External Relative Strength (RS) for Amibroker (AFL)

ERS measures the stock’s price performance relative to all other listed equities. Basically, it measures how well or poorly a stock is performing relative to its’ peers.

You can read more about the ERS here

This indicator should be run as an exploration to compare to other securities.

_SECTION_BEGIN("IBD RS RANKING");
//IBD RS RANKING
RSW = 0.4*ROC(C,65)+ 0.3*ROC(C,130) +0.3*ROC(C,260);
Plot(RSW,"RANKING IBD" ,colorBrightGreen,styleLine) ;
Plot(EMA(RSW,10),"" ,colorRed,styleLine|styleDashed|styleNoLabel);

BuyIBD=RSW>EMA(RSW,10);
SellIBD= RSW