A stock screener is an analytical tool that will help you identify and segregate trading instruments like stocks that are listed. Stock Screeners have a detailed database that consists of many companies that are listed on the stock exchange. There are various criteria that a stock screener looks at for filtering though most commonly used indicators are there on major platforms.
Additionally, a trader needs to select a set of variables with defined values in order to use a stock screener. Like for example, you want to screen all the companies with 1 crore and above market capitalization then you need to fill this variable to let the system know. The stock screener will bring you the list of stocks that fulfils the criteria you mentioned.
How does one use Stock Screener?
Here are some steps to use a stock screener with full potential. Those are:
Get started: Initial step is to create an account and choosing the appropriate trading platform after great research. The platform may offer free in-built screeners and you can use other separate screeners. Select a screener that suits best to your requirements.
Check chart patterns: You should select one or two chart patterns and do back testing for proper functioning. Additionally, checking the charts will make you realize whether or not odds are in your favour. Accordingly, determine the stop loss and potential profit levels.
View indicators: Technical indicators consider two factors that are price and volume from the charts and show the paraments set by traders.
Plan the period or time frame: You should plan the period of the goal and strategy while you set filters. All the parameters thereafter should be selected for the same timeframe.
Prefer stocks with higher volume: Trading stocks with higher volume brings great liquidity. Higher liquidity means you will find enough sellers and buyers of that stock in an active market.
Do research: You should do your own research rather than believing promoters of the stock blindly. Check the latest news, announcements, and much more.
Maintain a trading journal: Maintain your trades and use your thinking for stock selection via screeners.
Create a stock watchlist: Track the stocks that you see the potential in via screeners across the different markets. Do your own research and decide when the market opens.
Best Stock Screener of 2021
Ticker Screener by Finology: Filter out stocks based on your own set of criteria. Finology Stock Screener helps you narrow down thousands of companies to a small group of companies. You just need to enter your criteria based on 1200+ ratios that we have made for you, whatever type of stocks you want, you can think of a query and it will show you the companies which fulfill your requirements. Just follow the below steps to use Finology Screener -
Step 1. Type your query
Step 2. Choose from Suggestions
Step 3. Click on Run Screener
Step 4. Analyze your results
Trade-Ideas: Trade ideas is an AI-based stock screener that tracks the main movements of the trading day which helps the traders in making the decision. The pre-set scans are customizable and the tracking that is done is based on social data, technical and fundamental.
Edelweiss: Edelweiss stock screener is a type of offering that is popular in brokerage houses in India. Moreover, it is easy to use for both beginner and seasoned traders or investors. The mobile app of edelweiss helps make the decision quickly. It is available for both lite and Elite plans which are free.
Trendlyne: Trendlyne is a website that can be used for personalized screening which is query-based. This focuses on technical and fundamental analysis. Additionally, this screener provides stock alerts, the latest news, and research reports. There are free and paid options for the Trendlyne stock screener. The basic version pricing starts at Rs.2150 annually.
Trading View: Trading View is a charting and screening tool that is web-based. It enables screening that is based on fundamental and technical indicators that uses multiple timeframes. Additionally, they provide real-time international stock exchange data. You have options to create watchlists, get news and view stock details, and so on. Moreover, there are pre-set scans (hotlists) that will help the traders find the big movers of the trading day. Here traders or investors can create their own stock scans.
Investing.com: Investing.com is an investing screener for stocks that can be used by experts and novices. Additionally, investors can analyse the company based on fundamental and technical analysis for all the companies that are traded on the stock exchange (NSE and BSE). The screener has filters such as price, fundamentals, ratios, volume, and dividends. It is an NSE screener that provides quotes and charts with the latest news related to the company.
Zerodha: Zerodha’s Pi Stock screener has filters available for users those are financial ratios, technical indicators, future estimates, broker ratings, and much more. Additionally, these criteria can be saved for further use after reloading anytime. It helps for real-time scanning that is used at a fixed time during trading days. Under these stock screener sectors available are IT, financials, healthcare, consumer staples, etc.
Money Control: The money Control stock screener uses brand new information and updates from the Indian and international markets for screening stocks. Moreover, the users can monitor their investment and get better expert views. You can also do the voice-based search as it is supported by the mobile app.
Google Finance: Google Finance is a stock screener that focuses on stock chart patterns and technical analysis that are suitable for intraday trading. Additionally, the parameters of this screener include Bollinger bands, MFI, MACD, RSI, Moving Average, volume, price, and many another. It is a free app-based stock screener with in-app purchases. There various attractive features like market trends, real-time market quotes, watchlist options, earnings calendar, stock suggestions, and up-to-date financial news.
Investello Investing Screener: Investello Investing screener helps the traders and investors filter the stocks based on various criteria like safety, valuation, and performance. It allows peer comparison, provides daily updates, has a dashboard, and has normalized figures.
A stock screener is an analytical tool that will help you identify and segregate trading instruments like stocks that are listed. Stock Screeners have a detailed database that consists of many companies that are listed on the stock exchange. Additionally, a trader needs to select a set of variables with defined values in order to use a stock screener. There are various best stock screeners of 2021 that will provide you will the best features and are mentioned in the above list. You should consider the steps mentioned for using Stock screeners and get the best out of them.