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Weinstein Relative Strength Clause???

JasonJason ✭
in Scanning
I've got a relative strength indicator on my charts that I took out of Stan Weinstein's book that I think is based on the Mansfield Relative Strength indicator. It's the price of the stock compared to the SPX on a 52 week average I believe. Anyways, I am wondering if there is a way to include this in a scan somehow to catch stocks where this RS line has been trending up for at least a month? I've included a screenshot of what I am talking about.


Comments

  • markdmarkd mod
    The Price Relative/Price Performance indicator on Stockcharts is a ratio of the per cent price change for each symbol from the first date on the chart (when there are no indicators, the first value of the RS line is always 0). You can add overlays as you have done. It may be worth noting that the values of the indicator will vary depending on the starting point of the chart, but their relative position is unaffected (so the same data point will remain on the same side of the MA regardless of the chart start date).

    Unfortunately, you cannot scan directly for the slope of the MA.

    One workaround might be to add $SPX to you stock lists and scan the list with a rank by statement for percent change for the period specified - e.g. a month, or twenty days. Save the results in rank by order. Symbols that are outperforming the $SPX over that time period will appear on the list above the $SPX.
  • JasonJason ✭
    Thanks for that. I'll give it a shot.
  • Chartz001Chartz001 ✭
    I'm interested. Please chow code.
  • markdmarkd mod
    The rank by statement has to be the last statement in your scan. Then add the PctChange function with your chosen parameter. So,

    [some favorites list] // select a favorites list from the drop down on Workbench, be sure list includes $SPX

    rank by PctChange(20, close)


  • lmkwinlmkwin ✭✭
    Found an copy of Stan Weinstein's old Global Trend Alert newsletter. The graphic on the stages and 'definitions' are good things to be aware of. He used to provide stage analysis on all of the SP500 stocks and as well as "promising" and "vulnerable" stocks, ETF's, world markets, commodities, bonds any other thing he felt needed an observation.





  • markdmarkd mod
    Stan Weinstein's book Secrets for Profiting in Bull and Bear Markets is a classic, if you can find it. Very good quiz sections using actual charts for recognizing the buy and sell patterns he discusses. If it's out of print, it may be available as a downloadable pdf. But be careful going to pdf sites - some of them are scams.
  • lmkwinlmkwin ✭✭
    There is a GREAT, out of print, point and figure book named "Dynamic Trend Line Charting by Howard Prenzel. Amazon/ Amazon seller managed to create a duplicate IBSN number for a totally different book about some old time movie. When you'd search the name of the real book, the other book's image would come up as what you were getting, but with the real book's title at the top of the page. The buyers were getting the wrong book for about a year, until Amazon finally eliminated/corrected the duplicate ISBN number issue.

    Agreed, most of the PDF sites are scams.


  • markdmarkd mod
    "most of the pdf sites are scams" - right - don't do it without security software (norton, mcafee, etc.) installed and active. In fact, you shouldn't go anywhere with it. A VPN is a good idea, too.
  • lmkwinlmkwin ✭✭
    The nice thing about the new PriceRelative filter in the scan engine (Technical Indicators dropdown) is that it calculates Relative Strength in a manner consistent with how most other sites do. So now you can use the PriceRelative in scans to find PriceRelative making new highs (using the Max function) as well as PriceRelative crossing the PriceRelative moving average. And, because they changed the calculation method, this will display on your chart using the Price or Price Performance and filling in the ratio symbol you used in the scan and it should match up now.

    There is a site devoted to Weinstein Stage analysis where he does blogs and videos that are often quite interesting, if only to train your eye to see the analysis process. He uses a 52 week SMA on his charts as his "Mansfield RS" indicator. PriceRelative above the SMA, Mansfield RS > 0. PriceRelative below the SMA, Mansfield RS is < 0.
    https://www.stageanalysis.net/blog/1100552/stage-analysis-members-video-7-april-2024

    He did a great visual of the 'additional' Weinstein Stages. The a (early), and b (late) stages. If I find it again, I'll post it here.

    Anyway, the new PriceRelative is a great new long overdue addition to scanning capabilities.
  • lmkwinlmkwin ✭✭
    Here's the visuals for the various stages and sub-stages

    https://www.stageanalysis.net/blog/4222/stan-weinsteins-stage-analysis-definitions-of-the-stages-and-sub-stages
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