Intradayscanner – Institutional Interest (vs. RSP)

This indicator measures volatility-adjusted Relative Residual Strength (RRS) of any symbol versus RSP (the Invesco S&P 500® Equal Weight ETF) to surface potential institutional interest overlooked by cap-weighted benchmarks.

Equal-weighted benchmark: Uses RSP instead of SPY, so each S&P 500 component carries equal influence—highlighting broad institutional flows beyond the largest names.

ATR normalization: Computes a “Divergence Index” by dividing RSP’s price move by its ATR(14), then adjusts the symbol’s move by that index and rescales by its own ATR(14). This isolates true outperformance.

Residual focus: RRS represents the portion of a symbol’s move unexplained by broad-market action, making it easier to spot when institutions rotate into specific stocks.

Visualization: Plots RRS as green/red histogram bars and overlays a 14-period EMA for trend smoothing.