In today’s fast-paced stock market, investors and traders need every advantage they can get to stay ahead of the game. That’s where stock screeners come in. A stock screener is a powerful tool that allows you to search for stocks based on specific criteria, helping you cut through the noise and identify trading opportunities. While there are many paid stock screeners available, we’ll be focusing on the best free options in this article.
What Are Free Stock Screeners?
A free stock screener is exactly what it sounds like – a stock screener that you can download and use for free. These screeners allow you to categorize stocks based on various filter criteria, such as price, volume, and float. You can use stock screeners on various devices, including iPhones, Androids, tablets, and computers. While desktop screeners tend to have more features, free stock screeners offer a convenient and cost-effective starting point for those testing the waters.
Advantages of Free Stock Screeners
Free stock screeners may not have all the bells and whistles of their paid counterparts, but they still offer several advantages:
1. Robust Functionality
Contrary to popular belief, free doesn’t always mean bad. Many free stock screeners have a comparable number of custom parameters to their paid counterparts. These screeners allow you to set specific filters and criteria to narrow down your search and find the stocks that meet your requirements.
2. Cost-Effective
Free stock screeners are, well, free! They provide a cost-effective solution for those who don’t want to spend money on subscription fees for paid options. However, it’s worth noting that some free screeners may require you to create a brokerage account to access their full scanning capabilities.
3. Time-Saving
Most free stock screeners allow you to save your custom preferences, which can save you a significant amount of time. Instead of manually adjusting the settings each day, you can simply load your saved preferences and get straight to analyzing the stocks that meet your criteria.
While free stock screeners offer these advantages, it’s important to remember that they may not have all the advanced features and customer support that paid screeners provide. Paid stock screeners, such as StocksToTrade, often offer additional features like beautiful charts, trader-built screens, and comprehensive news scanners. However, free stock screeners can still be a valuable starting point for traders looking to dip their toes into the market.
Evaluating the Best Free Stock Screeners
To determine the best free stock screeners for 2023, several factors were taken into consideration:
1. Cost (Monetary and Non-Monetary)
As we’re focusing on free stock screeners, the cost factor is not applicable in this evaluation. All the screeners included in this list are free to use. However, some screeners may require you to create a brokerage account to access their full features.
2. Database Timeliness and Update Schedule
The timeliness and update schedule of a stock screener’s database are crucial for accurate and up-to-date stock information. While some free screeners may have delayed updates, the ones included in this list strive to provide timely data to their users.
3. Customizability
A good stock screener should offer a range of customization options to cater to different trading strategies and goals. The ability to set specific filters and criteria is essential for finding stocks that align with your trading style.
With these evaluation criteria in mind, let’s dive into the top five free stock screeners for 2023:
1. TradingView – Best Overall Free Screener
TradingView is more than just a stock screener – it’s a comprehensive platform that offers screeners for various financial products, including stocks, forex, and cryptocurrencies. While it does offer a subscription-based version with advanced features, its basic version is free and provides a powerful and versatile stock screener.
The free version of TradingView includes over 100 fundamental and technical criteria, allowing you to customize your scans to find stocks that meet your specific requirements. It also offers unique search filters, such as a stock’s performance in different economic climates, giving you a deeper understanding of its potential.
2. Finviz Stock Screener – Best Screener for Fundamental Analysis
If you’re a fan of no-frills web-based stock screeners, Finviz is a great option. While its interface may not be the most visually appealing, it offers a wide range of filters and metrics for both fundamental and technical analysis. However, it’s worth noting that Finviz only scans for U.S.-based stocks.
With Finviz’s free screener, you can filter results based on 67 different metrics, providing ample options for fundamental analysis. While it may lack some of the advanced features of paid screeners, Finviz’s simplicity and comprehensive filters make it a valuable tool for traders.
3. Motley Fool CAPS Stock Screener – Best Growth Stock Finder
The Motley Fool CAPS Stock Screener takes a unique approach by incorporating community contributions into its database. Instead of relying on a single organization, community members provide data and projections, with higher-rated contributors offering more accurate information. This community-sourced approach provides a wealth of data from various perspectives.
While Motley Fool’s focus is primarily on blue-chip stocks with high growth potential, its stock screener can help you find hidden gems. However, it’s important to do further research before committing to a trade, as the data is community-sourced and should be taken with a grain of salt.
4. Zacks Stock Screener – Best Screener for Gauging Market Sentiment
Zacks Stock Screener is a web-based app that offers a simple user interface and a range of custom-made filters. As an investment research firm, Zacks provides in-depth analysis and allows you to drill down into each stock’s performance. You can compare a company’s performance to its earnings per share history, making it a valuable tool for fundamental analysis.
While Zacks’ free version offers a good range of filters, its paid version provides additional premium features for more advanced trading strategies. If you’re looking for a screener that focuses on fundamental analysis and market sentiment, Zacks is worth considering.
5. Seeking Alpha – Best Screener for Researchers
Seeking Alpha is a treasure trove of information for traders and investors. While it offers various screens and stock picks, its stock screener stands out for researchers looking for in-depth data and analysis. Seeking Alpha provides access to top-rated stocks, highest-yielding assets, and the best growth stocks, among other categories.
Seeking Alpha’s screener is free at a basic level, giving you access to stock summaries. However, to access the detailed information of each screen, a subscription is required. While the premium membership comes at a cost, it provides access to a wealth of free stock analysis articles and additional resources, making it a valuable tool for researchers.
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Conclusion
Free stock screeners can be a valuable asset for traders and investors, providing a cost-effective way to filter stocks based on specific criteria. While paid screeners often offer more advanced features and customer support, free screeners can serve as a starting point for beginners and a supplementary tool for experienced traders.
In this article, we explored the top five free stock screeners for 2023. TradingView emerged as the best overall free screener, offering a comprehensive platform with powerful customization options. Finviz stood out as the best screener for fundamental analysis, providing a wide range of filters for in-depth analysis. Motley Fool CAPS Stock Screener showcased its unique community-sourced approach to finding growth stocks. Zacks Stock Screener excelled in gauging market sentiment through its custom-made filters. Seeking Alpha’s screener proved to be a valuable tool for researchers, providing access to a wealth of data and analysis.
Whether you’re a beginner or an experienced trader, incorporating a free stock screener into your trading toolbox can help you uncover hidden gems in the market. So, why not give these free stock screeners a try and see how they can enhance your trading strategy?