How To Scan Stocks For Day Trading


The newly released version 20 comes with multiple scanner improvements. Black Box Stock is a good starting point for those uncertain about what assets to trade and what time horizon and strategy to use. Momentum investing is a strategy that aims to capitalize on the continuance of existing trends in the market. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace.


TradingView is the best platform for extensive technical analysis. It’s a charting platform that provides real-time market data for financial instruments from stocks to indices, futures, currencies, cryptocurrencies, and more. As a day trader, I use charting software to analyze price movements and volume as well as compare stocks in small intraday time frames like 15 minutes, 30 minutes, 1 hour, etc.

If you're a day trader hoping to capitalize on swift changes, then you'll want a shorter moving average that's more sensitive to the most recent price action. Stock scanners are computer software that can evaluate features on a stock chart that can meet specific criteria created by the trader. Computers can go through a vast amount of companies in a short amount of time and make a watch list geared toward your setup and strategy.

Similarly, if you focus on small cap companies, you can use the screener to remove large cap names like Microsoft and Google. There are thousands of stocks listed in major exchanges around the world. In the US, the most prominent names are Apple, Microsoft, and Facebook. In Europe, the best-known companies are Royal Dutch Shell, Volkswagen, and Daimler. Check out this step-by-step guide to learn how to find the best opportunities every single day. In this way, the Pro Scanner can be extremely useful for spotting intraday price breakouts in the context of your custom trading strategy.

Real-Time Market Scanning

Financial services corporations provide excellent day trading stocks. Bank of America, for example, is one of the most highly traded stocks per shares traded per trading session. Indices are widely day traded since they have daily movement and are not subject to the same risk as individual stocks. A stock can go bankrupt, but an index tracks many stocks and therefore tends to be more stable than individual stocks. While indices may experience less volatility than some individual stocks, they still present opportunities that day traders can develop strategies around.


Another benefit for frequent traders—helping justify that high price tag—is the ability to set up automated trading by connecting Trading Ideas to an online brokerage account. Stock Rover’s free accounts provide only limited stock screening metrics. The Essentials plan costs $80 a year and includes more than 260 metrics.

Why Volume and Liquidity Matter

This is one of the reasons why TD Ameritrade is also ranked as the best online broker for beginners. Access to some of the metrics requires you to have a TD Ameritrade brokerage account, which is also free. You can also set up scans for patterns that immediately execute trades on your TD Ameritrade brokerage account when they happen.

Should seek the advice of a qualified securities professional before making any investment,and investigate and fully understand any and all risks before investing. You’ll probably want access to Level 2 quotes that will allow you to see the raw bids and offers in a stock, giving you a closer view of supply and demand. There’s no 100% guaranteed rule that tells you what every stock will do in every situation (and if you find something like that, give us a call!).

  • Screeners offer a deeper look at more sophisticated investing strategies for experienced traders.
  • That’s why I and my team built the Warrior Trading Stock Scanners with the same best practices and strategies which undergird our courses.
  • In addition, it is possible to compare companies against peers and use the implemented charting capabilities for visualization.
  • Their free stock screener includes insights into company fundamentals, the Zacks investment research features, dividends and balance sheets.

All of the scanners I use have been highly customized to provide me with a watch list of the type of stocks I have the highest percentage of success trading. ZeroFree, the free version, includes the features you need in a day trading platform like charting, indicators, real-time news, and more. The paid versions, ZeroWeb and ZeroPro, unlock more tools like stock screening, top lists, and alerts.

VDU and Pocket Pivots: “VooDoo” for your day trading

A stock screener is a tool that helps you uncover stocks and other securities that match your investing goals. Screeners use fundamental and technical analysis to sort securities that demonstrate the performance characteristics you want. You can start using the TradingView screener for free to research U.S. and international stocks, but market information is delayed.

This should help you identify the stocks for your trading day. Day traders can find it daunting to scan the universe of stocks for trading signals and keep track of open positions. Alexander is the founder of and has 20 years of experience in the financial markets. Another excellent scanner functionality is the historical scan results tool, where you can go back in time to see what stocks hit the scanner with the defined criteria. The TrendSpider scans can also be used as the source for backtests and pattern recognition analysis.

Not all traders want to go long, and not all traders want to go short. While these might be “outlier” moves in a normal market, they are perfect examples of the results you should seek for day trading scans — if volatility and momentum fit your strategy. Having used it, I can confidently say it’s one of the best broker platforms for day traders.

These candles can occur throughout the chart and in both bullish and bearish scenarios. Day traders open and close stock trades within a single trading day, in an attempt to profit from the intraday movement of the stock in a single trading session. The Relative Volume filter is great at finding stocks in play. It looks at the 10 Day Volume Average for this time of day of the stock and compares it to the current trading volume. A Relative Volume of 1 would be normal, we're looking for stocks that are on par to trade at least three times their average volume.


If you need 10 years of historical data for 650+ financial metrics that you can analyze and compare with a mouse click and crunch in MS Excel, then you need Stock Rover. Yahoo Finance used to be one of the best freely available stock screeners, and even today, users can scan for market capitalization, eps growth, chart patterns and other screening criteria. In addition, Black Box Stocks has an integrated options screener where unusual options activity on Wall Street is tracked.

This saves us a tremendous amount of time when watching scanners in real-time. I find almost every single trade setup on one of the stock scanners that I built with the team at Warrior Trading. I can’t speak highly enough about this tool, because without scanning software I would be lost as a trader. We’ve also limited the results to only stocks traded in the S&P 500. Day trading scans are an integral part to any day trading strategy.

Platform-Based and Desktop Scanners

The good news is that after all that effort, you’ll have every reason to celebrate once things start going your way. 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. 30-day free trial and discount offer during the trial period. StockRover also allows for backtesting and creating equations—combining multiple filters into a mathematical equation to further fine-tune results. You can buy credits in blocks of 10,000 ($10) or upgrade to unlimited usage for $29.97 per month or $259.97 per year ($21.66 per month).

While there is no available free version of the software, you can test it for a period of fourteen days for free. For this review, Forbes Advisor made a comprehensive list of the most popular stock screeners on the market today. Our researchers then compared the screeners based on their capabilities, total screening metrics, available markets, and other research investment tools. Benzinga is a market news and data website that specializes in providing users with alerts on the latest market developmenets ahead of almost any other source. This makes the Benzinga Pro stock screener ideal for swing trading, a strategy where traders make buy and sell in anticipation of upcoming market moves. Seeking Alpha’s stock screener offers a decent selection of screening metrics, including data points useful for both day traders and buy-and-hold investors.


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