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Fidelity Select Chemical Fund
Here's how to implement the alphaindicator using bonds and the Fidelity Select
Chemical Fund as describedin Frank Ritchie's article, "An alpha indicator for bonds." First, open chartsof Treasury bonds and the Fidelity Select Chemical Fund (FSCHX) and chooseTile from the Window menu so that both charts are visible.

Drag the price plot from the FSCHX chart and drop it on the heading of the T-bond chart. The T-bond chart should now have one inner window with T-bonds and another inner window with the Fidelity Select Chemical Fund.

Now, enter the following formula in the Indicator Builder:

Fidelity Select Chemical Fund

Mov((Sum(Log(C / Ref(C,-1)),9) - (((9*Sum(Log(C / Ref(C,-1)) *
Log(P / Ref(P,-1)),9)) - (Sum(Log(C / Ref(C,-1)),9) * Sum(Log(P /
Ref(P,-1)) ,9))) / ((9*Sum(Pwr(Log(P / Ref(P,-1)),2),9)) - Pwr(Sum(Log(P/ Ref(P,-1)),9),2)) *
Sum(Log(P / Ref(P,-1)),9))) / 9,12,SIMPLE)


Drag this indicator from the Indicator QuickList and continue holding your mouse button down. Position the mouse pointer over the FSCHX price plot located in the T-bond chart. When the mouse pointer is positioned correctly, theprice plot of FSCHX will become highlighted. Next, release the mouse buttonto plot the indicator, and choose Overlay without Scale when the ScalingOptions dialog appears.

To display the alpha indicator in its own inner window, you can either drag the indicator and drop it on the heading of the T-bond chart or you can delete the FSCHX price plot. Deleting the FSCHX price plot will not affect the result of the alpha indicator in any way.

These steps only need to be completed once; MetaStock for Windows' SmartCharts feature will remember the calculation and update the chart automaticallyeach time you update your data. The formula listed above is available atour Web site,

Allen McNichol, EQUIS International



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