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Advanced Scan using indicator "Price Performance", with "Relative Price"
My default Chart Style has these settings, I am trying to create a scan based on them ...
In the "indicator" list I select "Price Performance" ...
- In "parameter" I type "Symbol:$SPX" (to gauge performance v S&P),
- within "advanced options" in "overlay" list I select "simple moving avg" and in "parameter" I type 20
Scan would show where Symbol "price performance" relative to S&P is > the price relative SMA
Example: (symbol:$SPX) *1.03 is > (SMA,20,symbol:$SPX).
Thank you for your help!
Lets see if we can get back to your original question. The scan engine can't look up data and insert it into the scan as a variable, but you can just look it up and insert it into the scan yourself, this is the technique I alluded to in my previous links to a couple of blog articles.
Your scan question:
""Scan would show where Symbol "price performance" relative to S&P is > the price relative SMA
Example: (symbol:$SPX) *1.03 is > (SMA,20,symbol:$SPX).""
I assume you are looking for the symbol ratio to outperform the SMA20 ratio by 3%, so we just need to move the 1.03 to the other side of the equation and adjust the brackets a little.
(symbol : $SPX) > SMA(20,symbol : $SPX) *1.03
So now lets use a little algebra and change this formula into something we can use, ie: isolating the knowns from the unknowns.
and [SMA(20, close ) / close < 0.96056 ]
On a final note there is a small problem when using the $SPX index as the performance reference point. This index is not adjusted, whereas the stocks you are comparing to are adjusted for div's. I would suggest using the $SPXTR total return index which includes adjustment for div's.
Effectively, I would like to have a scan which can tell me whether the price performance is above its weekly sma(50)
The syntax mentioned above (symbol:$SPX) *1.03 > (SMA,20,symbol:$SPX) in this thread no longer works and neither do the links. I have been experimenting quite a bit and no matter what I tried, I am struggling to get it right:
weekly close ('$SYMBOL:$NYA') > weekly SMA(50,close ('$SYMBOL:$NYA'))
I would deeply appreciate if one of the knowledgeable people in this forum could point me in the right direction, please.