OPEN-SOURCE SCRIPT
TradingCharts SCTR [Bginvestor]
This indicator is replicating Tradingcharts, SCTR plot. If you know, you know.
Brief description: The StockCharts Technical Rank (SCTR), conceived by technical analyst John Murphy, emerges as a pivotal tool in evaluating a stock’s technical prowess. This numerical system, colloquially known as “scooter,” gauges a stock’s strength within various groups, employing six key technical indicators across different time frames.
How to use it:
Long-term indicators (30% weight each)
-Percent above/below the 200-day exponential moving average (EMA)
-125-day rate-of-change (ROC)
Medium-term indicators (15% weight each)
-percent above/below 50-day EMA
-20-day rate-of-change
Short-term indicators (5% weight each)
-Three-day slope of percentage price oscillator histogram divided by three
-Relative strength index
How to use SCTR:
Investors select a specific group for analysis, and the SCTR assigns rankings within that group. A score of 99.99 denotes robust technical performance, while zero signals pronounced underperformance. Traders leverage this data for strategic decision-making, identifying stocks with increasing SCTR for potential buying or spotting weak stocks for potential shorting.
Credit: I've made some modifications, but credit goes to GodziBear for back engineering the averaging / scaling of the equations.
Note: Not a perfect match to TradingCharts, but very, very close.
Brief description: The StockCharts Technical Rank (SCTR), conceived by technical analyst John Murphy, emerges as a pivotal tool in evaluating a stock’s technical prowess. This numerical system, colloquially known as “scooter,” gauges a stock’s strength within various groups, employing six key technical indicators across different time frames.
How to use it:
Long-term indicators (30% weight each)
-Percent above/below the 200-day exponential moving average (EMA)
-125-day rate-of-change (ROC)
Medium-term indicators (15% weight each)
-percent above/below 50-day EMA
-20-day rate-of-change
Short-term indicators (5% weight each)
-Three-day slope of percentage price oscillator histogram divided by three
-Relative strength index
How to use SCTR:
Investors select a specific group for analysis, and the SCTR assigns rankings within that group. A score of 99.99 denotes robust technical performance, while zero signals pronounced underperformance. Traders leverage this data for strategic decision-making, identifying stocks with increasing SCTR for potential buying or spotting weak stocks for potential shorting.
Credit: I've made some modifications, but credit goes to GodziBear for back engineering the averaging / scaling of the equations.
Note: Not a perfect match to TradingCharts, but very, very close.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.