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Rank Industries based on the average Relative Strength Index

by Caleb, 3043 days ago
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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)

MTN - 45.02 - 1 - Recreational Activities
MET - 44.01 - 2 - Insurance
MMC - 44.01 - 3 - Insurance

Example of using "rank!":

MTN - 45.02 - 1 - Recreational Activities
MET - 44.01 - 2 - Insurance
MMC - 44.01 - 2 - Insurance

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

If you don't have industry name associated with your ticker symbols then you can use one of the following downloaders to get this data:
Update the Industry Name of your U.S. Stocks
Industry and Sector Information for the US Stock Market


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