Stock market screener idea for ten top stock picks

How to find hot stock pick for free

Ideal for free day trading stock picks and short term stock picks

I received several requests to provide more info about some stock market screener ideas. This one is especially usefull for short term traders and day traders.

These traders needs to find stocks where is some momentum activity building to realize short term trades. So the most important question is to find answer to question " how one can spot such building momentum".

Simple answer is - watch the volume . Unusual and high volume levels are strong signal that big players, institutional investors and money funds are active in such stock. It can be associated with both type of price move. Rising price for long trade and declining price for short type trade.

The key idea is to spot such unusual volume as soon as possible. I recommend to use Amibroker , technical analysis software , to do this issue.

Trader can build its own database of stocks for monitoring. There is possible to have database of all US Stocks or database can be based on European stock markets - like Frankfurt or London stock exchange.

Such database must be connected to some real time data provider to be able do scan in real time. Or you can use also EOD data from free data providers like Yahoo for End of day scanning.

Then use Automatic Analysis function of Amibroker . Choose file with high volume formula defined. Here is description of this formula:
TimeFrameSet( inDaily );
Cond1= Volume > MA( Volume, 20 );
TimeFrameRestore(); // restore time frame to original

Filter = TimeFrameExpand(Cond1,inDaily);

AddColumn( Close, "Close  " );
AddColumn( Volume,"Volume      " );
AddTextColumn(IndustryID(1),"Industry");


And run it. It should provide list of stock with above average volume. And this list should contain ten top stock picks for current or next trading days.

Like this example:

If you do not know how to create stock market screener in Amibroker, read this page.

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