I am frequently asked: „Tomek, how did you manage to find that company” or „Tomek, how is it possible that you have found such an intriguing company before it has increased in value notably?”. Answer is only one.. I use best free stock screeners and also one that I need to pay for.
It is all caused by the fact that I always properly prepare for trading sessions. I predominantly focus on signals indicating the validity of opening a given position before a trading session. In order to do so, I take advantage of free stock screeners. They are the source of numerous trade ideas for me.
During a trading session, I frequently utilize real-time stock screeners. I cannot imagine browsing almost 8000 companies per day, every single day by myself, as it is just physically impossible. By being in possession of professional screeners, I can use a decent software to browse the companies for me. After the completion of the analysis, I am presented with the results of companies meeting my criteria within seconds or even milliseconds. You will surely agree with me that the aforementioned solution grants me a notable advantage over other traders.
Best free stock screeners
Let us start with the obvious reason – company browsing may take quite some time. If a session starts at 9:30 a.m., just think how early you would have to get out of bed to browse them all. The time saved thanks to the utilization of the discussed software can be spent sleeping or performing other activities, like doing sports. Thanks to that, you will be relaxed and free of unwanted emotions during the session.
I would also like to encourage you to check Free Stock Charts, thanks to which you will be able to specify the condition on US stock markets in real time.
What are the types of stock screeners?
Screeners can be divided into
Free stock screeners
Paid stock screeners
As it can be easily concluded, the paid ones are characterized by a notably wider scope of operation. Nevertheless, the most important feature you have to look for is their capability of operating in real time. They will then react to factual changes on the market. Responses will be sent to you immediately, not within 15 minutes as it is in the case of some free stock screeners. In the case of day trading, 15 minutes is a long period of time. If you are waiting for a price increase and you receive a notification about it 15 minutes after the said situation happened – what is the point of even checking it?
Therefore, you have to utilize screeners in a proper fashion.
Most important features of stock screeners
While choosing stock screeners, I predominantly check filters they offer. I focus mainly on filters directly connected with technical and fundamental analysis.
Among technical analysis-related filters, the most promising are:
Searching for specific technical analysis formations on the chart (e.g. triangles, supports, lows, heads & shoulders, etc.)
Searching for desired candlestick formations
Searching for specific indicators, e.g. weighted moving average
Among fundamental analysis-related filters (which are not used by me personally so I am not an expert when it comes to them), there:
Information relating to company valuations
I am especially looking for information on the increase of volatility and volume. As you can assume, such functions can be taken advantage of during sessions. Nevertheless, they have to be available in real time.
During a session, the available filters have to allow me to specify:
Average price change for a given company,
Average daily volume
top gainers during a given trading session
top gainers within the last week
How do I take advantage of stock screeners?
I utilize both free and paid ones. What I base my choices on? I especially focus on my major aim while preparing for a session.
While preparing for a session, I mainly use free stock screeners. Thanks to their functions, I can browse:
market movers from the day before
companies with the highest weekly volatility
companies with the highest volume ratio
Companies that are visible on my daily updated Stockwatch list have been found thanks to the screeners provided below.
How do I do that? Let me provide you with an example basing on the use of my favorite stock screener website – finviz.com:
As you can see, I check companies which were the so-called stock movers the day before. Their volume was higher than the average and their volatility was also remarkable. Thanks to such pieces of information, I can specify whether or not a similar situation may happen in the consecutive days. I also add the identified companies to the list of tracked ones.
Additionally, I check the official NASDAQ website. I look for market movers from the previous days, especially focus on pre- and post-market phases. If something happened to the company during the last session (higher volume and volatility) I assume that the company will be active further.
As can be seen on the example above – TSCO shows a post market decline of over 7 % for 300 000 shares. For me, it is a signal that I can focus on this company in the next pre-market phase and during the next session.
What stock screeners should be used for pre market preparations?
Personally, I utilize free stock screeners thanks to which I can browse companies before the session proper. I focus on companies that may show a continuing trend, a possibility of trend reversal, or market mover potential.
Finviz.com – my Top #1 Free Stock Screener
Quite frequently, I utilize the Finviz.com stock screener. I have been using it since it was created that is – since 2007. It is an astounding tool that I can recommend to all of you. Above all else, it gathers all companies in one place and classifies them reasonably.
The software starts the index from companies with highest variability (biggest daily increases or decreases in value) for a high sales volume. After choosing a given company, you receive information on company’s foundations, as well as a chart with indicated technical analysis-related formations. The said function should especially interest novice traders. You do not have to analyze anything on your own. You can check the aforementioned formations on the chart and learn from the presented data.
By browsing the website further, you can stumble across stock news aggregated from various websites. If you do not utilize sources discussed in the “Stock Market News“ article, it will be a sensible solution for you.
