How to Select a Stock Screener for Day Trading

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When selecting a stock screener, there are many factors that you should consider. First, consider how many filters are available, since not all screeners offer all criteria. For example, you can only search for stocks that meet certain criteria, but there’s no point in using a stock screener that doesn’t show you what the industry average is. The more filters available, the more likely you’ll find a good stock to trade.

Besides the filters, top stock scanners also help you identify which stocks will work well with your investment style. These tools analyze various metrics, such as company financials, economic indicators, chart patterns, and technical indicators. Most stock screeners are specific to the U.S. stock market, but some have support for international markets. The free stock screeners generally include basic charting and statistics, but advanced options require a paid subscription.

Before selecting a stock screener, decide on the ideal setup. If you want to day trade, you should look for stocks that have crossed over a 20-day moving average. You also want to keep an eye on volume. A good stock will probably have peers that are similar to it, which means that it has a good chance of trading well. If you want to short-term trades, look for stocks that are moving well, making certain pattern set-ups, and meeting criteria for the day.

After you have decided on a specific strategy, make sure you use a stock screener that offers an extensive list of stocks with a variety of filters. These screens will help you find great trades that won’t cost you a fortune. In addition to identifying good trades, you should also take into consideration the company’s price history and track record. 

After you have decided on a particular screener, the next step is to determine whether you want a free or paid version. Free versions of different stock screeners have different features. Some are superior in premium features than free ones. If you’re an experienced trader, you’ll probably notice some missing features in a free version. To select the best stock screener, read customer reviews. You can also use user ratings to make the right decision.

Another great stock screener is Simpler Trading. This stock screener is great for beginners, as it scans the entire US stock market, so you’ll find the best stocks based on their price movements. Simpler Trading also has a feature for identifying “Honey Badger” stocks, which defy current market trends. Ultimately, you’ll need to make a plan and stick with it. For best results, however, you should first identify the types of stocks that interest you.

A good screener should also be free and should include over 20 data points. You can use a screener to get ideas based on market scanning and collateralized intraday credit. You’ll also find some ideas based on Canadian Graham and Libertex stocks that are self-explanatory. Choosing a stock screener that offers a combination of these features is an excellent way to make the most of your trading day.

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