Price indicator beating whereby Stock is beating SPX

lanclos
lanclos ✭
in Scanning
I have a StockCharts custom view whereby I can look at a stock compared to the $SPX such as SYMBOL:$SPX. I want to scan for this in the advanced user defined scans - In other words, show me all the stocks that are currently beating the $SPX when compared to the $SPX

Comments

  • markd
    markd mod
    You can't scan for Price Relative ($SYMBOL:$SPX) directly.

    One way to approximate it however, might be to compare rate of change (ROC) for some period to the ROC for $SPX.

    So let's say the ROC(21) for $SPX is 0.42%. So you would write

    // begin ROC scan

    [group is sp500] // or whatever you like

    // get stocks with a ROC better than $SPX
    // you must edit the right hand term (.0042) for the current ROC value for $SPX
    // get the current ROC value from the $SPX chart with a style that includes ROC(21)

    and [ROC(21) > .0042]

    // sort the results, strongest first

    rank by ROC(21)

    // end ROC scan

    You can put the results in a sorted list (check off "Preserve Sort Order" when you save).

    If your chart style includes "$SYMBOL:$SPX" you will see that the slope of the RS line at the right side of the chart is up, indicating that it is out performing the $SPX.

Categories