How do I compare the OHLC data for 2 different securities?

[Blazer990]

My strategy is based on relative strength and I specifically use $SPY as a baseline when I am trading.

One of my trading criteria when selecting stocks is that they must have an Open that is similar or Less than $SPY (If I'm going short, vice versa for long trades).

Ex: today (Aug 19th), $SPY opened beneath the Low of the previous day. Therefore, I would ONLY trade stocks that also opened beneath the Low of the previous day.

However, I am not sure how to proactively scan for this without adjusting my scanners every day by putting something like "Open <= Low[1]". Is there any way that the ToS scanner lets you compare two different securities in the way that I'm talking about?

Conceptually speaking, I think if there was a way to normalize the price movement of $SPY and a specific stock, and then compare the two values and only show stocks with a lower value than the value for $SPY (for short trades, and vice versa for long trades), then that would address the issue.

 

[halcyonguy]

My strategy is based on relative strength and I specifically use $SPY as a baseline when I am trading.

One of my trading criteria when selecting stocks is that they must have an Open that is similar or Less than $SPY (If I'm going short, vice versa for long trades).

Ex: today (Aug 19th), $SPY opened beneath the Low of the previous day. Therefore, I would ONLY trade stocks that also opened beneath the Low of the previous day.

However, I am not sure how to proactively scan for this without adjusting my scanners every day by putting something like "Open <= Low[1]". Is there any way that the ToS scanner lets you compare two different securities in the way that I'm talking about?

Conceptually speaking, I think if there was a way to normalize the price movement of $SPY and a specific stock, and then compare the two values and only show stocks with a lower value than the value for $SPY (for short trades, and vice versa for long trades), then that would address the issue.

see if this does what you want

# set to day
input master_sym = "SPY";
def xlo = (open(master_sym) <= low(master_sym)[1] and open <= low[1] );
def xhi = (open(master_sym) >= high(master_sym)[1] and open >= high[1] );
plot z = (xhi or xlo);

 

[Blazer990]

Hello, sorry for the delayed response.

That script does EXACTLY what I'd want it to do. Thank you.