Aware that slow markets can lead to a poor opportunity set for intraday stock index trading, many traders screen for individual stocks that are likely to show promising movement during the day.
FinViz offers a free screening tool, along with the ability to apply customized screening criteria to defined stock portfolios in their Elite version.
Trade Ideas has done a fine job of continually adding tools to their screener, including the ability to catch volume spikes and filter stocks by where they are trading within their day's ranges. Also unique to Trade Ideas is the Odds Maker module, that enables traders to backtest various screening patterns over a prior three-week period.
Trader Vic Scherer publishes what he calls "persistence lists" in his Daytrend blog site. These are chosen from a universe of liquid stocks. He updates the lists for stocks moving in up and down trends during the last hour of the trading day and also alerts readers to the lists via Twitter. See also the extensive market statistics that Vic keeps; impressive work!
Are there valuable intraday screening tools that you use for stock trading? Please offer your shout outs through comments to this post. Thanks!
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3 comments:
Thank you for the screener. I have been looking for something like that for a loooooooooong time.
Yeah, I took a look at gold cuz the ES was so slow in the afternoon. Made some money on GLD but then added to my position and pi**ed it away when the rally stumbled. Turned back to trading ES after 3. Fortunately good old reliable ES managed to save my P/L, spotted the ramp, went long, and made $.
I seem to do really really well focusing on one instrument, and to stumble when trading others.
I use a scanner from www.nextrend.com. The software has charting, alerts, and scanning. Charting is only Daily, Weekly and Monthly but the live data is intraday. The package is offered for free (although you need to register to download the software). Their full version is free for the first 30 days, but intraday scanning and alerts work in their free version too. The full version is $24.97/mth if you want to keep the full version after the first 30 days expires. I just use the free version myself and have found it pretty useful once I got to know my way around the software. Might want to check it out, you can't beat the price.
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