Finviz Review: A Powerful Stock Screener For Everyone
The best stock screeners allow traders to filter through thousands of stocks using their own unique criteria very quickly. They can use different criteria as simple as the ADV (Average Daily Volume) or the RSI (Relative Strength Index). But most stock screens use several variables just to find that perfect stock for you to trade.
When you know what you’re looking for, the right stock screener will cut your research time from hours to seconds. Finviz is a very affordable and effective screening tool that will save you a lot of time as you prepare for the market.
Finviz is very easy to use and ideal for beginning traders. You won’t need to know any in depth scanning language or Wall Street insider language to be able to get started using it. The menu is easy to use and a lot of the options you will look to use are set up in easy to use drop down menus.
For example, if you want to only see stocks that are hitting a 52 week high, have an ATR of over 1, and a current volume of over, 6 quick clicks and in seconds you have filtered thorough over 7k stocks to a workable list of 20 or less. But, that’s not even the best part.
The best part is that Finviz is free! When you are a new trader just getting started, keeping your monthly expenses for tools and subscriptions down is important because they all eat away into any profits that you may be realizing. Now they do offer a paid subscription called Finviz Elite, remember, you can find just about everything you need as a new trader with the free version.
Once you’ve completed most of your education such as our Swing Trading and Day Trading courses here at Warrior Trading and established your identity as a trader, you can consider purchasing a more advanced and powerful scanning program like Trade Ideas which we use in chat every day. But until you get to that point Finviz is a solid free alternative while you are learning.
While Finviz provides most of the parameters that we use every day to screen stocks, the main challenge with using Finviz is the inability to customize the screening parameters. For instance, if you want to scan for stocks that are up a certain percentage on the day, your choices are like +5%, +10% and +15%.
You can’t enter a custom value like 3% or 6% like you can in Trade Ideas. Also it does not have the ability to run historical scans so that you can back test. Another area where Finviz can present a challenge is the data speed.
I provide great information for nightly scanning but is very limited to provide intraday scanning. It can become a bit more effective after the first hour or 2 but it’s data feed will keep you out of the quicker moving intraday setups.
Other than being free, one of the good things about Finviz is that you can save your settings for later, so you don’t have to reenter them every time you come back the site to use it again. Another impressive element to Finviz is how the scan data is presented. You have a choice of 14 different ways to get the info from the results of the scan based on what you are looking for.
The daily charts that you get are pre-populated with the 20, 50, and 200 sma’s along with the ascending and descending support and resistance lines drawn. It also identifies several chart patterns such as ascending and descending triangles, wedges and channels. This allows you to quickly see the patterns analyze the chart and determine a course of action.
Finviz is a relatively powerful, easy-to-use scanning tool that will not break the bank. It’s free! It should be a tool that all new traders need to have in their toolbox.
Once you have established yourself as a consistent and profitable trader, then you can look at some of the more advanced scanners which offer individualized customization and real time “live” data. However, if you have established yourself primarily as a swing trader, Finviz may be the only stock screener you will ever need.