This process allows investors to save both time and effort scanning through thousands of stocks. With the use of a stock scanner, investors can find suitable stocks for their strategies within minutes. Not to mention that they employ the methodologies of traders and reveal valuable and potential trading opportunities.
The best free stock scanners are common in brokerage trading platforms. However, you may also find independent subscription-based applications of stock scanners. They may be used in both fundamental and technical trading procedures.
Learn more about stock scanners and the list of the best free stock scanners below.
What are the Best Free Stock Scanners?
There is no definite best free stock screener for day trading. It is all subjective depending on a trader’s needs and preferences.
Below is a list of the best free stock scanners for day trading according to our metrics. You may give them a try and see which of them works best for you.
- ZACKS (NASDAQ): The scanner ZACKS offers extensive EPS metrics and has unlimited exchanges. Although this is a free stock screener for day trading, ZACKS has a premium membership.
- FINVIZ: This free stock volume scanner has a comprehensive toolset, use of historical data, and interactive charts. It scans unlimited exchanges and has a great selection of both fundamental and technical screening data. FINVIZ may be accessed through a subscription for traders who wish to have real-time results.
- TradingView: Although a paid stock screener, TradingView offers free trials allowing users to experience their interactive chatroom and extensive selection of global stocks. This scanner is light on historical data.
How to use Free Stock Scanners for Day Trading
The best free stock scanners are as easy to use as free stock analyst ratings. Their operation is as straightforward as choosing filters according to your preferences and waiting for the tool to generate its results.
The best free stock alert service tools usually have filters that directly translate to trading criteria. A couple of filters are price, trading volume, volatility, chart patterns, and strategy metrics.
These filters may be continuously layered until they meet a trader’s preferences. Once finalized, the stock scanner tool will begin to narrow down the list of stocks according to its filters. You may then manually scan through the list of results and select the best one for you.
Free Stock Screeners Vs. Paid: Which is Better?
The answer to this highly depends on a trader’s needs.
If your trading procedures do not require many filters and processes, you should try free stock screeners. However, if you find yourself needing more options and functions, you can give the paid versions a try.
Free Stock Market Signals: How to Interpret Them
Stock market signals are easy to interpret.
As soon as your stock scanner generates its results, you will find a list of stocks that fit your criteria. Along with the list of stocks come their descriptions that contain information regarding their conditions and history.
Remember that these results are stocks that fit your criteria at the moment. The market is ever-changing, so these results may be inaccurate as time passes.
The list of stocks that the screener provides you are not scanned for quality but only by its filters. This is why it is important to manually review them on your own before taking any trading actions.
How to Find the Best Free Stock Alert Service
The best free stock scanners should contain more than just a wide variety of functions and options. It is highly important that these services match your trading procedures and plans as well.
An ideal scanner should provide you with enough information regarding the stocks it has selected for you. Sharp price changes, timeframes, volume, and resumptions or halts are a couple of the things you’ll need.
It should also be able to provide you with essential educational content regarding your trades. These will help you improve your plans and strategies.
If you’re into keeping up with the current trends, an ideal stock alert service should also sync with trading platforms to generate automatic signals.
