When you look at a stock screener, you want to find one that is easy to use. The screen can be confusing for many people who do not understand the technology behind the stock screener. However, you need to understand the basic technology behind these screeners if you are going to use them to make stock investment decisions. Here is what you need to know about using stock screener technology to make stock investment decisions.
The best stock screener available is simply the one that provides the most accurate and up to date functionalities fitting your investment objectives. Day trading is very different from swing trading and other investing styles. In swing trades, you are looking for solid stocks. You generally want to pick out stocks that are solid-to-good but also undervalued. With day trading, you are looking for stocks that are moving in an up direction but you are also searching for a stock that is on the decline.
If you are going to use stock screener software, it is important that it provides you with a rich set of fundamental features. Fundamental analysis is key to understanding where a stock is going and how it is going to continue. Some of the key features you need including graphs that display moving averages, oscillators, strength index, envelope patterns, and moving average convergence-Divergence. You want to have a great stock screener that gives you these types of information.
It should also give you the latest quotes for the stocks. Most stock screeners offer real time quotes. This is important because it allows you to identify the best overall priced stocks. The best overall priced stock will usually be the one with the strongest fundamental factors. This is why it is important to ensure your program provides you with the fundamental analysis.
Many of the best stock screeners are powered by the Charting Software Package from Market Screener Pro. The tools are comprehensive and the charts are beautiful. The pros all point out that there is no way to go wrong with this product. It was created by the pros who know their stuff and who put it through several modifications and improvements that made it into what it is today.
Another pro that is a bit of a hidden gem is Yahoo Finance. Yahoo has a wonderful free stock screener that will allow you to define your own criteria. The Yahoo finance criteria can be customized so that it only shows stocks that meet three criteria. If you have an account already with Yahoo, all you need to do is find the free Yahoo screeners, open them up, and begin to analyze the charts.
This list could keep on but two other tools that are often overlooked are Penny Stock Screener and Day Trading Robot. Penny stock screener allows you to identify penny stock trades. There are many different types of penny stocks including pink sheets and Dinkytown as well as greater priced common stock. Day trading robot takes your stock pick selections and generates short term and long term picks for you based on technical analysis. This is often the best stock screener that focusing on day trading alone.
The final and arguably most important tool in a stock screener’s arsenal is its technical data collection and analysis tools. Most stock screeners provide you with the technical data such as price, volume, and P/L ratios. You may also receive historical data such as the S&P 500 index. Finally, most offer some sort of price-action analysis. The best overall technical analysis and data collection tool are definitely EFT Screener and it may be the one tool that allow you to realize your financial independence once and for all.