The scanners in Strike allow you to screen the market to find stocks matching your specified criteria. You can create customized scans to search for trading opportunities and monitor market trends. With Strike scanners, you define the filtering criteria you want to use to scan market data.
What is a scanner?
Scanners are an essential tool for stock market analysis that allows traders to screen the entire market for stocks matching their specified criteria. By setting up filters based on metrics like technical indicators, fundamentals, statistics, and custom formulas, scanners can rapidly comb through thousands of stocks to identify trading opportunities.
In Strike, scanners aim to streamline market research. Strike offers a variety of scanner types including price, volume, technical, candlestick, and the proprietary Rohit scanner developed by market expert Rohit Srivastava. Each scanner has prebuilt filters and indicators that can be combined and customized to scan for user-defined patterns or data points. For example, a volume scanner can look for abnormal delivery activity while a technical scanner can find oversold stocks.
How are scanners useful to pick right stocks?
The key usefulness of scanners is their ability to validate trading hypotheses and generate new ideas rapidly. In just a few clicks, traders can test strategies by scanning the entire market for stocks exhibiting desired characteristics. By leveraging the computational power of scanners, traders minimize manual work and can focus their efforts on the most promising setups.
There are seven scanners in the strike platform which include price scanners, volume and delivery scanners, technical scanners, candlestick scanners, Rohit scanner and seasonality scanner.
Price Scanners: Scan for stocks based on price movements and patterns such as breakouts, new highs/lows, price appreciation/depreciation, etc.
Volume & Delivery Scanners: Find stocks with unusual volume or delivery patterns that may signal trading opportunities.
Technical Scanners: Screen stocks using technical indicators like moving averages, RSI, MACD, Bollinger Bands, etc.
Candlestick Scanners: Identify candlestick patterns that may indicate potential trades.
Rohit Scanner: Proprietary scanner developed by market expert Rohit Srivastava for screening stocks using his strategies.
Dow Theory Scanner: Scan based on Dow Theory concepts of trends, reversals, support/resistance.
Seasonality Scanner: Find stocks that exhibit seasonal price patterns at specific times of the year.
With these scanner types covering technical and fundamental analysis, Strike aims to provide comprehensive screening capabilities for traders to dissect the market and uncover promising opportunities. The scanners enhance research efficiency and idea generation.
How to use scanners?
Below are the steps to use scanners in Strike.
Login to Strike using the log in button in the right upper corner of the Strike website. If you are not signed up yet, do so by clicking the ‘Get started for FREE’ button.
Hover over the Discover icon on the left side of the screen.
Click on ‘scanners’ and the scanners homepage will appear.
You will see a list of scanners categorised on the left-hand side. From here, you can choose a scanner of your choice.
What are the scanners available in Strike?
There are seven main types of scanners available in strike, They are price scanners, volume and delivery scanners, technical scanners, rohit scanner, day trend scanner and seasonality scanner.
1. Price scanners
A price scanner is a tool that monitors the stock market in real-time looking for stocks that meet certain criteria. The scanner searches for stocks with characteristics like high volume, price movement, or technical indicator signals and alerts the user to trading opportunities that match their scanning criteria.
Near 52 Week high/low: The Near 52 Week High/Low stock scanner is a tool used by traders to identify stocks that are trading close to their 52-week high or low price levels. This scanner can help traders find trading opportunities by spotlighting stocks that may be poised for a breakout or breakdown based on their proximity to the 52-week range extremes.
New 52 weeks high/low: The New 52 Week High/Low scanner is a tool that allows traders to scan for stocks that have just reached a new 52 week high or low price, which can identify potential breakout and breakdown candidates. This scanner alerts traders to stocks experiencing significant new highs or lows relative to the past year’s price range.
Gap up/ gap down stocks: The Gap Up/Gap Down stock scanner identifies stocks that have gapped significantly higher or lower at the market open compared to the previous day’s close. Traders use this scanner to find stocks that may continue trending in the direction of the gap based on increased volume and market interest.
2. Volume and delivery scanners
Volume and delivery scanners track stocks with significant increases or decreases in volume and deliverable quantities, which can signal changes in trading activity and liquidity. Traders use these scanners to find opportunities in stocks seeing unusual surges or declines in the number of shares traded and available to trade.
Volume gainers: The volume gainers scanner is a tool used by stock traders to identify stocks that are seeing a large increase in trading volume compared to their average. Monitoring volume surges can help traders identify emerging trends and potential breakout opportunities in a stock.
High delivery percentage: The high delivery percentage scanner is a tool used by stock traders to screen for stocks that have seen a high percentage of delivered volumes in the futures market segment. A high delivery percentage may indicate strong investor interest and buying conviction for a stock.
High delivery quantity: The high delivery quantity scanner allows traders to screen for stocks that have seen a large absolute number of shares delivered in the futures market segment. A high delivery quantity can signal increased trading activity and potential price movement for a stock.
3. Technical scanners
Technical scanners are tools used by traders to screen for stocks exhibiting certain technical indicator characteristics, like overbought/oversold levels, breakouts, and chart patterns. These scanners help traders quickly identify stocks showing technically favorable setups based on parameters they specify.
Stochastic: The stochastic oscillator is a momentum indicator that uses support and resistance levels to determine if a stock is overbought or oversold compared to its price range over a certain period of time. Traders use the stochastic to identify potential reversal points when the indicator suggests a stock’s price may be due for a pullback after a period of growth or a bounce after a period of decline.