Forex Trading

How To Scan Stocks For Day Trading


They use a strategy to find new opportunities to make money. They jump from stock to stock when stock trading to find the greatest chance of a big price move, which creates profit potential. However, you need to be careful about the type of stocks you choose. It is better to stick to traditional stocks such as ETFs and other high volume stocks instead of instruments such as penny stocks for day trade stocks.


This means that you need a broker commission structure low enough that commissions won’t eat up all of your profits. All investments involve risk, and not all risks are suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products.

Scanners tend to be subscription based with the resource heavy lifting being done on the provider’s computers and pushing results to your browser. These are very convenient when you need to access scans away from your desktop. You can also do some research in the middle of the trading session to find the stocks that are moving the most that day. You can use an online stock screener to find stocks that meet those and other criteria. The performance tab allows you to specify performance criteria such as beta or historic relative strength. The other tabs give you more options to help you choose your trade, such as indicators or support and resistance factors.

Top Stock Scanner For Day Traders in 2023

As well, we can see that price is extended above the VWAP by greater than 1%. Finally, price is able to take out the low of the reversal candle and we enter into a short trade. On the left-hand side of the image below is the bullish setup trade.

  • Once you have those situated, you should be all set to start scanning.
  • The very fact that it’s commonly watched is an advantage, since there will typically be a broad market reaction among traders in response to a VWAP cross or pullback.
  • Fundamental – This will focus on the fundamentals of a company, including revenue, market cap, and margins.

However, there are not many flexible ways to customize your advancing in your career by dr. jeffrey magees, but it is preset with many setups the professionals have found to be effective. Stock Screeners are mainly used for analytical purposes, as they generally focus on stocks that traders wouldn’t see on a chart. For example, they focus on the company’s sector, the price-to-earnings ratio (P/E Ratio), dividends, and the average analyst opinions.

Quick ways to find the day trading stock you’re looking for

Since the results are formulated based on closing prices, there is no immediate need or opportunity to trade the stocks. Downloadable desktop-based scanning software can produce quicker results but can greatly drain your computer’s resources and slow down other functions. Users should limit the scans to groups of stocks like watch lists or sectors, rather than the whole market to ensure proper functionality and offset performance slow down. With a smaller sample size, these programs can be customized to alert potential pattern triggers much quicker than a cloud-based scanner. They will require programming knowledge and fluency in the criteria selection process to customize the scans. Second, stock screeners can be used for complex data analysis to identify the best possible trading strategies and opportunities.

You should run your scans after the post market trading has closed at 8PM. This way you can see all the movers from that day, and also see what stocks are moving after hours in reaction to news events. This will help you make your watchlist for the next trading day.

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. A Relative Volume of 1 would be normal, we’re looking for stocks that are on par to trade at least double their average volume. Volume spikes can be used to find stocks that are seeing a lot of interest.

There are thousands of equities to choose from, and day traders can pick virtually any stocks they want. So, the first step for a day trader is to figure out what to trade. Cory is an expert on stock, forex and futures price action trading strategies. When I am scanning for options, I want to find setups like the stock chart below. When buying calls or puts, an options trader has the directional consideration of a stock trader.

Either the high volume represents accumulation of the stock or distribution . Stock scanners—which, remember, use real-time data and are best for traders who need to act quickly—typically come at a cost. For instance, as of this writing, Benzinga Pro’s real-time scanner only comes on Essential plans ($177/mo.) or better. Plus the cost of a required Xenith data subscription, which varies depending on which region’s data you need.


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. A vibrant crowdsource platform for financial market research and information, Seeking Alpha has designed its own stock screener to meet the diverse needs of its sprawling investor community. Building a stock portfolio means sorting through mountains of data. There are thousands of publicly traded companies to compare in U.S. markets alone, not to mention the countless options available internationally. To get my official intraday scanner through trade ideas, simply sign up using our BOWS link here.

Finding Daily Opportunities With a Stock Screener

Two of the most popular methods used by stock traders are using support and resistance levels from previous price highs and lows or a new period high or low. For example, one day trading strategy is to buy a stock when it moves to a new 20-day high. Other Benzinga Pro features, depending on the plan, include stock signals, a community chat, even trading mentorship and education from a leading options trader. Benzinga Pro offers up-to-date stock market news and data, as well as a powerful real-time stock scanner.

This is how to scan for the stocks that are making big price moves, with volume, after the open. I find this scan much better than just looking at the “biggest percentage gainers/losers” or “biggest dollar gainers/losers” lists available on many sites. As mentioned, the biggest gainer may have gapped up 20% but has done nothing since. Here’s a brief rundown of how I scan using Finviz Elite for stocks that are making big moves during the day. You could likely use other scanning software and input similar criteria.

seeking alpha premium

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. 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.

We exit the trade on the first candle that closes below both EMAs. Stock Rover’s charts go beyond the industry standard and you can even chart fundamental metrics. If a screener app can give you this much functionality, it’s worth a look.

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. TrendSpider is a suite of research, analysis, and trading tools (collectively, the “platform) that are designed to assist traders and investors in making their own decisions. Our platform, its features, capabilities, and market data feeds are provided ‘as-is’ and without warranty. With the news in mind, one of Benzinga Pro’s most unique features is Audio Squawk, which allows you to save time and screen space as the site reads you the day’s key headlines.

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