The Ultimate Guide to Stock Screeners: Benefits, Best Platforms, and Key Considerations

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Traders of today have access to a variety of tools that can make their lives a whole lot easier when it comes to investing in stocks. One such tool is a stock screener. Whether you are new to the game or you are a seasoned investor, stock screeners can be a valuable asset. This article will introduce you to stock screeners, outline the benefits of using a stock screener and even cover the best stock screeners that are available.

What Is A Stock Screener?

Stock screeners are used by traders to identify trading opportunities. They work by displaying vast amounts of data relating to trading opportunities and allow users to filter stocks based on their chosen criteria. For instance, you can filter by price-earning ratio and revenue to identify high-growth opportunities or low-risk investments.

What Are The Benefits Of Using A Stock Screener?

Speed

The main benefit of using a stock screener is the time it can save investors. Filtering stocks by different criteria can display an array of stocks in a matter of seconds which allows traders to spend more time analyzing data instead of simply collecting it.

Discover Hidden Opportunities

It would be unrealistic to collect every single investment opportunity without a stock screener, but a stock screener ensures that no opportunity is missed. As a result, there is less reliance on your own knowledge and research as all opportunities are presented in front of you.

Data Aggregation

Stock screeners also make the whole investment process more efficient, allowing you to analyze mass quantities of data in one place. This ensures the process is smoother and less stressful than having to manually collate data.

Best Stock Screeners Available

TradingView

TradingView is considered one of the best platforms for global investing. It also has one of the biggest communities of traders with over 90,000,000 users. As a result, there are many reviews, tutorials and online groups that can help with your trading journey.

TrendSpider

TrendSpider is similar to TradingView with many of the same features. One of the big differences however is price; the cheapest TrendSpider subscription is $39 compared to TradingView's $14.95 subscription. However, TrendSpider does have an excellent built-in pattern recognition feature.

FINVIZ

Swing traders have a preference for FINVIZ due to real-time quotes and pre-market data. It's also worth pointing out that their free version is sufficient for those who are new to swing trading. The premium version costs $39.50 per month or $299.50 for the whole year.

TC2000

For U.S. and Canadian investors (or those who invest in those exchanges), TC2000 offers an easy-to-use platform that has been refined over many years. It's also worth noting that the platform features one of the cheapest paid subscriptions starting at as little as $9.99.

Trade Ideas

Trade Ideas is one of the best options if you're looking for AI integration. A key feature of Trade Ideas is its customisable screens which allow users to tailor the interface to their needs. It's worth pointing out that this platform, like TC2000, is limited to U.S. and Canadian exchanges.

Things To Consider Before Choosing A Stock Screener

Price

As mentioned in the analysis above, stock screeners come with varying subscription and pricing tiers. Some are free to use while others can cost hundreds of dollars a year. It's worth considering how much you'll get out of a stock screener to determine which is the most cost-effective option.

Investment Goals

You'll also need to consider your own investment goals before determining which stock screener is the right choice for you. Some are targeted towards day traders, others are targeted towards swing traders and some can be used for all forms of trading. You may want to read some online reviews to see which stock screener is the best for your method of trading.

Usability

The top stock screeners will offer seamless usability and have likely been designed by a leading UX agency. However, it's worth considering that some are beginner-friendly while others are targeted towards more advanced traders which may impact which option is the right one for you.

Final Thoughts

While this article only covers five of the biggest and best stock screeners, there are many more available to traders. If you are considering investing in a stock screening platform, ensure you do your own research and consider all options. The majority of stock screeners come with a free trial so you may even want to trial a few different options before committing to a particular stock screener.