Thread by @sumitverma29

Starting a new series of #LetsLearn wherein I will try to present few interesting techniques in charting softwares where we can use our creativity to see different things:
cont..
@JainSumeetS @purohitjay @entrepreneur987 tagging u so that it reaches maximum people who can benefit

Topic 1: How to create Equi Weighted Charts in METASTOCK?

in F&O there r many stocks with different sectors, to create a sector chart of our own we need Symbols (example here is STEEL sector stocks) then form the formula given in the screenshot. Self explanatory.

#LetsLearn

now how to use this chart to form a view?
Based on intermarket analysis, this can be helpful when looked upon for a trending move in sync with direction of COPPER (international) and Nifty Metal Index (if possible with Global Metal stock Indices too)..

#LetsLearn

On request by @nooreshtech regarding Nifty(top 10) stocks basket vs rest as index chart..
Top10 equi weight has already breached 61.8% retracement while Nifty could not.

Disclaimer: This charts have recency bias due to index re-balance hence no point looking beyond 6/12 months

Nifty vs Top10 vs Rest 40 chart..

*Note based the the method explained above it will form a Equi weighted index (which re-balances daily) hence do take that into consideration while analyzing charts.

Equi weighted mostly helps when there is divergence in Swings vs MCAP weights