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Different Types Of Day Trading Scanners

For certain trading techniques, pre-market trading is not an option. A trading setup that is ideal for trading during trading hours may be achieved by using the Momentum, Top Reversal, and Bottom Reversal Strategies. When scanning a pre-market watchlist, it's difficult to identify these companies. In the following part, we'll go into more depth about the day trading scanners that we use for these tactics.

Real-Time Volume Radar

You never know what new Stocks in Play may pop up throughout the course of a business day. Some trading ideas software is configured to locate stocks in real-time.

The following are the prerequisites for a stock to be in play: In order to benefit from the volatility of the stock and generate a profit from it, you need an ATR of at least 50 cents. Trading a stock that moves an average of barely 5 cents a day is pointless.

  • Gapped up or down by at least one dollar.
  • ATR of at least 50 cents is required.
  • At least have an average volume of 1.5 (the stock is trading at 1.5 times its normal volume)
  • Have at least 500,000 shares traded on an average daily basis

Take a look at the stock market, too, as an additional option. Most likely, the stocks you own in a certain industry are not up for grabs. As a result of a large amount of institutional trading in their industry, they have a high relative volume. You should be aware that equities tend to move alongside their respective industries.

Almost all of the oil firms sell off their shares when oil prices fall, for example. As a result, it's critical to separate the herd from the rogue stocks. Keep in mind that even if you're one of the finest traders in the world, if you're trading in the incorrect stock, you'll still end up losing money.

Bull Flag Momentum Scanner

In the middle of the day, the scanner is looking for stocks with high relative volume, low float, and a high level of activity.

Stock market scanners on a screen
Stock market scanners on a screen

Real-Time Reversal Scanners

Other methods for which pre-market stocks are unavailable include top and bottom reversal tactics. An intraday real-time scanner is a need. The characteristics of these scanners may be altered to suit your needs. For now, these are the settings that work for me, but as you gain experience and develop a better understanding of your own trading style and other methods, you may opt to create different scanners for yourself.

Summary

A scanner may not be necessary for many inexperienced traders at the outset. You may view my scanner in real time if you join a day trading group like mine. At the beginning of your job transfer to day trading, you may wish to keep your expenditures down as much as possible with these scanners, which cost approximately $100 each month.

About The Authors

Stefano Mclaughlin

Stefano Mclaughlin - For the first five years of his career, Stefano worked as a financial advisor on state and local tax matters, developing internal marketing technology for his multinational tax business. With over 12 years of experience designing high-performance web applications and interactive interactions, Stefano is now a marketing technology specialist and founder.

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