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Is there a scan function for finding stocks that are outperforming the S&P?
I tried FinViz as well but it doesn't seem to have that ability either.
Thanks in advance.
However, you could determine the ROC(x) for $SPX from a chart of the symbol that includes the ROC indicator, then build a scan with the condition ROC(x) greater than whatever is the current indicator reading on the chart.
For instance, on 6/30, the closing ROC(63) for $SPX was 4.69.
So your scan would include the line
and [ROC(63) > 4.69]
Tomorrow, 4.69 will be something slightly different. You can choose whatever time period you like for ROC. 63 days is a quarter, 20 or 21 days is a month, etc.
You can also enhance the scan by adding the "rank by" clause
rank by ROC(63)
(Note the syntax for "rank by" does NOT require "and" or square brackets)
The rank by clause will order the results by largest rate of change (best out performance) and you can check "preserve order" when you save the results to a list to display the strongest stocks in order
I would like to add that the tool used to determine out-performing/under-performing is the Price Relative. Price Relative cannot be used in the scan engine. I think a couple of the reasons for this include: 1.) what markd said above is that you cannot directly use a symbol as parameter input in a scan function. 2.) end values are not important in Price Relative - only the slope. (If it was possible, personally, I think it would be cool to scan for Price Relative crossing a moving average.)
To answer your question in a different manner: Recently what I am starting to learn is the following: Take a top-down approach. Start with the macro InterMarket view of all the asset classes and where the market is at in terms of the business cycle. This will help you determine where the money is going. This takes a lot of knowledge, skill, and infrastructure (ChartLists). Then you can focus your scans.