Introduction
Stock screening tools are software tools that have a user interface designed to search for stocks using filters chosen by the trader. Day traders use stock screening tools to narrow down the list of stocks traded on U.S. stock exchanges, which exceeds 7,000 stocks. Screening tools help traders focus their trades on a small list of stocks that have the characteristics they are looking for.
StockFetcher
StockFetcher is one of the most powerful stock screening tools available. You can use StockFetcher to choose from existing stock screens or create your own. Using a specific format (some examples have been recorded on its website), you can write the precise criteria for the stock screening tool. You can achieve an almost infinite combination of filters and criteria.
The free version of StockFetcher allows you to see five stocks from the search results of the stock screening tool. In day trading, this is usually sufficient to find a few high-quality stocks to trade. The standard version of StockFetcher, which allows you to see all search results, starts at $8.95 per month or $24.95 quarterly, while the advanced version costs $16.95 per month or $44.95 quarterly.
Finviz
Use Finviz to reduce the U.S. stock market to a few of the best stocks available for day trading with thousands of potential filter combinations. The site is user-friendly. Click on the “Screener” tab and start adding criteria to the three main sections: descriptive, fundamental, and technical. Once you add some requirements, you will receive a list of stocks that match them. Change the information you see on these stocks by adjusting the view.
There are 14 views to choose from. These views include overview, valuation, financials, performance, technical, charts, and news. Change the view and sort by the type of information to see the top or bottom stocks on your list.
Finviz is free – although quotes are delayed by 15 minutes for Nasdaq and 20 minutes for the New York Stock Exchange and the American Stock Exchange. This usually works well if you run your stock screening tools at night, searching for trading opportunities for the next day. If you want a scanner that provides real-time data, you can upgrade to Finviz Elite. It includes additional features and costs $39.50 per month (monthly plan) or $24.96 per month (annual plan, $299.50 per year).
ChartMill
ChartMill stock screening provides eight options to find day trading stocks. The general section allows you to specify routine stock information. The performance section allows you to set performance criteria such as beta or historical relative strength. Other tabs give you more options to help you select your trades, such as indicators or support and resistance factors.
Each category has multiple filters to choose from to help traders select stocks that closely match their trading criteria.
Like Finviz, the free stock screening tool is easy to use. The site operates on a credit system, granting you 6,000 free credits each month that accumulate if you do not use them. Running the scanner costs a few credits. The monthly free credits are usually sufficient for most users to use the site frequently without paying for more. When you exhaust all your credits, you can still use the site but with limited functionality.
You can purchase credits in blocks of 10,000 (costing $10) or upgrade to unlimited usage for $29.97 per month or $259.97 per year ($21.66 per month).
StockRover
StockRover is considered
StockRover is a popular stock screening tool for U.S. and Canadian stocks. In addition to fundamental filters, it also has many technical and performance filters that can be used by day traders.
It is easy to find stocks near their highs or lows over different time frames or to find some stocks that are showing a lot of price momentum (up or down). Track stocks that are being traded by famous hedge funds and create custom screens, watchlists, and portfolios.
StockRover also allows for backtesting and creating formulas – combining multiple filters into a mathematical equation to fine-tune results.
Hundreds of features are available for all users, although paid users have access to additional features such as formulas, data export, filtering, portfolio analysis, and alerts. The lowest paid subscription costs $79.99 per year, the high-level plan is $179.99 per year, and the high-level plus plan costs $279.99 per year.
Maximizing the Effectiveness of Stock Screening Tools
As a day trader, it’s easy to get caught up in constant research while trying to find the next stocks ready for a big move. While this can be effective, it often leads to burnout and poor performance, as the move may have already happened by the time you learn about it.
Instead of trying to identify the next great trade, use these stock screening tools every night or once a day. You can also use them on weekends to find a few suitable stocks to trade in the following week.
Note: If you already have a broker, see if they have a stock screening tool on their website, so you don’t end up paying extra subscription fees elsewhere.
Then, focus only on day trading between one and three stocks during the trading session or the following week. This approach requires much less time than active scanning. Since you are monitoring only a few stocks, you are alert and ready to buy or sell at the right times.
Frequently Asked Questions (FAQs)
What is the difference between a stock screener and a stock scanner?
Stock screeners differ from stock scanners, as stock scanners are designed for continuous monitoring and real-time stock data usage. Stock scanners are designed for traders who want to get price information as it happens. Screening tools are designed for traders who do not want to trade based on price movements as they occur.
How can I find low trading stocks on Finviz?
Low trading stocks are those that have a relatively small number of shares available for trading. On a stock screener tool like Finviz, you can search for these stocks using the ‘Available Shares’ option for filtering. When a stock has a few available shares, it is considered a low trading stock.
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Sources:
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts in our articles. Read our editorial process to learn more about how we verify facts and keep our content accurate, reliable, and trustworthy.
NASDAQ. “Stock Screener.”
StockFetcher. “Choose your Sign-In Information.” Acessed Mar. 26, 2021.
FINVIZ. “Screener,” Fine print at the bottom.
Fivintz. “By Going Elite, You Will Gain Access to These Features.”
ChartMill. “Subscription Plans.”
StockRover. “Stock Rover Plans.”
Source: https://www.thebalancemoney.com/best-free-stock-screeners-to-find-stocks-for-day-trading-1031379
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