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Scanning for stocks
Im still very new to this strategy and im wondering the best scan settings and best free platform to scan on. Any help would be greatly appreciated!
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by 4 months agoby 3 months ago
3 Comments
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If you’re just starting with breakouts, it helps to keep scanning simple at first and not get too obsessed with fine-tuning filters early on.
A basic scan I found useful when starting was focusing on the top ~2% of stocks by performance over the past 1-, 3-, and 6-month timeframes. Adding an ADR filter above ~4.5–5% and filtering out very illiquid names (e.g., under ~$1M average daily volume) also helps reduce noise.
Beyond scanning, spending time studying real examples matters a lot more. Some of the resources on Qullamaggie’s site are solid, especially this breakdown of his core setups:
https://qullamaggie.com/my-3-timeless-setups-that-have-made-me-tens-of-millions/
His older streams are also useful for seeing how he actually analyzes charts in real time:
https://www.youtube.com/watch?v=crIyu_Q84kg
As for platforms, it’s usually fine to start with whatever charting software you already use, since most can handle these filters. TC2000 and TrendSpider are solid if you want more control later, and MarketSurge (by IBD) can also be useful if you prefer more structured screening.
Are you mainly focusing on small caps, or mid/large caps? That tends to change which scans work best.
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Thanks Evan! I'm mostly just looking at small and mid cap stocks currently because that's what I've had luck with recently.
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3 months ago1
That's a good approach. Keep it up. Pretty much the filters I posted in my previous comment work well for those sorts of stocks, but if you'd like to filter them even more you can do just top 1% performing stocks with an ADR greater than 6
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