Free Relative strength (not RSI) screener?

#1
Managed to stumble into a system where in I used to screen stocks that - barring crashes like August last year or in January - made me around 8-10% every three weeks to one month. Manually back tested it every week starting from September 2014 to 31 Jan 2016 and it came up with consistent enough results and I was thinking of actively trading using the system starting from March. Used the screener at marketinout which had a host of options including specifying the exact EMA days and more importantly the relative strength (not relative strength index). Up until last week, you could have used the screener freely for 4-5 times at one go before it asked you to sign up. The problem is that marketinout has now made it mandatory for guests to have a paid account before you are able to access the screener. I am able to find stocks using all the other criteria on my system from other freely available screeners but none of them can screen stocks based on relative strength. So can anyone help me out in finding a screener that can sort stocks based on relative strength or am I left with no option other than shell out over 14k for that one particular criteria
 

mohan.sic

Well-Known Member
#2
Managed to stumble into a system where in I used to screen stocks that - barring crashes like August last year or in January - made me around 8-10% every three weeks to one month. Manually back tested it every week starting from September 2014 to 31 Jan 2016 and it came up with consistent enough results and I was thinking of actively trading using the system starting from March. Used the screener at marketinout which had a host of options including specifying the exact EMA days and more importantly the relative strength (not relative strength index). Up until last week, you could have used the screener freely for 4-5 times at one go before it asked you to sign up. The problem is that marketinout has now made it mandatory for guests to have a paid account before you are able to access the screener. I am able to find stocks using all the other criteria on my system from other freely available screeners but none of them can screen stocks based on relative strength. So can anyone help me out in finding a screener that can sort stocks based on relative strength or am I left with no option other than shell out over 14k for that one particular criteria
what is this Relative strength indictor ? Pls tell if you got any idea during backtesting period.

" made me around 8-10% every three weeks to one month " - Real trading or just testing ? And you may share the back tested data atleast partially so that any one here can understand the signals and guess the indicator.

To my understanding RS is not any indicator. Its simply comparing the Relative strength of a stock to an Index. If Nifty falls and A stock raises - it means stock has high RS.
 
#3
Thanks for the reply mohan..."To my understanding RS is not any indicator. Its simply comparing the Relative strength of a stock to an Index"..yes you are right. What I do is screen the stocks according to different criteria (in short identifying those in uptrend/reversal), then select only those that have the highest relative strength, then further 'analyze' them with regards to MACD, volume and BB. Finally I cut out those stocks if there are very tall candles over the past 2-4 trading session (i.e >15% climb in one day) to try and come up with 4-5 stocks every week (usually) and committing max of 8k per trade/50k per week. I am not saying that each and every stock makes money but according to what I tested, I found that majority of the stocks (i.e 6-7 out of every 10) are able to reach 8-10% quickly, around 3-4 stocks will rise by 16-20% and around 2 will rise over 30% (these are rough estimates mind...I was backtesting them for my own satisfaction so I didn't really tabulate them...and again this won't work if the market crashes with all stocks losing out)

If you check out the screener at marketinout, you will find a section listed 'relative strength' and you can use it to find the outperformers with respect to different time frames (one week, two week, 1/3/6 month and one year). The problem here is that it is not an indicator because if it was one, then I think almost all of the screeners would have it..(and I don't want relative strength indicator as I have tested relative strength and not RSI)

Regarding whether I backtested or did real trading...again here marketinout helped me out...you can also call up historical data in that screener so instead of using the 'backtest' option, I called up the historical screens of every Sunday starting from September 14 2014 and then worked my way through every week....used the 'advanced interactive' chart at moneycontrol through which you can specify the chart between two dates (thereby reducing the error that would come by knowing the 'future') I would chart the stock starting with two weeks prior to the date of screening (i.e for Sept 14, I would chart it from Aug 31 to Sept 14 and then decide whether I would have chosen it or not). Anyways for the final two weeks of the testing (i.e Jan 24 2016 and Jan 31 2016...by Feb 7 the 'free' option was gone at marketinout), I logged into my brokerage account and noted down the price that they were being offered at 10 am and then followed it up.

These are the stocks (and prices) for Jan 25th...Cantabil Retail (74.2), Dalmiya Bharat Sugar (69.1), Dwarikesh Sugar (120), Oudh Sugar (42.8) and Jamna Auto (148.1)

And for Feb 1...SKS Microfinance (528.4), Pricol(47.65), Parenteral Drugs (61.4) and Cimmco (90.5)
 
#4
Hello kamatsingh,

I am too trying to find the formulas that are being used for calculating the Relative Strength.

I too use the marketsinout.com. I have also subscribed to morpheustrading.com as well. They too provide the Relative Strength.

Have you ever tried it ?

By the way I too use similar way of identifying stocks based on the Relative Strength and use other indicators to filter the best one out.
 

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