Relative Strength Screener V2 - Top 100 volume leaders

The Relative Strength Screener V2 - Top 100 volume leaders indicator provides a comprehensive strength heatmap for the top volume leaders in the S&P 500, allowing traders to quickly identify relative performance across multiple assets and timeframes.

Usage

The tool is designed to monitor a large watchlist of stocks against a benchmark (such as SPY). Users can interpret the heatmap by looking at the color-coded cells: greener cells indicate positive relative strength, while redder cells indicate relative weakness compared to the selected benchmark.

To perform a multi-timeframe analysis, users can add the indicator to the chart multiple times. By setting the "Choose number of columns in table" to 3 for each instance and assigning a specific column number (1, 2, or 3) to each, you can create a unified dashboard. For example:

• Instance 1: Column 1, 5-minute timeframe.
• Instance 2: Column 2, 1-hour timeframe.
• Instance 3: Column 3, Daily timeframe.

The table will automatically resize to align these instances into a singular, cohesive heatmap.

Details

This indicator utilizes a specialized "Real Relative Strength" (RRS) calculation. Unlike simple percentage changes, RRS calculates a power index by dividing the benchmark's rolling price move by its volatility (ATR). It then compares the individual symbol's price move to this benchmark performance, normalized by the symbol's own volatility. This method provides a more accurate representation of alpha by accounting for the inherent volatility of each asset.

The script bypasses the standard request.security limitations in Pine Script by segmenting the watchlist. Users can monitor up to 100+ tickers by using multiple copies of the script with provided watchlist segments.

Settings

Calculation inputs

• Comparison Symbol: The benchmark used for relative strength calculation (e.g., SPY).
• Relative Strength Timeframe: The timeframe used to request data for the screener.
• RS calculation period length: The lookback period used for the ATR and price change calculations.

Table display settings

• Position of table: Determines where the dashboard is anchored on the chart (Left, Center, or Right).
• Choose number of columns: Sets the total number of columns the table expects to accommodate.
• Assign column number: Determines which column the current instance of the script will occupy.

Symbols

• Ticker Inputs: Individual toggles and symbol selectors to define which assets appear in the screener list.

FAQ

How do I access Relative Strength Screener V2 - Top 100 volume leaders?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I monitor symbols outside of the S&P 500?

Yes, while the defaults are set to S&P 500 volume leaders, you can manually change any of the symbol inputs to any ticker available on TradingView.

Why do I need to add the indicator multiple times?

Adding it multiple times allows you to bypass data request limits and enables the side-by-side multi-timeframe comparison feature using the "Assign column number" setting.