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The Weighted ROC plots four Rate of Change lines below the chart at a time.
Line 1 denotes the short-term trend
Line 2 denotes the intermediate trend
Line 3 shows a medium-term trend
And line 4 denotes the long-term trend
The rate of change indicator line provides information about how the trend has performed over the specified period.
The multiple rate of change line indicates the strength of the trend. Whenever all four lines are rising, it indicates a strong bullish trend. It indicates a strong bearish trend when all four lines are falling.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.