Now, let us proceed to the section of the website which is the most important one in my opinion – stock browser. Here, you can find companies divided with regard to:
Combined fundamental-technical data
Let us assume that you would like to find companies that achieved 5 % increase in value for a double sales volume. At the same time, you would like the companies to be representatives of the financial sector. When it comes to fundamental data, you would like the firms to have this year’s Earning per Share (EPS) coefficient on the level of at least 30%.
The application will provide you with results and companies meeting the set criteria. You will be able to analyze them basing on their charts and other factors of interest.
From the list, I choose the PVTB company. Now, I can familiarize myself with its chart better. As it can be seen, there is a certain limitation. It may be of utmost importance in the future. I can also check all the fundamental data, company-related news, etc. All the crucial pieces of information are gathered in one place.
While taking into account other data provided by the Finviz.com company, the following are worth checking out:
Changes in sectors – daily, weekly, and monthly changes can be checked here.
Company map showing which companies in every sector are top players on the market at the moment.
Finviz is exceptional when it comes to its range of functions. Its interface is also worth appreciating as well, as it makes working with the platform a pleasant experience. It is a rarity for stock screening platforms. That is why I can wholeheartedly recommend you the Finviz website!
It is advised to add Finviz.com to your list of favorite websites and check it every day.
Finance Yahoo Free stock screener
For few initial trading years, when I was focused on daily company variability that is – on trading in a specified price range – I regularly used the Finance Yahoo stock screener.
The application is exceptionally simple. Currently, it has even less options than it used to have few years ago. Thanks to the available functions of the screener, you can check companies with regard to:
Sector they operate in
Information on company’s value
Information on company’s revenue
Information on company’s financial results
Google Finance free stock screener
Google Finance scanner is very similar to Finance Yahoo when it comes to simplicity, looks, and functionality.
The tool in question is a bit more comprehensive than Finance Yahoo. By choosing desired ranges (minimum, maximum), you can check:
Data on prices
Information on variability
Data on dividends
Data on financial reports
After making a choice, you will receive a list of companies meeting the set criteria. I personally think that both Finance Stock Screener and Google Stock Screener are decent when an initial company selection is needed. They may be used especially to browse companies and make medium- and long-term investments.
StockCharts.com free stock screener
StockCharts.com – it is a very interesting stock screening platform. The said tool is worth using especially due to its highly developed technical analysis-related formations checking system that indicates if a company shows an upward trend, downward trend, or consolidation.
The website also incorporates predefined search filters which divide technical analysis into filters relating to
pro increase, decrease, and consolidation trends
Traders may also find companies for which turning points have been identified as well as check candlestick charts.
The combination of the discussed screener with data from Finviz.com may yield quite intriguing results. What is more, the application in question divides companies with regard to stock exchange they belong to. It differentiates between: NYSE, NASDAQ, AMEC, OTC,TSX, and London Stock Exchange.
Filtered companies may be juxtaposed on linear and candlestick charts.
Zacks.com free stock screener
Zacks.com – on this website, you can find a US stock market browser, as well as the one designed with ETFs in mind. The said browser may be taken advantage of by traders who look for both fundamental and technical data relating to chosen companies.
Even considering the vastness of browsing criteria, the interface of the website is not the most pleasant one. Zack.com should try to make the interface a bit more user-friendly. Nevertheless, taking into account that all the features are available for free – one should not complain:)
Have you been dealing with trading professionally? Do you need a Real-Time Stock Screener?
If you are a day trader and need real-time stock screener, you may choose one of paid options.
Thanks to their use, you will overshadow other traders. Remember that when it comes to a stock exchange, time truly is money. If you manage to gather important data before others, you may open a new position for a much better price.
If you have been looking for a real-time stock screener, I think that Trade Ideas Pro is the only reasonable option.
Trade Ideas Pro offers two browser modes: Trade Ideas Basic and Trade Ideas Premium. I personally have been using Trade Ideas Stock Scanner since 2007 and I must say that it has saved me hours of preparations and lots of money. I make thousands of transactions per year with it. A single successful transaction makes it possible for me to pay a yearly fee allowing for the unrestrained use of the platform. As you can see, it is truly worth checking it out. You can find great videos on Trade Ideas Youtube Channel.
If you want to become a day trader, you have to have the access to such a platform. I know that novice traders tend to perceive spending money differently, but I would like to suggest considering the purchase of this platform as a fixed investment. It is the cost of becoming a better trader and increasing your competitiveness on the market.
If you are a day trader using scanners providing you with data with a 15-minute delay, you will not be able to find a good moment to open a new position. Image a situation where an important piece of news about a given company is published. You will get to check the news 15 minutes later, so you will try to make a sensible transaction as fast as possible. In result, you will lose a lot of money. Is it worth the hassle?
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Do not forget to check my Trade Ideas Pro review – you will find tutorials there, as well as methods of utilizing it during trading sessions.
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Do you use other efficient stock scanners? If so, share your experiences with me in the comment section below.
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