I'm looking for a Relative Strength trading indicator. But, I'm not looking for a stock that's strong relative to itself, I am looking for a stock that is strong relative to the S&P. It seems that all the indicators I've seen are relative to the stock's past performance. Is anyone familiar with a website or indicator that quantifies a stock's relative strength in relation to the S&P?
some people like to overlay a chart with s&p and your stock. if the stock is trading above the s&p it has relative strength.i use qcharts and it is easy to do there.
that's the way I usually do it. I'm looking for something a little more like a scanner where I can find stocks worth pulling up on a chart.
Well if you know the time period you are interested in seeing strength vs. the S&P it should be a simple task. Say over the last 4 weeks the S&P is up 6%. Set your screener to display stocks which have gained more than 6% over the same time period. MSN and Marketguide have free screeners which can do that for you. Banker
i know you can build this scan in software like stock watch pro or erlanger quote plus probably others.
I beileive there are many services that offer this. Insight I believe does it. Schonfeld's proprietary software does it. If you have enough screen space, you can do it yourself. Just make a list of stocks you want to trade ( a lot of very thin stocks will show great relative weakness or strenth, but it is meaningless to traders for the most part). I would seperate the lists into sectors. That way you get to see which stocks in which sectors are strongest and weakest, and also how the sector compares to the overall market. Set up a list of stocks you wish to track, and sort them by percentage up or down. Compare them to the percentage up or down relative to the market as a whole. (S&P 600, Nasdaq, Russell, whatever you consider the MEANINGFUL market to be). Just judge by that. I know it sounds too simple. But that is really what it sounds to me you are looking for. I believe (not sure) that most platforms will let you do this. Keeping things simple is highly under-rated as far as I am concerned. You can always "refine" your queries as you learn what you want, or what matters. But to start, start with the basicis! Good luck, :Rs8.5
Cash & Cash family; I use Esignal and SPY relative strength on most all time frames. ''barchart.com''- Baron Robertson of elitetrader.com quote. Barchart.com is an excellant but delayed scanner of RS. ******** ''That which hath been is now;and that which is to be hath already been'' -Solomon, Ecclesiastes 3;15a