Day: October 20, 2023

Stock Screener – Create a Relative Strength Matrix via Advanced Scanner; Create and Overwrite a MyFavourite WatchList

This is an illustrative scan that shows how to use the Advanced Scanner to create a Relative Strength Matrix. It also demonstrates the process of filtering symbols based on RS parameters, automatically adding qualifying symbols to a WatchList, and overwriting the MyFav WatchList each time the scan is executed.

1–2 minutes

ATTN: When performing a scan for a Relative Strength Matrix, please be aware that it is presently constrained to examining a maximum of 200 symbols.

This limitation is in place due to the substantial amount of hardware resources required to scan such a large number of symbols.

To put it into perspective, scanning a RS Matrix of 200 symbols is equivalent to examining a total of 39,800 symbol combinations (200*199), which involves a substantial workload.

'Restricted to 200 symbols at a time

Set Var Total = PFTOTALBUYS + PFTOTALX

List symbols 
where Candle Close > 50 
AND Candle Close < 10000 
AND Candle Volume > 25000 
AND Candle Trades > 1000

Add Column PFSTATUS
Add Column PFTOTALBUYS as Buys
 Sort on Column Buys desc
 Group rows by Buys
Add Column PFTOTALX as X
Add Column Total Format 0

Add Column Candle Close as Close
Add Column Candle Volume AS Volume
Add Column Candle Trades AS Trades
Add Column Sector

Add Column SYMBOL1
 Group rows by SYMBOL1

Set chart type to PF(PERCENTAGETYPE,2,3)
create RSMATRIX

Add to MyFav (SYMBOL1) RSM-NIFTY100 OVERWRITE

Apply Filter 
PFTOTALBX > 0.5 * SYMBOLCOUNT(SYMBOL1) 
AND PFTOTALBUYS > 0.66 * SYMBOLCOUNT(SYMBOL1) 
AND PFTOTALX > 0.66 * SYMBOLCOUNT(SYMBOL1) 

Apply to NIFTY100

Below is a breakdown of the scan presented in a step-by-step manner.

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