Content
Greetings, dear traders!
In this article we will talk about what a market screener is for stocks, currencies, and other assets. How to select assets for your trading list and what you should pay attention to. I will also tell you about the Screener application from SoftimoTrade for the MT4 and MT5 platforms.
Asset screener what is it?
So what is a market screener?
The market screener is a tool that allows you to select assets from the entire list of instruments available for trading in your terminal, which are within the selected time frame:
- more oversold or more overbought than their usual condition
- have risen or fallen more compared to other assets
The screener allows you to work with any asset, be it stocks, forex currencies, cryptocurrencies, metals or commodities. Such versatility lies in the fact that all assets in the market are amenable to the law of psychology and each person wants to buy an asset at a lower price and sell at a higher price, which is exactly what the market screener allows to do.
Free online screeners
There are many online screeners out there. The most common are:
The main problem of these screeners is that they are not focused on the trader, they are more focused on analysts, and the trader needs to know what is currently in his terminal. Track changes and analyze these particular tools.
For example, the online screener is not geared towards filtering out those instruments for which trading is not currently allowed, for which a trading session has not yet begun, etc. But that is why these are free tools, they were not created with a sharpening for brokers and the nuances of traders. But overall, it’s still a useful tool if you don’t have anything else.
Why standard online screeners are inconvenient for a trader
Most sites offer functionality that cannot fully help a trader to compile a checklist of assets for a trading session. The fact is that most often screeners such as tradingview / finviz / google finance show only% overbought and oversold of an asset within a day, but DO NOT show:
- how the price of the asset has changed in relation to the average growth / fall of the asset
- often a limited selection of TFs for which you can view the dynamics
- do not show the current trend
- are not focused on your broker and, accordingly, create a mess of assets to which you do not have access, or, on the contrary, may not show the instrument you need.
How to select assets in the SoftimoTrade scanner, its advantages
Based on the problems that I described above, several years ago I thought about creating my own screener that could meet the following criteria:
- Screening out of instruments for which trading is currently allowed
- Indicating a trend for an instrument using several TF
- Analysis of instruments for each TF available in the MetaTrader terminal
- Screening out of instruments for which the trend direction coincides with the rise / fall of the instrument
- Ability to customize color / sound and email alerts for instruments for which growth / decline exceeded the usual indicators
The screener from SoftimoTrade has a clear interface:
- Grows% - assets with the current growth rate are located
- Fall% - assets with the indicator of the current fall
On the left, a panel is displayed with the input of the coefficient by which assets will be eliminated, the One Trade and Two Trend buttons are needed to select the trend filtering level.
If you select One Trend, then filtering occurs only according to the trend selected in the TF of main Trend setting. If you select Two trеnd – then the screener will filter for which only trends 1 and 2 coincide.
Button A will show assets whose growth is falling more than usual (according to the selected ratio)
In general, as you can see, SoftymoTrade Screener is an excellent tool for selecting the most interesting assets within your MetaTrader 4/5 terminal and taking into account those instruments for which trading is available.
