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.
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.