A script to perform sectoral performance (using predefined exchange indices or custom indices) and a stock from that sector/industry. This script allows to peg to a reference date and the returns of the stock, sector and the market benchmark are all calculated from that date as reference.
The thing to note:
If using a custom index, it needs to be defined manually and set in the indicator input box.
One also needs to manually type in the text of the custom (or predefined) index name. Otherwise default text will be displayed.
If any of the constituents of the custom index do not start from the selected reference date, then either the date should adjusted or the script starting later should be removed from the index.
There are 2 tables displayed. The one on top right, display the returns of the benchmark, sector and stock selected from the reference date. The one on bottom left displays the same from 52 Weeks ago. You can choose to normalize the performance of the stock and the sector benchmark with respect to the market benchmark and display performance tables.
A good way to do the analysis is to check if the sector or the stock is starting to breakout from the benchmark in terms of absolute returns. So say the sectors starts to outperform the benchmark, then we know that the sector constituents are stronger than the benchmark. And when the stock also starts to outperform the benchmark and the sector, then we know it is leading the strongest stocks of the market as well as its peers.
how to insert reference date pl help i m new to tv
TacticalTitaness
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Not able to use this on my chart... How do I set the REFERENCE DATE on it?
SUDRED12
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Hi, Thank you for this superb indicator. I have a query/request. Do I have to change the sector benchmark manually for every stock. My watchlist has stocks from NIFTY500 and stocks are from different sectors. As I scan my watchlist ,The Market benchmark I have set as CNX500 and is perfect. But the sector benchmark do I have to change it manually for every stock as I go through the watchlist? If yes, is there anyway Sector Benchmark can be automated to change as per the stock? Just a request. Thank you.