How Gary Glover Filters the ASX for Relative Strength Leaders During a Pullback: The RS and Coil Score Method
Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated October 2026
Analysis sourced from Gary Glover (AR 259215), Authorised Representative, Novus Capital Limited (AFSL 238 168)
When only 31% of ASX stocks are trading above their 50-day moving average, finding a genuine leader by scrolling charts is a poor use of time — filtering for relative strength first is what narrows a weak market down to the handful of names still worth the work. In a recorded Finer Market Points session on 2 October 2026, Christopher Hall and Gary Glover of Novus Capital Limited walked through the relative strength (RS) and Coil score filter FMP members use to do exactly that, and the "repeat offender" pattern that makes a single reading more useful over time.
Watch the session:
How Hard Is the ASX to Trade Right Now?
The FMP Momentum Profile read the market as 36% harder than normal to find a good trade in, with only 31% of ASX-listed stocks trading above their 50-day moving average at the time of the 2 October 2026 session. This is Christopher Hall's research output, drawn from the FMP Momentum Profile's regime analysis — not an anecdotal observation, but a daily data reading.
"It is now 36% harder than normal to find a good trade on the ASX." — Christopher Hall, 2 October 2026 session
The mechanism is straightforward: when the index falls quickly and whips between sharp down days and partial recoveries, the number of stocks setting up cleanly shrinks faster than the index itself falls. Christopher Hall's observation, drawn from his study of ASX thematic cycles, is that even the strongest handful of stocks in this kind of tape are "only better than thirty percent of all observations" historically — meaning the very best setups available are still a below-average vintage by the Momentum Profile's own long-run comparison.
Remember that past performance is no guarantee of future results, and all trading involves risk.
How Does Gary Glover Filter the ASX for Relative Strength Candidates?
The FMP members' research portal filters the entire ASX down to stocks with a relative strength (RS) score above roughly 70–75, then ranks that shortlist by a Coil score that updates daily. Christopher Hall demonstrated the filter live on screen during the session: setting the RS threshold at 75 narrows the full ASX list to a short table, which is then sorted by Coil score — a measure of how tightly a stock is consolidating — to surface the names building the most pressure before a potential move.
Gary Glover's anecdotal observation, developed across his trading career, is that he runs a parallel but separate process using his own scanning software, built on the IBD-style relative strength rating:
"I haven't deviated out of the seventy list, and it's definitely paying off." — Gary Glover, 2 October 2026 session
Gary's version filters from a ceiling of 99 down to a floor of 70, with an additional market-capitalisation filter layered on top. The two methods are independent — Christopher Hall's RS/Coil filter is an FMP research output available to members; Gary's IBD-style scan is his own anecdotal practitioner tool — but Christopher Hall noted during the session that roughly 80% of the names on Gary's personal shortlist already appeared on the FMP filter's output, despite the two tools being built differently.
The FMP Momentum Profile — published daily and accessible to FMP YouTube Momentum Profile members — included relative strength rankings and Coil score data across the ASX at the time of the 2 October 2026 session, giving members early access to the educational data discussed in this article.
What Is a Relative Strength "Repeat Offender" and Why Does It Matter More in a Weak Market?
A stock that shows relative strength on more than one sharp down day — not just once — is a stronger signal than a single reading, because it demonstrates the pattern holding under repeated, not one-off, pressure. Christopher Hall's observation, drawn from his study of ASX thematic cycles, is that this is a practice he runs informally every time the market is hit hard: pulling the top 20 performers in each market-cap band — small, medium, large — on the day of a sharp fall, then checking which names repeat across multiple such days.
One name highlighted in the session had shown this pattern three separate times: up on the day each of the last three occasions the ASX fell by 1% or more. That kind of persistence across independent down days is the same underlying logic behind Finer Market Points' dated down-day relative strength series — one isolated strong day can be noise; a name that keeps reappearing on the list is demonstrating something closer to a genuine, repeatable source of demand.
Remember that past performance is no guarantee of future results, and all trading involves risk.
Why Filter for Relative Strength Instead of Scanning the Whole Market?
