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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.
