Free stock screeners are available on many online trading sites that also provide current stock market quotes. They can be used for an automatic scanning of the equity market to find some market ticker that can be traded in a specific trading strategy.
The main issue is to define parameters for these screeners. These rules should find any market ticker that can be then used as best stock to buy today in some swing or position trading strategies. For daytraders there should be rules to find best day trading stock pick for intraday strategy.
Using two key trading terms – support and resistance – could be basic cornerstone for these picking rules. Here is list of market screeners ideas for a breakout swing trading strategy. I use similar stock screeners – but much more specific – for my own personal trading.
Also, if you’re looking for some fundamental free stock screeners, check out the Yahoo stock screener first, and then combine it with a technical screeners described below.
52-week-high stock market screener
This market screener looks for stocks that are near a 52-week high. These are the main conditions for this scanner:
- Close is above a 20-day EMA and also a 50-day EMA
- 20EMA is above 50EMA
- Average volume is above 300,000
- The price is now not far from the 5% from the 52-week high
- There was some above-average volume during the last 20 days
- The 52-week high was achieved at least three days ago or more
You can see on this chart a typical example of ticker found by this market screener:
A code of market screener for Amibroker software is here:
Cond1= Close > EMA(Close,20);
Cond2= Close > EMA(Close,50);
Cond4= MA( Volume, 20 )>300000;
Cond5= Close >= (HHV(Close,240)*0.95);
Cond6= Sum(Volume > MA(Volume, 20), 20);
Filter = Cond1 AND Cond2 AND Cond3 AND Cond4 AND Cond5 AND Cond6 AND Cond7 AND Cond8;
AddColumn( Close, "Close " );
AddColumn( Volume, "Volume " );
You can use it in the Automatic Analysis function of AmiBroker.