Technical indicators are calculations that measure a certain part of a stock’s performance. They’re derived from more basic metrics about a stock, like its price or volume of shares traded. Being able to read and use them properly will give you a trading edge.
Traders usually use technical indicators when reading stock charts — but stock screening by technical indicators is a good way to get directly to A+ trading setups. Screening by technical indicators is a relatively niche requirement, but it’s the screening strategy of choice for some savvy traders.
Stock Screener Technical Analysis
Stock screener technical analysis is a screening strategy that filters stocks with your trading strategy in mind. Instead of coming up with a list of stocks whose charts you can do technical analysis on later, it gives you a list of stocks that will already match your technical analysis strategy.
Does this mean that all these stocks will be good for trading?
No way! In trading, a lot more matters than lines on a chart telling you to buy or sell. I use technical analysis as confirmation for my trading thesis, not as a trick for finding hot stocks.
What Is a Stock Screener With Technical Indicators?
A stock screener with technical indicators is a tool that helps you pick stocks according to your preferred technical criteria.
What kind of technical indicators should be available on a technical stock screener? Here are some of the most useful ones that StocksToTrade offers:
- Volume-weighted average price (VWAP): VWAP tells you the average price of a stock throughout the day based on volume and price. When shares are above VWAP, that means that most day traders are profitable on the day, which is a good signal for bullish price movement.
- Bollinger Bands®: Bollinger Bands® consist of three trend lines that identify whether a stock is oversold or overbought.
- Moving average convergence/divergence (MACD): MACD shows the relationship between two exponential moving averages of a stock’s price. It tells you whether a stock is overbought or oversold.
- Relative strength index (RSI): RSI measures the speed and magnitude of price movements, which tells you about a stock’s momentum.
Importance of a Stock Screener Using Technical Indicators
A stock screener using technical indicators helps you find stocks that match your trading strategy. It screens through thousands of publicly-traded stocks and selects the ones that exhibit the setups you want.
A technical stock screener also helps you quickly see whether the stocks on your watchlists match your preferred strategies.
Why Do You Need a Stock Screener with Technical Indicators?
You need a stock screener with technical indicators if your trading strategy relies more on technical analysis than holistic market trend watching.
With that said, a stock screener with technical indicators is essential if you screen by technical indicators. Traders usually do this when they put strategy first — it’s a pretty niche method, but it’s good to have a stock screener that supports it. If this is how you trade, you’ll need a powerful scanner like StocksToTrade.
Stock screeners with technical indicators are best for technical analysis-minded traders. On the other side of the coin, you have fundamental stock screeners, which match certain trading strategies better.
Advantages of Technical Stock Screeners
The main advantage of technical stock screeners is that they let you screen by technical indicators first. If you put your strategy first when screening, you can save time searching for stocks that match your preferred setups.
How We Evaluated These Best Stock Screeners With Technical Indicators
There are many differences among stock screeners with indicators. Not all screeners are created equal — so it’s important to evaluate each of your picks.
Here are the criteria I use to evaluate my choices on this list:
- Pricing: Almost all of the best technical stock screeners are paid products or have subscriptions. Some good stock screeners are free, but they tend to lock their best features behind a paywall so you can’t make the most out of them.
- Indicator versatility: Everybody’s got their preferred indicators. Your stock screener needs to be versatile, so you can screen by the technical indicators you usually trade with.
- Database update speed: Some stock screeners update price quotes on a delay, which puts active traders at a disadvantage. If you need to stay on top of the market, find a screener that has real-time updates.
That said, a technical stock screener that works for me might not work for you, and vice versa.
If you want to make your own picks, feel free to add other criteria and metrics that might be important to you. For instance, you might want a scanner with more educational materials or a robust news scanner. Include that in your criteria and search for stock screeners that have those components.
Best Technical Stock Screeners
Here are my picks for the best technical stock screeners:
- StocksToTrade — Best Overall Technical Stock Screener
- StockMonitor — Best Technical Stock Screener for Custom Scans
- ChartMill — Best Technical Stock Screener for Comprehensive Analysis
- Finviz — Best Technical Screener for Free Users
- TradingView — Best Technical Screener for Indicator Variety and Market Accessibility
Nobody says you need to be married to one scanner. Try them all, and stick with the ones that work for you!
