What Are the Best Day Trading Stock Scanners For Active Traders and Investors?
There are around 4,000 US stocks being publicly traded on a daily basis and it would be futile to extensively research every single one of them. Powerful stock scanners can vastly reduce this process by presenting you with the types of stocks you actually want to see based on specific technical and fundamental criteria. So instead of 4,000, you can deal with just a handful of realistic options.
Obviously, stocks that meet the criteria you’re looking for depend on your own individual trading style and preferences. A day trader, for example, probably isn’t using the same criteria as a long-term investor. The day trader is probably looking for a volatile mover, while the long-term investor is probably looking for a stable dividend-payer. But overall, scanners make it much easier to pinpoint a small group of stocks you’re looking to potentially trade or invest in based on specific technical and/or fundamental data.
In day trading, where timing is critical, scanners are even more important. If your scanner isn’t providing you with opportunities in a timely manner, then what good is it? Below are two robust day trading scanners that provide actionable information.
Top 2 Day Trading Stock Scanners – Increase Profits With the Best Available Tools:
Based on my own personal experiences, Benzinga Pro and Trade Ideas are the top two day trading stock scanners currently available online. Benzinga Pro’s greatest strength is its newsfeed, but it also offers a considerable amount of additional tools (including classic screening/scanning functionalities). And Trade Ideas’ greatest strength is its continuously-updating scanners, so once you’ve found or customized scans to fit your trading style, they constantly update in real time.
I’ll explain some of the similarities, differences, strengths, and weaknesses between Benzinga Pro and Trade Ideas below.
#1 Stock News Scanner = BENZINGA PRO →|READ FULL REVIEW|
Benzinga Pro is mainly known for providing a fast and reliable stock newsfeed, but there’s much more to a Benzinga Pro membership than that. You also have the ability to create your own watch lists and alerts, access multiple types of calendars (earnings, initial public offerings, dividends, and many more), and perform deep fundamental analysis with income statements, balance sheets, SEC filings, etc. In addition to that, you can run custom scans based on various technical and fundamental data.
But probably my favorite feature of all (besides the newsfeed, of course) is what Benzinga Pro calls “Signals”. This includes events like halts, opening gaps, price spikes, and news highs/lows. My personal favorite signals are block trades and unusual options activity because these sorts of things are signs of large institutional investors (big banks and hedge funds) placing large, aggressive bets. And if the “big boys” who have more information and resources than I do are placing big bets, it’s something I want to know about.
#1 Classic Stock Scanner = TRADE IDEAS →|READ FULL REVIEW|
Trade Ideas offers some amazing features that can potentially be leveraged all the way up to fully automated trading. Some of the best features are Holly, OddsMaker, Simulation Mode, and Brokerage Plus. Holly is an artificial intelligence engine that constantly scans the market for trades with high statistical odds. OddsMaker is a backtesting tool that allows you to build, test, and refine your own strategy. Simulation Mode is paper trading and Brokerage Plus allows for integration with a handful of brokers.
In addition to these main features, Trade ideas also offers many preconfigured layouts (called “Channels”) based on certain themes (like premarket, after hours, penny stocks, crypto, etc.) or you can custom-design your own. You can review charts, check quotes, look into company details, set up alerts, and even run custom scans. The best part about the Trade Ideas scanner is that it’s constantly running and refreshing – continuously feeding you updated data based on your chosen technical and fundamental criteria.
Benzinga Pro vs. Trade Ideas – How to Choose One Over the Other?
The best stock scanner for you, of course, depends on your individual trading style and preferences, but understand that it’s not typical for a trader to subscribe to both. You can certainly check each one of them out through free trials and during test drive periods, but subscribing to both would be a bit redundant and costly. So unless you really love specific features from each and have the trading results to justify paying for both tools, you’re probably in the boat of choosing one or the other.
When it comes to overall layout, I think Benzinga Pro has a much cleaner feel to it – but aesthetics aren’t all that important. And as far as delivering fast, actionable news goes, Benzinga Pro takes that as well. But when it comes to offering a backtesting tool and paper trading platform, Benzinga Pro doesn’t have that. You also can’t trade directly on the Benzinga Pro platform like you can with Trade Ideas through Brokerage Plus. And the continuously updating Trade Ideas scanners are superior to the manual ones at Benzinga Pro.
Again, your choice depends on your personal trading style and preferences. But there’s no doubt that these are both extremely robust trading tools. If you have core trading skills, these are tools that can take your results to the next level of profitability.
Written by Matt Thomas (@MattThomasTP)