OPEN-SOURCE SCRIPT
SET Alpha Hunter (RS + Trend + Vol)
SET Alpha Hunter (RS + Trend + Vol)
The ultimate "Alpha Stock" hunter. Identifies market leaders that outperform the SET index, filters for uptrends, and detects smart money volume. An All-in-One Indicator.
1. Concept & Philosophy
This indicator is specifically designed for the Thai Stock Market (SET). It combines the three most critical factors found in "Super Stocks" into a single view:
Relative Strength (RS): Note: This is NOT the standard RSI. This uses Mansfield Relative Strength to compare the stock's performance directly against the SET Index.
If the Market falls, but the Stock falls less (or rises) = Strong.
If the Market rises, and the Stock rises faster = Strong.
Trend: Filters only for stocks in a confirmed Stage 2 Uptrend (based on Mark Minervini’s Trend Template).
Volume: Detects abnormal buying pressure to confirm that "Smart Money" is accumulating.
2. How to Read the Indicator
The indicator is displayed as a sub-window below your price chart.
A. The Histogram (Bar Chart) - Strength vs. Market
Green Bars (> 0): The stock is Outperforming the SET. These are your primary candidates.
Red Bars (< 0): The stock is Underperforming the SET. These should generally be avoided.
Zero Line: The dividing line between strength and weakness. A crossover above zero indicates the stock is gaining leadership.
B. Green Background (Strong Zone Signal) - The Buy Signal
When the background of the indicator lights up in Bright Green, it indicates a "Convergence" of 4 powerful signals:
RS > 0: Stronger than the market.
RS Momentum: Strength is increasing.
Uptrend: Price is above EMA 50 > 150 > 200.
High Volume: Volume is > 1.5x the average.
This is the sharpest "Follow Buy" signal.
C. Dashboard (Top Right)
Provides a quick snapshot of the stock's health:
RS vs Market: Instantly tells you if it's Stronger or Weaker than the benchmark.
Trend Structure: Indicates if it's in a confirmed Uptrend or Correction.
Volume Flow: Alerts you when High Volume enters the stock.
3. Trading Strategy
Step 1 (Scan): Look for stocks where the Histogram is Green (Above Zero). This ensures you are looking at stocks with strong fundamentals relative to the market.
Step 2 (Entry): Wait for the Green Background Highlight. This confirms that volume is supporting the price breakout in an uptrend.
Step 3 (Avoid): Never buy a stock if the Histogram is Red, even if the price looks "cheap." These are laggards; when the market recovers, these stocks often stay flat or rise very slowly.
4. Settings
Benchmark Index: Default is SET. You can change this to SET50, mai, or sSET depending on your trading universe.
RS Lookback: Default is 52 weeks (1 Year) to analyze medium-to-long-term strength.
Pro Tips
Timeframe: Works best on Daily and Weekly charts.
Style: Ideal for Trend Following and CANSLIM traders looking for Market Leaders.
Confirmation: This tool filters for the best mathematical probabilities, but always confirm with Price Action (Support/Resistance) before executing a trade.
The ultimate "Alpha Stock" hunter. Identifies market leaders that outperform the SET index, filters for uptrends, and detects smart money volume. An All-in-One Indicator.
1. Concept & Philosophy
This indicator is specifically designed for the Thai Stock Market (SET). It combines the three most critical factors found in "Super Stocks" into a single view:
Relative Strength (RS): Note: This is NOT the standard RSI. This uses Mansfield Relative Strength to compare the stock's performance directly against the SET Index.
If the Market falls, but the Stock falls less (or rises) = Strong.
If the Market rises, and the Stock rises faster = Strong.
Trend: Filters only for stocks in a confirmed Stage 2 Uptrend (based on Mark Minervini’s Trend Template).
Volume: Detects abnormal buying pressure to confirm that "Smart Money" is accumulating.
2. How to Read the Indicator
The indicator is displayed as a sub-window below your price chart.
A. The Histogram (Bar Chart) - Strength vs. Market
Green Bars (> 0): The stock is Outperforming the SET. These are your primary candidates.
Red Bars (< 0): The stock is Underperforming the SET. These should generally be avoided.
Zero Line: The dividing line between strength and weakness. A crossover above zero indicates the stock is gaining leadership.
B. Green Background (Strong Zone Signal) - The Buy Signal
When the background of the indicator lights up in Bright Green, it indicates a "Convergence" of 4 powerful signals:
RS > 0: Stronger than the market.
RS Momentum: Strength is increasing.
Uptrend: Price is above EMA 50 > 150 > 200.
High Volume: Volume is > 1.5x the average.
This is the sharpest "Follow Buy" signal.
C. Dashboard (Top Right)
Provides a quick snapshot of the stock's health:
RS vs Market: Instantly tells you if it's Stronger or Weaker than the benchmark.
Trend Structure: Indicates if it's in a confirmed Uptrend or Correction.
Volume Flow: Alerts you when High Volume enters the stock.
3. Trading Strategy
Step 1 (Scan): Look for stocks where the Histogram is Green (Above Zero). This ensures you are looking at stocks with strong fundamentals relative to the market.
Step 2 (Entry): Wait for the Green Background Highlight. This confirms that volume is supporting the price breakout in an uptrend.
Step 3 (Avoid): Never buy a stock if the Histogram is Red, even if the price looks "cheap." These are laggards; when the market recovers, these stocks often stay flat or rise very slowly.
4. Settings
Benchmark Index: Default is SET. You can change this to SET50, mai, or sSET depending on your trading universe.
RS Lookback: Default is 52 weeks (1 Year) to analyze medium-to-long-term strength.
Pro Tips
Timeframe: Works best on Daily and Weekly charts.
Style: Ideal for Trend Following and CANSLIM traders looking for Market Leaders.
Confirmation: This tool filters for the best mathematical probabilities, but always confirm with Price Action (Support/Resistance) before executing a trade.
Script de código abierto
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.
Exención de responsabilidad
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.
Script de código abierto
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.
Exención de responsabilidad
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.