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his handy indicator can measure the strenght of an instrument, compared to another instrument (Spread) or even 2 other instruments OR compare the strenght of 2 Spreads (Butterfly) with each other (A spread is where you trade 2 instruments simultaneously (where you buy one and sell the other) and a Butterfly is where you trade 2 Spreads simultaneously, buying one Spread and selling the other Spread).
Fundamental strenght analysis is used by smart traders to measure the relative strenght of an instrument compared to another or by Spread traders to measure the strenght ratio of 2 or more instruments. The relative strenght of individual stocks (or instuments) can be meausured individually against a sector or index etc.
This indicator plots the Strenght Ratio as a dotted line (white when rising and black when ratio is falling by default). An average of the ratio as a solid line can also be plotted (blue when rising and yellow when falling by default). The period and type of moving average calculation can be chosen between weighted, exponential and simple.
There is 4 fields for symbol inputs. If the 1st field is left blank it automatically uses the chart symbol for the first symbol. The first 2 symbols is to compare the ratio of a Spread (first and second symbols) and the 3rd and 4th symbols (1st and 2nd for 2nd Spread) is used for comparison of a Butterfly, in which case the Butterfly option must be selected. Very powerful and handy comparisons is possible with this indicator.
Now also available in a WATCHLIST version.
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