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External Relative Strength Analyzer (ERSA)
Calculates External Relative Strength, a measure of how a security has performed
versus all other securities. This is superior to comparing a security to an
index since most indexes are weighted by market cap or price. Also, this is the
approach advocated by a leading investment newspaper.
http://www.debry.com/MetaStock/ERSA_a1.gif
Allows the user to specify the number of periods in the calculation, and to
break the calculation into four pieces and assign different weights for each
piece.
The add-on also comes with explorations to report on the External Relative
Strength of all your stocks, to find stocks that have made large jumps (or falls)
in relative strength, and to test the performance of each decile of possible
values (0-9, 10-19, 20-29, etc) over the past six months.
