The stock market is comprised of hundreds of even thousands of stocks available to investors. Due to the large number of shares available, investors need tools that would help them distinguish the stocks. One such tool is the stock screener. We have the paid and free stock screeners available to investors.
Stock screeners have become handy tools for investors and traders. However, with several stock screeners to choose from, investors often find it hard to decide on which ones to use. Here, we have put together some free stock screeners we believe will be best for you.
What is a Stock Screener?
They are trading tools that traders and investors use to filter stocks based on pre-defined metrics. The tools enable traders to categorize stocks according to a set parameter. For example, traders can use stock screeners to see stocks based on their price, market cap, P/E ratio, dividend yield and more.
Stock screeners are helpful to investors in several ways. They can help with trading strategies as investors filter stocks to fit their trading criteria. Thanks to stock screeners, investors and traders can analyze hundreds of stocks within a short period of time. Thus, enabling them to eliminate stocks that don’t meet their requirements and focus on those that meet their standards.
How Do Stock Screeners Work?
Platforms that offer stock screeners allow investors and traders to search for a vast number of stocks. To do that, the stock screeners have three major components:
- A database of stocks and their company details
- A set of variables to help investors with their search
- A screening engine that helps identifies stocks that fit the criteria a trader is searching for
The stock screeners have these three components, making it easier for investors to find the stocks they are searching for. You could search for stocks in a particular industry, large or small-cap stocks, stocks within a specific price range, those with an acceptable P/E ratio, and a host of other metrics.
When you finish inputting your criterion, the stock screener will display a list of stocks that meet your requirements. Stock screeners help investors carry out quantitative analysis by focusing on measurable factors affecting a stock’s price.
What Makes a Good Stock Screener?
There are some features you have to look out for when searching for a good stock screener. Here are the features:
The leading stock screeners have a wide range of stocks available to traders. The higher the number of stocks available on a screener, the better the results the tool will give investors based on their criteria.
This is perhaps the most essential feature of a stock screener. The best stock screeners present accurate data to investors, making it easy for them to work with such information.
A large number of criteria
The number of measures available should be considered when picking a stock screener. The larger the number of criteria available, the more accurate search results would be. The best stock screeners help group stocks into several groups, based on the measures available.
Five Best Free Stock Screener
Finviz is one of the best free stock screeners currently available. The ease of use of Finviz makes it a favorite amongst investors and traders. It has three popular segments; fundamental, descriptive, and technical.
You can choose any of the segments or use all of them when you select the ‘ALL’ tab. Finviz has several criteria from which you can choose from. The dropdown menus on each criteria indicate the different options available.
Finviz has a swift response. In addition to building your own portfolio, Finviz has other features, including the news and technical analysis relating to stocks.
Yahoo also offers a popular free stock screener. it’s easy to use, so it’s an excellent choice for beginners. It’s made up of a simple segmentation widget, which churns our results based on your search criteria.
Users can filter stocks for many attributes, including market cap, region, P/E ratio, and more. Yahoo also has pre-built scans that search for common categorical selections, like daily gainers, most active stocks, and more.
These preset filters are perfect for beginner traders, and the screener also has fast response speed.
Although Zacks is famous for its rating system, its free stock screener offers a wide array of functions. Zacks Stock Screener allows users to specify custom figures for screening. Most other screeners, including Finviz, only allow users to select from preset values unless they upgrade to the paid version.
Zacks Stock Screener also offers some unique filters, like analysts’ views, earnings surprises, and other highly specific attributes.
The Stock Fetcher screener is complicated to use but remains one of the best free stock screeners available. The website offers full-scale investment research tools, and traders can find plenty of information on potential investments.
Stock Fetcher is an ideal tool for technical and fundamental analysis. Users can even create stock screens by themselves, a feature usually limited to paid screeners.
Furthermore, the high-end visualization makes this screener a great one for discovering quality stocks to trade.
ChartMill gives traders the option of finding day trading stocks depending on the various criteria available. The screener offers most of the same common filters you find on other options, including market cap, P/E, and other indicators.
ChartMill is free to use, but it works based on a credit system. The site gives users 6,000 free credits to use every month. The credits roll over when they’re not used, so users can redeem them on a later date.
Free Stock Screener: Closing Thoughts
These free stock screeners help investors find new investment opportunities. Investors need to walk their own path, and screeners are an essential tool for independent-minded traders. Traders can only go so far by picking the same old stocks that are blasted all over CNBC and Bloomberg. To become a true trader, you need to do your own research and find your own opportunities. The best free screeners are invaluable tools for finding new and exciting investments.
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