I did not find the "Daily Change" definition in IndexLab, which was in WL6. Is it really not there or was I just looking for it? In my opinion, this should be the most popular definition.
Rename
Isn't the CompInd indicator (Index-Lab group) what you're looking for? It returns the average indicator value of all of the symbols in the specified DataSet. Pass it the value of the ROC(Close,N) indicator as a parameter.
P.S. What made you create an offtopic post in other poster's topic? 😕 Extracted into this new thread.
P.S. What made you create an offtopic post in other poster's topic? 😕 Extracted into this new thread.
Let's say the task is to create an index of two instruments - BTC (price $37,000) and DOGE (price $0.1). If we average, we will simply get a BTC chart, because the change in the DOGE price will practically not be noticeable.
Here, for comparison, on the first chart is the real BTC+DOGE index (Daily Change), and on the second chart is the BASIC index (price averaging), which actually repeats the BTC chart:
Here, for comparison, on the first chart is the real BTC+DOGE index (Daily Change), and on the second chart is the BASIC index (price averaging), which actually repeats the BTC chart:
Try using CompInd with the ROC(1) indicator like Eugene suggested in Post #1
??
Did I build the index incorrectly?
I think we need a new IndexLab indicator to address this, let's call it CompIndexPct. I'll work on it for the next release cycle.
This new indicator will be in IndexLab Build 5, this Pct Index is based on a DataSet containing BTC and DOGE. Notice how it captured the DOGE rally here on the BTC chart?
Yes, that's it. Thank you
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