Relative strength — a core concept in William O'Neil's CAN SLIM methodology — treats a stock holding up or advancing while the broader market weakens as a leading indicator of future outperformance, not a curiosity. Finer Market Points' relative strength guide sets out the full 5-step screening framework behind this concept; the RS and Coil score method above is one concrete way FMP members apply it, live, inside a single weak session.
Gary Glover's anecdotal observation, developed across his trading career, is that a narrower list is not a worse list in this kind of market — it is the point. Fewer trades, filtered harder, with higher conviction on each, was the explicit lesson Gary drew from his own account this week: one stop-out for a small loss, a handful of working positions, and a larger-than-usual cash balance while waiting for the broader tape to improve.
The FMP Momentum Profile and the Finer Market Points weekly session recordings — where filters like this one are demonstrated live against the current market — are accessible to FMP YouTube Momentum Profile members. For information on FMP YouTube Momentum Profile membership, visit the FMP YouTube membership page.
Conclusion
A market where only 31% of ASX stocks hold their 50-day moving average is not a market without opportunity — it is a market where the opportunity has to be filtered for, not browsed for. The RS score and Coil score method Christopher Hall and Gary Glover demonstrated on 2 October 2026 narrows that search to a short, ranked list updated daily, and the repeat-offender pattern gives a way to weight that list further toward names showing more than a single good day. The supporting Momentum Profile data from the 2 October 2026 session is accessible to FMP YouTube Momentum Profile members.
Remember that past performance is no guarantee of future results, and all trading involves risk.
Frequently Asked Questions
What is a relative strength "repeat offender" on the ASX?
A stock that shows relative strength — holding up or rising — on more than one separate sharp market down day, rather than just once. Persistence across multiple independent down days is a stronger signal than a single strong reading, because it suggests the demand behind the move is ongoing rather than a one-off.
What RS score does the FMP filter use to identify leaders?
The FMP members' research portal filters for stocks with a relative strength score above roughly 70–75, then ranks that shortlist by Coil score. Gary Glover's own separate scanning software uses an IBD-style relative strength rating with a similar floor of around 70.
What is a Coil score and how is it different from relative strength?
Relative strength measures how a stock is performing against the broader market. Coil score measures how tightly a stock is consolidating — how much its trading range has contracted. The FMP filter uses relative strength to find strong stocks first, then Coil score to rank which of those are building the most pressure before a potential move.
Does a weak reading like "36% harder than normal" mean there are no good trades on the ASX?
No — it means good setups are rarer than usual, not absent. Christopher Hall's Momentum Profile reading quantifies how much harder the search is; filtering specifically for relative strength and Coil score is the response to that difficulty, not a sign to stop looking.
How often does the FMP relative strength and Coil score filter update?
The underlying data updates daily, during the trading session, giving FMP members a same-day view of which stocks are showing relative strength and tightening into a Coil pattern before the market close.
About the Author
Christopher Hall, AdvDipFP, is an Authorised Representative (AFSL 526688) and the editorial lead at Finer Market Points, covering ASX-listed momentum stocks and market data for an Australian trading audience. Read more on the author's profile page.
Sources
# | Source | Type |
1 | Finer Market Points. Recorded session with Gary Glover (Novus Capital Limited) and Christopher Hall, 2 October 2026. | Primary session recording |
2 | O'Neil, W. How to Make Money in Stocks (2009) — relative strength as a component of the CAN SLIM methodology. | Published research |
3 | FMP Momentum Profile — regime and relative strength data, 2 October 2026. | FMP proprietary data |
Related Finer Market Points Educational Resources
This article includes a general trading observation made by Gary Glover (AR 259215), Authorised Representative of Novus Capital Limited (AFSL 238 168), during a recorded Finer Market Points session on 2 October 2026. The observation reflects Gary Glover's general approach and his anecdotal observations developed across his trading career — it is general commentary only, and is not a formal study, not financial advice, and not a recommendation to trade any security. It was made in the course of that session and not in response to any individual's circumstances. Content has been edited and summarised by Finer Market Points for educational purposes.
This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results.
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