RS Power Scanner by Mashrab

This script implements a custom IBD-style Relative Strength (RS) rating and RS line breakout scanner for any symbol versus SPY. It is designed to help traders quickly identify stocks with market-leading performance.

How It Works:

RS Rating (0–100 scale)

Calculates 252-bar Rate of Change (ROC) for the stock and SPY.

Compares stock ROC to SPY’s ROC.

Uses ta.percentrank() to convert the result into a percentile ranking (0–100).

A high RS rating means the stock has outperformed SPY over the past 252 bars.

RS Line New Highs

Plots the RS line = (Stock Close ÷ SPY Close).

Checks for a 50-bar highest value — a classic sign of market leadership.

Signal Logic

Plots a green ▲ label below bars when:

RS Rating ≥ 85 (strong relative performance)

RS line makes a 50-bar high (confirming strength)

Table Display

Shows live RS Rating and RS new high status for quick decision-making.

Use Case:
This tool is designed for traders using momentum, CAN SLIM, or relative strength strategies to spot potential leaders early. It is not a standalone buy/sell system; rather, it helps filter stocks for further analysis.

How to Use:

Apply to your watchlist charts.

Look for ▲ signals during market uptrends.

Combine with fundamental or volume analysis for best results.