RS ScanThis 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.
