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So, is Scanz the best stock scanner for day traders?
Is it really worth the money to pay for it to help you scan the market and find trading opportunities?
Also, how does Scanz compare with other stock scanners such as Trade Ideas and StocksToTrade?
Scanz Pro Scanner
One of Scanz‘s most popular features is its Pro scanner.
Scanz Pro Scanner can help you scan the market in real-time for trading opportunities that meet your scanning criteria.
It is super easy to customize your stock scans using a combination of over 100 price, volume, technical and fundamental variables, without no programming knowledge needed.
For example, you can create a stock scan to help you find momentum stocks using price-based filters such as higher than yesterday’s close and day high.
There are also pre-built scans that you can use right away.
If you like to trade the pre-market or post-market, here’s the good news.
Pro Scanner also runs in the pre-market and post-market sessions in real-time.
Scanz Breakout Scanner
With Scanz Breakout Scanner, you get real-time alerts for new highs, new lows, price breakouts (i.e. price crossing over moving average), volume breakouts and even block trades.
For example, you can choose to get alerts whenever the stock breaks above its 5 day moving average.
To avoid getting overwhelmed by too many alerts, you can choose to get alerts for only the stocks that you are interested in.
For example, it could be stocks on your watchlists or large cap stocks on Nasdaq.
Personally, I think you can create your own breakout scanner using Scanz Pro Scan.
This Breakout Scan can be seen as a pre-built scan to help make life easier for you.
But, if you are a day trader, you might not find it too useful because of the time frames available (day, 5 days, 10 days, 20 days, etc)
Let’s compare Scanz stock scanner with Trade Ideas stock scanner.
Trade Ideas stock scanner provides many more filters to help you look for potential trades.
So, there are two different windows that you can use to scan the market for stock trading ideas.
Alert Windows update in real-time and display the latest event at the top together with a time stamp. They contain both alerts and filters.
Top List Windows refresh every 30 seconds, and they do not check or need a specific event and only contain filters. Top Lists are like a spreadsheet that displays up-to-date data.
Let’s first take a look at Top List Window.
There are hundred of different filters that you can choose from.
And there are also pre-built filters that you can start using right away.
For example, there are Gainer, Losers, Rangers, Volume, Gappers and Movers.
If you like to trade Gappers, you can click on the “Gappers” and it will expand to show you “Up Gappers”, “Down Gappers” and “Gappers more than 4%”.
You can also add more filters (i.e. market cap, price, short float and volume) to only get a list of stocks that you like to trade.
For Trade Ideas Alert Window, an event must occur for the stocks to show up in the window and it is constantly scanning the stock market in real time to find you stocks that have met your pre-defined conditions.
For example, Let’s say you want to see what stocks have made new intra-day high, you can create an alert for this event.
So, only stocks that meet the criteria for this alert (i.e. have made new intra-day high) as well as satisfied all your pre-defined filters will show up in the Alert Window.
There are a large number of alert events that you can choose from inside Trade Ideas Platforms.
Here are just a few examples:
- % down for the day
- % up for the day
- 75% pullback from high
- 25% pullback from high
- Crossed above 200 day moving average
- Crossed below 200 day moving average
- Double top
- Double bottom
- Cross below support
- Cross above resistance
With Trade Ideas stock scanner, there is just no shortage of trading ideas.
Scanz Level 2 Data
Scanz also offer Level 2 Data to traders, meaning you can see all the price levels with the corresponding order size queuing on the bid and ask.
If you are scalping penny stocks that don’t move much, then you would definitely find this data useful.
Also, what is unique to Scanz is that it gives you information on market makers.
How would this information be useful to you?
When you see market makers raising the bid and ask, that probably means that they are expecting the stock to go up.
On this window, you will also get the time and sales data which shows you how many shares were transacted at what price and at what time.
This data can give you a sense of the general sentiment on this stock.
For example, if you see that someone is sweeping a few Ask Levels at once, it probably means that they are trying to push up the share price and it’s best not to trade against big players.
Scanz News Scanner
If you like to trade news, you might want to test drive Scanz News scanner.
Its news scanner brings you news from over 100 sources including 60 news providers.
What if you are looking for a specific type of news?
Scanz News scanner allows you to use its customizable keyword filters to find news related to earnings, mergers and acquisitions, patents, FDA and etc.
In fact, there is a separate tab that is dedicated to Deal News such as mergers & acquisitions, earnings, financing, partnerships and dividends.
Also, you can choose to get alerts whenever companies release SEC filings before press releases.
If you don’t want to get bombarded by news at all times, you can set filters to only get alerted to news about stocks that you want to trade.
So, is Scanz News great for traders who trade news?
Personally, I think Benzinga Pro would be a much better alternative (though more expensive) for actionable news on the stock market with its Squawk box and its dedicated news desk.
How Much Does Scanz Cost?
So, how much does Scanz cost?
Scanz offers three types of pricing:
- News: $79/month
- Scanner: $99/month
- News & Scanner: $149/month
Personally, I think it’s rather expensive.
Trade Ideas has a much more powerful stock scanner, but it’s priced from $89/month.
What’s more, if you sign up for a 14-day test drive through this link (only for my readers), you could get a 25% discount on top of your monthly or annual subscription at the end of your test drive.
If there is no test drive available for the moment, be sure to subscribe to its emailing list to get notified as soon as the next test drive starts. (Generally, there is a 14-day test drive once a month)
That translates to $75/month or $2.50/day.
It’s a very good deal.
Now, what about the Scanz News?
I think you can get much better real-time actionable Stock Market News from Benzinga.
Benzinga Pro‘s basic plan starts from $79/month.
You can sign up for a free 14-day trial through this link there.
After your trial, you would normally get a promotional offer on Benzinga Pro which would further reduce your subscription by at least 20%.
Finally, before you commit to any trading software or platform, it’s best to give it a try and see if it works for your trading style.
Try Benzinga Pro Free For 14 Days