OPEN-SOURCE SCRIPT
Updated CANSLIM Summary Score
CANSLIM is Bill O'Neil's systematic approach to identifying growth stocks with strong potential. Each letter represents a key criterion:
C - Current Quarterly Earnings: Look for companies with significant earnings growth in the most recent quarter, ideally 25%+ year-over-year.
A - Annual Earnings Growth: Seek consistent annual earnings growth over the past 3-5 years, typically 25%+ per year.
N - New: Focus on companies with something new driving their stock—new products, services, management, or industry conditions. Stocks often make big moves when they break out to new price highs.
S - Supply and Demand: Look for stocks with reasonable share volume and institutional ownership, but not excessive supply (avoid companies issuing too many shares).
L - Leader or Laggard: Buy the leading stocks in leading industry groups, not laggards. Look for stocks with relative strength ratings of 80 or higher compared to the overall market.
I - Institutional Sponsorship: Want some institutional ownership (mutual funds, pension funds), but quality matters more than quantity. Look for increasing institutional ownership.
M - Market Direction: Even great stocks struggle in a down market. Confirm the overall market is in an uptrend before buying individual stocks—this is considered the most important factor.
O'Neil developed this method through studying the biggest stock market winners throughout history and identifying their common characteristics before their major price advances.
How to use this scanner:
Open TradingView and go to the Pine Editor
Create a new indicator and paste this code
Click "Add to Chart"
The indicator will show:
A score out of 7 in the lower panel
A table showing which criteria pass/fail
Green background when score ≥ 5
To scan multiple stocks:
Create a Stock Screener in TradingView
Add this indicator to your watchlist
Filter for stocks with score ≥ 5
Limitations:
TradingView's Pine Script has limited access to fundamental data (actual earnings)
This uses price performance as a proxy for earnings growth
For true CANSLIM screening with actual earnings data, consider using dedicated stock screeners like MarketSurge (O'Neil's platform), Finviz Elite, or TradingD
C - Current Quarterly Earnings: Look for companies with significant earnings growth in the most recent quarter, ideally 25%+ year-over-year.
A - Annual Earnings Growth: Seek consistent annual earnings growth over the past 3-5 years, typically 25%+ per year.
N - New: Focus on companies with something new driving their stock—new products, services, management, or industry conditions. Stocks often make big moves when they break out to new price highs.
S - Supply and Demand: Look for stocks with reasonable share volume and institutional ownership, but not excessive supply (avoid companies issuing too many shares).
L - Leader or Laggard: Buy the leading stocks in leading industry groups, not laggards. Look for stocks with relative strength ratings of 80 or higher compared to the overall market.
I - Institutional Sponsorship: Want some institutional ownership (mutual funds, pension funds), but quality matters more than quantity. Look for increasing institutional ownership.
M - Market Direction: Even great stocks struggle in a down market. Confirm the overall market is in an uptrend before buying individual stocks—this is considered the most important factor.
O'Neil developed this method through studying the biggest stock market winners throughout history and identifying their common characteristics before their major price advances.
How to use this scanner:
Open TradingView and go to the Pine Editor
Create a new indicator and paste this code
Click "Add to Chart"
The indicator will show:
A score out of 7 in the lower panel
A table showing which criteria pass/fail
Green background when score ≥ 5
To scan multiple stocks:
Create a Stock Screener in TradingView
Add this indicator to your watchlist
Filter for stocks with score ≥ 5
Limitations:
TradingView's Pine Script has limited access to fundamental data (actual earnings)
This uses price performance as a proxy for earnings growth
For true CANSLIM screening with actual earnings data, consider using dedicated stock screeners like MarketSurge (O'Neil's platform), Finviz Elite, or TradingD
Release Notes
Updated the table designOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.