We have over 30 different scans and indicators in our store, so we understand that it can be a bit overwhelming — but very exciting — to look through all of the different ideas you can download. Fortunately, we’ve made it very easy to narrow down your search and hopefully this guide will explain our categories and selection.
Searching for indicators
What are indicators? Technical indicators are designed to help you to interpret market action easily. It can be difficult to notice unique situations or certain market environments looking at price by itself. An indicator will give you that context and quickly focus your attention when and where you may want to look for a trade.
Searching for stock scans
What are stock scans? Stock scans are synonymous with trade setups, a critical piece of a trading strategy. A stock scan (or screener) will give you a list of stocks that meet pre-defined criteria relating to price action, technical indicators, moving averages, etc. The goal is to refine your timing so that you are entering a stock before it moves in your desired direction.
We have a lot of different scans in our store and we break them up into various categories (below) for easy navigation.
Scan categories: candlestick patterns, technical criteria, and premium scans
These are your classic Japanese Candlestick Patterns put into stock scans. Trusted by market technicians for decades, these formations have been written about and studied extensively in books and blogs. We always try to use the “classic” definition when crafting these scans, but because different sources have slightly different ways of expressing these candlestick patterns, you’ll want to read through each scan page to get a clear understanding of what rules we’re using.
Click image to view all candlestick patterns
Deciding which stock scan is right for you
All of our scans were designed for short-term trading opportunities, so settling on one of them really comes down to your personal preference. We group scans into breakouts, pullbacks, reversals, and consolidations, so our recommendation is to choose the patterns you have the most experience or comfort in trading.
We also wrote this blog post on The best stock market scans for swing and day traders which goes in-depth into helping traders like you decide on the best stock scans to choose.
Breakout scans identify stocks that are in the process of breaking out or surging to new highs. The benefits of breakout scans is that you are getting price confirmation in your direction, however these scans can make certain traders uncomfortable that feel like they are "chasing" the move.
Consolidations are a lot of traders favorite setups because the levels are clear to know when and where to enter and exit trades. Consolidation scans also help you anticipate potential breakouts before they occur and you can even play reversal setups within the consolidation ranges making these sets of scans quite versatile.
Pick the scan that's right for you
There are trade-offs with every single scan, no scan is “better than another” it all depends on how you use them, what you’re most comfortable with, and what you are looking to achieve.