If Alpha is positive the stock outperforms, if the value is negative means the stock underperforms.
α < 0: The investment has earned too little for its risk (or, was too risky for the return)
α = 0: The investment has earned a return adequate for the risk taken
α > 0: The investment has a return in excess of the reward for the assumed risk
How to use Beta(β)?
β = 1: Exactly as volatile as the index
β > 1: More volatile than the index
β < 1 > 0: Less volatile than the index
β = 0: Uncorrelated to the index
β < 0: Negatively correlated to the index
β > 2: Trending stock
Higher the β higher risk/reward
Example: If the beta is 1.1, the share price is like to move by 10% more than the index
Choose a stock with Alpha greater than 0 and Beta greater than 1.9 for intraday in 5min timeframe for long positions
Remember that such stocks will have high risk and high reward
Shortlist stocks with Beta greater than 1.9 for next day in 5min timeframe
Added up or down arrows which indicates whether the value is increasing or decreasing compared to the previous value
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.