This is a list of the best technical stock screeners. For more stock screener picks, check my articles on the best stock screeners for day traders and stock screeners for swing traders. I also have an article on the best overall stock screeners.
1. StocksToTrade — Best Overall Technical Stock Screener
My first technical stock screener pick is StocksToTrade.
StocksToTrade tops my list because it’s an amazingly customizable screener that lets you screen for any technical criteria you want. It’s also a powerful platform that lets you dive deeper into the details of each stock.
But there’s more — StocksToTrade also has the Oracle algorithmic tool. It’s a nifty bit of technology. Oracle examines the day’s most tradable stocks to give you actionable trade ideas and signals. Essentially, it does most of the technical analysis screening for you.
Do you want a stock screener with buy and sell signals? Get a taste of Oracle now by signing up for NO-COST Oracle trade alerts!
StocksToTrade is an integral part of my trading style. I’ve used it for years, and I don’t know what I’d do without it.
StocksToTrade is a screener made by traders for traders. It comes with a set of built-in stock screens crafted by experienced traders, so you can trade like the pros. Try it out yourself — get a 14-day StocksToTrade trial for just $7!
2. StockMonitor — Best Technical Stock Screener for Custom Scans
My second technical stock screener pick is StockMonitor.
This stock screener’s greatest strength is its customizability. You have the leeway to tweak any of its pre-made filters or make one from scratch. The customization tools have a bit of a learning curve, but it’s coding-free — so it’s relatively simple and intuitive.
StockMonitor also has a way for you to test out trading strategies: backtesting. You can use your indicator strategy on over 20 years’ worth of historical stock data. This way, you can see whether your filter can spot actionable trade opportunities.
3. ChartMill — Best Technical Stock Screener for Comprehensive Analysis
My third technical stock screener pick is ChartMill.
ChartMill gives you an algorithm-powered stock analysis tool that automatically creates comprehensive stock reports for you. These reports give you an overview of your chosen companies and their stocks from both technical and fundamental standpoints, letting you make informed trading decisions faster.
ChartMill’s stock screener is robust and flexible, giving you the option to combine fundamental and technical scans to further refine your search. Naturally, you can also create your own filters to ensure you find the stocks that match your trading strategies.
4. Finviz — Best Technical Screener for Free Users
My fourth technical stock screener pick is Finviz.
Finviz has an ad-supported basic version for free, but that doesn’t mean it’s an inferior product. You can still scan and screen thousands of stocks and check the charts on a delay. It’s a good way for beginners to get their feet wet.
That said, you’ll only get the full Finviz experience as a paid customer. You’ll get real-time data, backtesting, customizable alerts, and more once you subscribe.
Looking for more free stock screeners? Check out my picks of the best free stock screeners on the market today.
5. TradingView — Best Technical Screener for Indicator Variety and Market Accessibility
My fifth technical stock screener pick is TradingView.
TradingView offers a wealth of pre-built indicators. You have over 100 indicators pre-packaged, plus an additional 100,000 community-built indicators. Even if you somehow can’t find an indicator that fits your needs, you can always make one yourself.
This is also a great screener for international stock traders. You don’t only have access to American stock exchanges. You can screen for assets from worldwide exchanges and markets in over 50 countries.
Final Thoughts
Many scanners are great for charting with technical indicators, but not all of them can handle screening by technical indicators. You’ll need a powerful screener like StocksToTrade to do that.
Each technical stock screener brings something different to the table. The best way to learn which one works best for you is to try them out.
I’ve also got an additional pick for you: Matt Monaco’s Alpha Scanner. Matt is a millionaire trader who used to be a software engineer. He’s still got those old skills because he made the Alpha Scanner from the ground up to mirror his trading style.
Alpha Scanner is filled to the brim with trade alerts, live mentoring, and more. Can Matt and his Alpha Scanner give you the edge you need in trading? Here’s how you find out…
Sign up and join the next Alpha Scanner LIVE broadcast for more information!