Scan for Relative strength greater than its 52 week average

sairamss

I am new to Stockcharts. I am looking for a scan code that looks for stocks that have a relative strength greater than the 52-week average of its own relative strength. RS is $SYMBOL:$SPX.

Please see below image.

markd

As far as I know, the scan engine still does not accommodate true RS scanning.

If you enter "RS" in the search box at the top of this page (below the black menu bar) you will find past requests and possible partial workarounds.

sairamss

Thank you.

lmkwin

The PctRelative filter can be useful, but the scan engine doesn't like Moving Averages for PctRelative, or just about anything else, EXCEPT performance measures.

From the Technical Indicators dropdown, it defaults into the workbench like this:

and [PctRelative(20,$spx) > 0]

Basically looking to return anything from your scan universe that outperformed the $spx over the last 20 trading days. So you can scan for relative performance, but not average relative performance. I have seen David Keller show a scan that used the Max function on PctRelative.

PctRelative(20,$spx) > 1 days ago max(65,PctRelative(20,PctRelative(20,$spx)

I don't use PctRelative for much but if he showed it, it must be something he uses. You can use a PriceChannel overlay of appropriate length, on your Price Relative indicator to show where the relative relationship is in regards to tops and bottoms, as well as 50% retracements as shown by the middle line of the channel.

sairamss

Thank you.

isabelds

is this what the new scanning criteria, Price Relative, from stock charts does?

AND [Price Relative(SPY) > yesterdays Daily MAX(252,Price Relative(SPY))]

and to find new ones, add:
AND [1 day ago Price Relative(SPY) < 2 days ago MAX(252,Price Relative(SPY))]

lmkwin

Yes, that is what Price Relative does. It opens up a lot more possibilities. It allows you to look for New RS highs, like your code and also allows moving averages of Price Relative to be used like the original post was asking about.

It does have some limitations. You have to use an actual symbol in the SC library, so $Sector and $Industry currently are not valid. You can't use math at the moment, so finding something where the Price Relative is within 5% of the MA you'd have to use the MA Envelopes for that. Or finding things within 5% of a new RS high is troublesome. These things may be worked out at some point.

Although I'm not a big Relative Strength person (I'm more of an Absolute Strength one), I believe that the Price Relative filter is a major step forward for StockCharts.com scanning capabilities and tools.