how to work out which sector is outperforming?

[Annabella]

Can anyone tell me how to set up a scan in Beyond Charts to see which sector is the best performing sector or which sector is outperforming the market?  I'm sure this must be possible to do in BC but I can't find any information or tutorials for it.  I found a tutorial on Relative Strength scan - ie to find out which stocks are outperforming but I haven't discovered anything for trying to work out which sectors are outperforming.
Thanks Annabella

[David Payne]

Hi Anabella, maybe this will help a little:
Beyond Charts Systems - Market and Sector risk - if you double-click on each sector a graph pops up. You can then simply 'eyeball' the charts to reach your own conclusions.
David

[Graeme Reardon]

Hi Annabella,

I set this up a while ago, and simply took the sector codes from where David mentioned (Market and Sector Risk), but instead added them to a watchlist (I just called it 'Sectors'), and then set up a 'Ranking' Scan Type on that watchlist. I used the same settings / parameters as the SPA3ETF Ranking Scan (i.e. 126 Periods) and I can then see the Ranking of the sectors as per the image attached. I've attached an image of the settings (per the ETF Ranking Scan) for the scan too..

Hope this helps.

Best,
Graeme

[Campbell Sinclair]

Hi all,

Graeme's suggestion is excellent!

You can also use the Relative Strength Comparison scan to do this by under the Securities tab changing the contents to the individual sector codes or a watch list containing these codes. Please make sure the profile being used under Settings, the default is named RSC Profile, is set to compare against AUTO - Market.

You can verify this under the Parameters tab on the right hand side of Beyond Charts by clicking RSC Profile under the profiles tab (in the Parameters panel) then clicking on the parameter values tab, which where this setting lies.

I personally find the easiest way to open the different panels is to right click a charts white background -> Side Panels -> Scans or Parameters. Any chart will do.

Kind Regards,

Campbell Sinclair

[Jennifer S]

Hi Graeme and Campbell, I might be a bit lame but I have tried both scan set up ideas and can get neither to work. I have managed to make the watchlist and under "scan profile" tab can manage to create a new scan but following that get stuck. Im not keen to go messing about in the "scan parameters" tab and messing all those settings up. Is there a few more instructions I could be directed with?
thanks in advance for a few more details.

Added later :  specifically under the settings tab of the scans I hae no option to set any parameters. I am also unable to add in the compare to Market as there is nowhere to do this. thanks

[Annabella]

David & Graeme - Thanks very much for your assistance.  Hopefully taking positions in outperforming markets will help the odds in my favour!!!Cheers Annabella

[Campbell Sinclair]

Hi Graeme and Campbell, I might be a bit lame but I have tried both scan set up ideas and can get neither to work. I have managed to make the watchlist and under "scan profile" tab can manage to create a new scan but following that get stuck. Im not keen to go messing about in the "scan parameters" tab and messing all those settings up. Is there a few more instructions I could be directed with?
thanks in advance for a few more details.

Added later :  specifically under the settings tab of the scans I hae no option to set any parameters. I am also unable to add in the compare to Market as there is nowhere to do this. thanks

Jennifer,

Generally the RSC Profile is set to Market as default but it is always wise to double check. What you are looking for is in the Parameters panel, separate to the Scans panel even though they look very similar. It has 'Profiles' and 'Parameter Values' as tabs and should look similar to the screenshot attached. To get to this screen, select RSC Profile under the Profiles tab then click the Parameter Values tab.

Another step you may be missing is in the Scans panel itself and telling the scan what to look at. Ensure the scans panel is 'pinned' so the little tack icon is vertical then select the scan you made under the profiles tab so the line is blue, then jump to the Securities tab which is the middle of the 3. Drag over your watch list from the left hand side Watch List Explorer (blue box with 2 white boxes underneath) to any of the 3 boxes over on the right.

Any issues, please contact me directly at support@sharewealthsystems.com and we can take it from there with you.

Kind Regards,

[Ridwan Lowther]

Hi Campbell

When I run a "RSC" scan the only options I have are as shown in RSC.jpg

There are no parameters. So only one type of RSC scan is possible periods > 5 above index.

In the RSC scan I have what is it actually comparing? ie how is it selecting the index for comparison? If it is a sector is it always just $SPX? and if it is a stock always its industry?

How do I write my own more flexible scan like in your MA example

With the other example using SPA3ETF the only ranking option indicator type is RoC?

Many thanks

Ridwan

[Campbell Sinclair]

Hi Ridwan,

It is all set via the Parameters panel on the right hand side and the type of RSC scan is set under the RSC Profile (selected in the Scans setting at the top). Parameters is a separate panel to Scans, accessible via right clicking the background of the chart -> Side Panels -> Parameters if you cannot find it. In this panel, under Profiles, highlight RSC Profile then click Parameter Values to see the settings for the RSC itself.

If you have the RSC Profile set to AUTO - Market or AUTO - Sector, it references the classification data for each chart to the most consistent option available for that particular chart.

Regarding the flexible MA scan - sorry I am not following the context of the question. Writing your own scans is more towards BCFL and we do have examples of using relative strength in BCFL, which you can find under example formulas on the left hand side BCFL library. This is a sound base if you wish to build further checks to the RSC scan, although we do not write formulas ourselves and if you would like assistance it is definitely best to contact support directly.

As for the SPA3ETF example, RoC is a type of Relative Strength and all the SPA3ASX & SPA3NASDAQ sectors have SPA3ETF scan compatible signals. Instead of looking and comparing the strength of the sector to the market, it looks on its own performance over a specified period and provides a value of growth which we then go on to rank. The higher the RoC value, the higher the growth of that sector in the given period.

Kind Regards,

Campbell Sinclair

[JohnR]

Hi Campbell,
I note that the RSC Profile Period Type is set to Level:Market and Period Type:Week.

For the above posted RSC 'Sector' scan is set to Day by default when created; my question is should the new scan Parameters for RSC Sector under also reflect the scan profile of Period Type:Day as it defaults to week?

I'll be checking this every day as per the Indexes Risk scan, and scans from the same workspace tab group.

[Campbell Sinclair]

Hi John,

There are a couple of important differences here with Parameters and the scan. The parameter for RSC is talking about the RSC settings. So for how long do you want the stock to be outperforming the Comparison level for it to appear in the scan result. Ie. are you looking for more than 5 daily bars or 5 weekly bars of outperformance via the relative strength criteria? The moving average also uses this period type.

When you do the RSC scan settings itself, it is always hard coded to look over the most recent daily data, but it is more of a formatting formality. As if you are using a weekly parameter setting, you will get the same result throughout the week because the weekly data mode cuts off at the end of the previous week.