Strength during SPY pullbacks
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Mish
Description
This scan finds stocks that are strong during SPY pullbacks that are also heavily traded today with no overhead resistance and very liquid options.
The M5 Range % (90/10) is the key variable to find stocks that are still near their daily highs while SPY is pulling back. Heavy Volume Today and 20-Day Ave Volume ensure the stock is being heavily traded. Stock > Prior Day High, Stock > SMA 50, Stock > SMA 100, Stock > SMA 200 all ensure there is no immediate overhead resistance.
This scan is used primarily to find stocks for day trading options but you can add additional variables like D1 Strength vs SPY or D1 Algo Lines (new) to find stocks that are good swing candidates.