No matter your style of stock trading, deciding which stocks to get and/or dispose of can be daunting. The good news, however, is that with stock scanners and screener tools it’s possible to make highly accurate decisions with minimal strain. Sounds too good to be true? Well, these tools come with the ability to scan and screen thousands of stocks based on real-time updates (in theory). In reality, though, not all scanners/screeners are capable of doing a stellar job. So, to help you make an informed decision, below is a run-down of some of the most sought-after options and why you should try (or ignore) them.
1. Trade Ideas
This is arguably one of the best scanning tools available on the market (and for good reasons). First off, it offers a wide variety of built-in scans designed to help you find unique trading opportunities.
The tool also incorporates already pre-configured scanning settings including bullish, bearish and neutral options. By providing you with an analysis of fully screened stocks, it takes the guesswork out of your trading decisions.
Featuring pre-built scans, the tool allows traders to set additional parameters such as price range, minimum/maximum average volume, and exchanges. Additionally, traders can create their own scans using the software’s easy-to-use filter configuration windows. However, the sheer number of scans available can be a bit overwhelming and intimidating for greenhorns.
Trade Ideas allows premium subscribers to backtest any of the pre-built scans using their OddsMaker tool. This helps you to fine-tune your trading strategies even before you commit your hard-earned money.
On top of that, it incorporates an Artificial Intelligence (AI) tool known as Holly. Holly does a good job of scanning thousands of potential trading opportunities based on technical, fundamental, and social data.
Basically, this AI provides you with strategies with a success rate of more than 60%.
The results of all the scans usually show up in the alerts window and comprise configurable column detailing the company name, time, price, symbol, volume, strategy, and more. Traders just need to scroll down the window in order to view the history of the alerts.
Like most scanning and screening tools, Trade Ideas can be accessed either through a browser or downloaded as a stand-alone program.
- Customizable strategies with the ability to be back-tested
- Displays events via the Alert Windows in real time
- Allows you to screen for stocks in both U.S. and Canadian markets
- Can be tested for free in demo mode
- Accessible on any mobile device through the cloud
- User-friendly interface
- Beginners might be overwhelmed with everything the software has to offer
- No streaming newsfeed but only clickable headlines
Created by Worden Brothers, TC2000 scanning software provides traders with a wide array of proprietary analysis tools and screeners. At a glance, this software may seem like any other average stock scanner, a closer look at it reveals that it’s highly robust and powerful. Besides that, it is fast, easy-to-use and designed to help you find rewarding stocks that complement your style of trading.
One standout feature of the TC2000 is its many charting capabilities that allow traders to choose from different plot styles including technical and fundamental indicators. In addition to this, you can visually compare swing sizes and trend strength between stocks using the software’s smart scaling tool.
What’s more? It boasts two-second scanning tools aimed to help you identify the various stocks that match your risk tolerance and investing style. You can use it to screen hundreds of watchlists, technical as well as fundamental indicators.
Like most stock scanners, users of TC2000 can choose to either rely on the bunch of pre-loaded scans or simply create their own using the EasyScan tool. However, using the tool to write your formulas and create custom scans requires a better understanding of the financial markets. As such, if you are a newbie, pre-configured scans would be the perfect starting point.
- Excellent alert feature
- Includes several custom indicators for evaluating the stock market
- Scans through thousands of stocks very fast
- Cost-effective pricing structure
- Offers charts of unmatched quality
- Available as a desktop application rather than web-based
Packed with some really nice features, EquityFeed is another highly recommended stock scanning tool for the day, swing, and active traders. It is an all-in-one trading platform offering charting, stock screening and scanning in a single software. While there is no available free version of the software, you can test it for a period of fourteen days for free.
Additionally, the platform is reported to offer one of the most powerful scanning tools on the market thereby allowing traders to easily customize their search criteria. You can choose to filter the stocks by specific sectors, different markets, stock type or even by watch lists.
Another important feature of this software is its Alerts tool that incorporates filters and alarms which you can set based on moving averages, volume, trades, price, and so on. On top of that, it boasts a pattern recognition tool that provides you with real-time alerts about different types of events.
Moving on, EquityFeed is designed to provide traders instant access to relevant market news with just a simple click. What is more, you can quickly filter the news feed to ensure you only have access to information that best suits your unique needs.
Further, it includes the Market View feature to give you a better view of the market by allowing the entire equity market to be properly displayed. Traders can easily customize the way the market lists are sorted and ranked mostly as per a certain variable.
- Offers trading information and news in real-time
- Suitable for rookies and professional traders
- Traders can create unlimited ticker symbols, custom layouts and watch lists
- Highly-intuitive and interactive user interface
- Fast and reliable customer support service via e-mail
- A bit expensive especially for beginners
- Not ideal for long-term investors
TradingView is among the best stock screener tools designed for both beginner and experienced traders. It continues to be a popular choice, especially among active traders because of its versatility. Basically, the tool helps traders filter stocks based on their preferred criteria. Traders can choose to search and even sort stocks based on technical indicators, fundamental indicators or both.
