LevelUp^ RS Line New High Screener

The RS Line new high screener helps to identify stocks that are outperforming a benchmark index — most commonly the S&P 500 — by analyzing the Relative Strength (RS) Line. The RS Line is a visual indicator that plots the ratio of a stock’s price to that of a chosen benchmark, showing how the stock is performing relative to the broader market.

🔹 Key Benefits of RS Line New High Screener

▪ Identify Market Leaders Early
A new high in the RS Line often precedes a price breakout, highlighting stocks that are gaining strength relative to the market. This can provide traders with an early signal of potential new leaders.

▪ Potential Institutional Accumulation
Stocks with rising RS Lines are often being accumulated by institutional investors, which can provide additional support for future price advances.

▪ Confirm Strength During Market Corrections
Stocks with rising RS Lines during market downturns often become the strongest performers when the market recovers. The screener helps pinpoint these resilient stocks, which tend to “pop” when selling pressure subsides.

▪ Visualize Outperformance
The RS Line gives a clear visual representation of a stock’s relative performance, making it easier to distinguish between true leaders and laggards, even when overall prices are volatile.

▪ Support Risk Management
Divergences between price and RS Line (e.g., price making new highs but RS Line not confirming) can warn of weakening momentum, helping traders avoid false breakouts or potential reversals.

▪ Enhanced Screening and Filtering
Screeners can quickly filter large universes of stocks for those with the strongest relative strength, saving time and focusing attention on the most promising opportunities.

🔹 RS Line New High Before Price

With this screener, in addition to finding stocks with the RS Line at a new high, you can also search for stocks where the RS Line is at a new high before price.

Why is this important?
The RS line making a new high ahead of the price is considered a very bullish signal. This setup often precedes price breakouts, giving traders an early entry point with potentially less risk and greater reward.

🔹 Screening Features - Setting Your Search Criteria
There are currently two options that can be customized. Additional customization options will be added in future releases.

▪ Index
The default benchmark index is SPX. However, you can change this to any symbol/index available in TradingView. For example, if you are trading stocks on the National Stock Exchange of India (NSE), you might find it helpful to set the index to NFTY, which tracks the top 50 Indian companies by market capitalization.

▪ Lookback
The lookback specifies how many bars back in time to consider when determining if the RS Line is at a new high. The default is 50 bars. You can set this value to any number in the range of 5 to 250.

🔹 Custom Output

The screen results include the following:
▪ ATR %
▪ 1 day % △
▪ 1 week % △
▪ 1 month % △
▪ YTD % △

The ATR % (average true range) provides a normalized measure of volatility, making it easier to identify stocks that are typically more volatile on a relative basis. Using this value you can filter stocks to volatility ranges that meet your preferences and trading style.

🔹 Installation And Usage
▪ Mark this indicator as a Favorite.
▪ Use the Pine Screener to search for stocks.
▪ Save the search results to a watchlist.
▪ View the watchlist in TradingView.