the formula and substitute SPY for AORD. I have custom indicator error. It said The following error occurred while calculating Relative Strength Mansfield.
Error retrieving data for Security()function. No security with a compatible periodicity found in folder Symbol: AORD

So what should I do? Can you please help me. Thanks and really appreciate your help.
 

malaguti

Senior member
2,373 459
Hi Malaguti

Thanks a lot for your help. May I know if I trade in Australia market AORD, so should I substitute SPY with the word AORD ?

I tried to type in the formula and substitute SPY for AORD. I have custom indicator error. It said The following error occurred while calculating Relative Strength Mansfield.
Error retrieving data for Security()function. No security with a compatible periodicity found in folder Symbol: AORD

So what should I do? Can you please help me. Thanks and really appreciate your help.
no problem, and yes the idea is to substitute SPY with DJI, FTSE or indeed in your case AORD
the error you are getting however, is that it doesn't recognise AORD, which means you may need to look within your list of symbols to identify exactly how its being named.
if you pull up a chart of AORD, do you have the full symbol details..most have $SPX, $FTSE or some like yahoo have ^AORD it will all depend on where you get your data from as there are slight idiosyncrasies between each data provider
good luck
 

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