Additionally, the platform boasts preset stock scans that help find some of the big stock movers of the day. These scans are available for all international stock exchanges for added versatility. In addition to the already built-in stock scans, the tool allows you to create customized stock scans based on unique fundamental and technical criteria.
But wait-there is more to that. The tool utilizes a sliding scale to help you set the right screening criteria with ease. On top of that, it features over 100 search fields and also provides access to real-time alerts in both US and foreign markets. As if that’s not enough, the software incorporates a wide range of cloud-based charting tools for extensive stock research.
Further, the software enables traders to search for just about any instrument available including its chart. It also gives you the option to add filters so you have an easy time finding the specific stock you would like to trade.
What’s more? The tool is available in both free and paid versions. Although the free version is a nice addition for beginners, it is quite limited in terms of features. Best of all, the platform offers all its tools via a downloadable app for optimal convenience. As such, you can perform the technical analysis and view candlestick charts right from your smartphone.
- Completely web-based
- Suitable for both beginners and advanced traders
- Free-basic version and 30-days trial for the paid subscription plans
- Provides relevant news about stock markets in real time
- Tons of customizable options
- Offers a list of the best 20 stocks with most gains and top loses in real time
- Does not allow you to save any of your scans for future use
- Does not offer real-time scanner
This is yet another great stock screener software that allows traders to manage their virtual stock portfolios on the go. The platform was founded in 2014 and seeks to give traders more confidence as far as both stocks and strategies are concerned. As such, it can be a valuable tool for both newbies and professionals.
Featuring a powerful stock screening tool, the platform allows you to filter the entire stock market for stocks based on certain metrics. You can choose to filter the stocks based on factors like average volume, price, dividend yield, market capitalization, and more.
On top of that, you can screen for more complex data-points including fundamental or technical indicators. With this in mind, one can filter for stocks trading above 50-day or below 200-day simple moving average.
Additionally, the software permits traders to create complex filters by combining different stock characteristics. This makes it easy to hone in on a certain group of profitable stocks. Best of all, with Investfly stock screening tool, users can quickly share all the screens they create with other traders or simply choose to keep them private.
Available in three plans including standard which is free, premium and elite, users will get up to 10 stock screeners depending on which plan they choose. Basically, with the free plan, you only get one screening tool, five for the premium version and 10 for the elite package.
Moving on, it is also possible to create your own screener, save it and choose whether to make it private or public. Further, Investfly allows you to set alerts so that you can get a notification any time there are stocks that meet your specific criteria. Using the platform’s stock alert feature, users can set conditions for certain market indexes, list of tickers or all the tickers on the market.
Alerts are usually in real-time via text message or email to ensure you stay connected to your portfolio and the market all the time. As if that’s not enough, building trading strategies from scratch so you can automatically buy and sell certain stocks is also easy with this platform. Furthermore, you really don’t need any coding knowledge to do so.
- Allows you to backtest and perfect your trading strategies
- Seamlessly links to your preferred brokerage account
- Up-to-date stock alerts
- Provides a complete suite of trading tools
- Easy to run any advanced stock screen and set real-time alerts
- No charting capabilities
- The stock scanner is only available with the elite version
6. Finviz Elite
Finviz Elite is considered to be one of the best stock scanners thanks to its huge selection criteria. Traders and investors can input different pieces of criteria including price, market cap, float short, RSI, shares outstanding depending on their unique trading style. Best of all, it is possible to save all the scans you feel like for future use.
This is a premium service but it’s also available in free version. For active traders and investors who like staying on top of everything happening in the stock markets including their portfolios, the software offers a lot of benefits.
With the software, charts are fully customizable to your preferred settings. It also provides users with real-time charting on daily, intraday, monthly and weekly timeframes. On top of that, it includes a wide array of popular indicators and overlays. As if that’s not enough, you can add up to five overlays and indicators for greater flexibility.
As far as alerts are concerned, you can set them based on specific price, news, or insider transactions. You will then receive the alerts via email once the set conditions are met to save you time especially on open trades. With some technical indicators proven not work, the platform provides traders with 15 backtested indicators making it more beginner friendly.
Last but not least, Finviz Elite boasts a news section where traders get quick headlines. The news feed can be sorted by either source or time. Also included are heat maps with intraday charts for quick analysis of huge amounts of market data. The maps offer a wide overview of the stock market but it is possible to view stock maps of a certain exchange, group, industry, country or sector.
- Traders can cancel their subscription at any time
- Easy to save your watch lists and screens
- Includes 30-day money back guarantee in case you are not fully satisfied with the software
- Provides incredible insider trading feeds
- Screen results are shown in various formats including charts and lists
- The monthly subscription is a bit expensive
While stock scanners and screeners can help you make precise investment decisions, there are in no way magic pills. You have to be willing to learn and put some effort to start making some good returns. The good news is that after all that effort, you’ll have every reason to celebrate once things start going your way.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new thing as well as improving his jiu-jitsu skills. He currently resides in New York City. Learn More >>