Industry Equity

The "IndustryEquity" indicator returns the industry price series of the active stock. It does so by building the ticker symbol of the stock's industry using the "IndustryIndex" function. More info on this function can be found here: Industry Index Name.

After that, it requests industry close series and return that price series.

Example of usage:

a = IndustryEquity();
Plot(a, industry(), colorGreen, ChartLine, StyleSymbolNone);

The above formula, when added to a chart or pane, plots the industry close series of the chart's symbol.

If your chart is plotting candlestick data Google (GOOG) then the above formula will plot data for "Computer Services" industry.

You can create the industry relative strength indicator by subtracting the performance of the stock's price (close) by the performance of the industry price (IndustryEquity()).

This indicator uses the Industry Index Name function and the following downloader: Industry Market Data (To get industries historical data). The function and the downloader must be installed prior to using this indicator.

This trading indicator is used in the following blog post:
Industry Analysis - How to Compare Stocks with their Industries

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