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Industry Index Name

by QuantShare, 2051 days ago
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The "IndustryIndex" function should be used with the following downloader (Industry Market Data), to return the industry index given the stock's industry.

Industry names that are used by QuantShare and by the above downloader are different and this function helps us correspond or associate the different industry names.


How it works:

The function stores a dictionary class where each entry contains both industry names. Example:
Auto + Truck Manufacturers => AUTOMOTIVE MFG
Biotechnology + Drugs => DRUGS/PHARMACEUTICALS

The function reads the current stock industry name, checks the internal dictionary and returns the corresponding industry name.


How to plot industry data of the current stock on a chart:

Add the following formula to a new chart's pane:
b = IndustryIndex(); // Get the new industry name of the stock. Example: AUTOMOTIVE MFG
a = "^INDUSTRY_".b; // Create ticker symbol
a = GetSeries(a, close, LastData); // Get industry price series
Plot(a, b, colorGreen, ChartLine, StyleSymbolNone); // Plot industry data


Example of usage:

A complete example of how this trading indicator is used can be found in the following blog post:
Industry Analysis - How to Compare Stocks with their Industries




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Additional Information




Type: Trading Indicator

Object ID: 1215


Country:
United States

Market: Stock Market

Style:
Fundamental Analysis

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