Rank (Rank)

This study ranks the individual chart points of a particular contract over a specified number of previous trading periods. For example, if a chart point had a rank of 5, and the periods were ranked from highest to lowest and the user indicated he wanted a ranking over 50 periods, that would indicate the 5th highest close over the 50-period time frame.

It is more or less a statistical measure of how important a certain bar (close) is. If the Rank is 1 in a 20-period measure, you are looking into the highest close, which could mean that in a trend there might be higher closes following.

Example: Ranking Daily Bar of December 5th

Period = 5

Order = lo to hi

TieValue = 100

Rank = 1 + number of bars from December 1st to 4th that have a close price less than close price of December 5th

If December 5th has the highest price of the lookback period, then rank is calculated as 1+4=5.

If December 2nd has the same close price as December 5th, then rank is calculated as 1 + 3 + 100 = 104.

If both December 2nd and December 3rd have the same value as December 5th, then the calculation is 1 + 2 + 100 + 100 = 203.

Rank Parameters

Parameter	Description
Display	Opens sub-window to set parameters • Color = Line color. • Weight = Line thickness. • Display = Line style: line or histogram. • ShareScale = Determines whether sharing of the vertical scales between studies is accepted. Auto = System determine whether sharing is feasible. On = Scale is shared regardless of the functions and studies displayed. Off = Scale is not shared. ShareScale must be On if study is overlaid on a study with multiple outputs.
MarkIt	Opens Specify Conditions window.
WindowType	Values: • Rolling • Fixed (used with Signal)
Period	Number of bars in the lookback range.
Price	Price used to calculate study values.
Order	Order of rankings. Values: • lo to hi • hi to lo
Prelude	If checked, ranking begins immediately, rather than beginning when the entire range of observations is complete.
TieValue	Value added to rank of the bar being compared to bars in lookback period when the bar has an equal value to one of the other bars. When the values result in a tie for highest close, for example, this value is added to the latest bar.
Signal	Condition formula to use as a signal to begin ranking. Used with Period, which indicates the bar at which ranking begins after a signal. Required if WindowType = Fixed. Ignored if WindowType = Rolling.
OB/OS	Opens sub-window with overbought and oversold parameters: • Color = Select a color for the line. • Weight = Choose a thickness for the indicator. • Type = Choose fixed or dynamic. Fixed = uses Level as a fixed OB/OS value. Dynamic = uses Standard Deviation and Lookback for a dynamic OB/OS value:. OB: MA(@,Sim,lookback) + factor * STDDEV(@,lookback) OS: MA(@,Sim,lookback) - factor * STDDEV(@,lookback) where @ is the study • Std Dev = Multiplier used to calculate high and low. • Lookback = Number of bars to compare to the current bar. • Level = Percentage of average OB/OS used to calculate predictor Ob/OS levels. • Display = Click this check box to display the component. • Style = Choose a line style.