Thanks for the insightful reply. I was considering making an equal price weight index chart, but I was only going to compose it of 4 of the larger/more advanced sector stocks for the reasons you described above. Did you ever try and narrow down your index and see if it helped to have less stocks in the index? I agree, I don't think it'll be a massive help but it might be helpful here and there...
Mechanically the way I've thought so far to do it (let me know what your approach would be) is to have 4 main stocks. Each days calculations would be:
- Price - Logarithmic scale. Arbitrarily set time zero as one year ago. Each day after this calculate the % value each stock moves relative to the day prior (open, close, high, low). Average the % values for open/close/high/low and plot the average value as an overall price movement for all 4 stocks.
- Volume - Each day for each share calculate the % of shares traded as a function of total SOI. Add together the % for all 4 stocks, then divide by 4. Plot this volume bar as an overall volume for all 4 stocks. Could also split the volume bar itself into 4 colours showing the relative proportion each stock contributes towards the volume.
Hopefully I've explained that well...thanks again for your input
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