PROTECTED SOURCE SCRIPT
wMRS | Weighted-Mansfield Relative Strength - 4CR CUP
This version of Mansfield Relative Strength ( MRS ) weights the MRSs with different lookback periods by adding the weight of 2:1:1:1 to MRS (1Q) : MRS (2Q) : MRS (3Q) : MRS (4Q).
Typically, the lookback period of a MRS is reference to a full year, i.e. 260 trading dates or 52 weeks; to better represents the relative strength of a stock to a recent performance, someone suggested to add heavier weight on the most recent quarter MRS , i.e. MR(1Q) and the same weight to other quarters, namely, MRS (2Q), MRS (3Q), MRS (4Q).
For some of the stocks you may be interested was IPO not long ago, the lookback period is relaxed for customizing. Once you set the total lookback period, representing the 4Q, in the indicator, the other shorter lookback periods will be auto-calculated, i.e. 1Q, 2Q, 3Q.
A simple moving average of the wMRS is also added for your easier analysis on the trend development of the strength.
Typically, the lookback period of a MRS is reference to a full year, i.e. 260 trading dates or 52 weeks; to better represents the relative strength of a stock to a recent performance, someone suggested to add heavier weight on the most recent quarter MRS , i.e. MR(1Q) and the same weight to other quarters, namely, MRS (2Q), MRS (3Q), MRS (4Q).
For some of the stocks you may be interested was IPO not long ago, the lookback period is relaxed for customizing. Once you set the total lookback period, representing the 4Q, in the indicator, the other shorter lookback periods will be auto-calculated, i.e. 1Q, 2Q, 3Q.
A simple moving average of the wMRS is also added for your easier analysis on the trend development of the strength.
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