OPEN-SOURCE SCRIPT
RS Scan
This indicator is primarily used in Pine Screener to filter stocks with relative strength. There are three screening modes: daily close range percentage, weekly close range percentage, and stock price change.
The close range is used to filter stocks where the close price is positioned at a certain percentage of the entire bar within a day or a week. For example, in the weekly close range percentage, selecting "above 90" means that the weekly closing price is above 90% of the entire bar.
The stock price change is used to filter stocks based on price changes within a specified date range. We can use TradingView to determine the distance from the recent high of SPX to today's closing price: the number of bars X and the price change value Y. Then, in the indicator settings, select the date range X for the number of bars and choose "above Y" in the manual setup. This way, we can filter out stocks that have a price change greater than Y within X bars.
The close range is used to filter stocks where the close price is positioned at a certain percentage of the entire bar within a day or a week. For example, in the weekly close range percentage, selecting "above 90" means that the weekly closing price is above 90% of the entire bar.
The stock price change is used to filter stocks based on price changes within a specified date range. We can use TradingView to determine the distance from the recent high of SPX to today's closing price: the number of bars X and the price change value Y. Then, in the indicator settings, select the date range X for the number of bars and choose "above Y" in the manual setup. This way, we can filter out stocks that have a price change greater than Y within X bars.
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.
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