OPEN-SOURCE SCRIPT
Screener: Alpha & Beta
Updated
This is a Live Screener for my previous Alpha & Beta indicator, which filters stocks lively based on the given values.
Use 5min timeframe for Live Intraday.
The default stocks in the screener is selected based on high beta value from F&O listed stocks. It may include other stocks also.
User can input stocks of your choice either through the menu or through the Pine editor.
The maximum number of stocks inputs is only 40. The indicator includes only 20 stocks by default.
More number of stocks can be added but it makes the screener slower to load.
Open the indicator in a sperate tab or window to avoided the loading lag.
It is recommended to choose only 10 to 20 stocks based on the weightage from each sectors.
Beta values are dynamic. It changes from day to day based on the trend and sector.
Update the sock list weekly or twice a week or monthly.
Use investing.com screener(preferably) or TradingView screener for shortlisting beta stocks.
Remember that majority of indicators fails in a sideways market, also every indicator is not 100% accurate.
Use 5min timeframe for Live Intraday.
The default stocks in the screener is selected based on high beta value from F&O listed stocks. It may include other stocks also.
User can input stocks of your choice either through the menu or through the Pine editor.
The maximum number of stocks inputs is only 40. The indicator includes only 20 stocks by default.
More number of stocks can be added but it makes the screener slower to load.
Open the indicator in a sperate tab or window to avoided the loading lag.
It is recommended to choose only 10 to 20 stocks based on the weightage from each sectors.
Beta values are dynamic. It changes from day to day based on the trend and sector.
Update the sock list weekly or twice a week or monthly.
Use investing.com screener(preferably) or TradingView screener for shortlisting beta stocks.
Remember that majority of indicators fails in a sideways market, also every indicator is not 100% accurate.
Release Notes
Removed Long or Short titles. It might be misleading in volatile markets.Release Notes
Updated position.Release Notes
Updated on: 26 Nov 2023Enhanced Analysis Features:
- The formula has been updated.
- Evaluate all stocks against the benchmark index using alpha and beta metrics.
- Can screen up to 38 symbols due to TradingView's request limit of 40.
- Organized and readable code for better user understanding.
- Easily analyze additional symbols by replacing indicators in the Paste Symbol box.
- Offers flexibility and customization options for users.
How to Use:
- Step 1 - Choose the desired period in settings.
- Step 2 - Match the chart timeframe with the selected period for accurate results (e.g., 'Medium Term - 52 W (1Y)' corresponds to 'W' for Weekly).
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.