This is the correct chart to use when comparing the values (and thus the "strength") of these two indexes directly. In those cases, instead of using the "Price" indicator, you need to use the "Price (same scale)" overlay.Ĭompare the chart below with the chart above: However, when you are overlaying things (usually indexes) that share a common data range (e.g., Bullish Percent Indexes, Bond yields, etc.), you can easily create confusing charts. When you are comparing two very different things - like two different stocks or a stock with an index - then that automatic expansion works well. Here's the important part: For standard overlaid charts like this, our system automatically expands the vertical scale for all overlaid symbols so that the smallest value is very close to the bottom of the chart and the largest value is very close to the top. Notice that this overlaid chart has two different vertical scales - the one on the right (54-78) is for the main ticker symbol ($BPNYA in this case) and the one on the left (48-64) is for the first overlaid symbol ($BPCOMPQ). That would be an inaccurate interpretation however. Which of these two Bullish Percent Indexes has the higher value? Looking at the chart, you'd say that both of them are currently about equal since both lines meet in the upper right corner, correct?
(If you aren't, be sure to read this article for more.) But overlaid charts can also be tricky to interpret if you are not careful. Most people are familiar with using the "Price" Indicator with the "Behind Price" Position setting to create an overlaid chart. Overlaid charts are a very powerful feature of.
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