How to Scan Stocks for Day Trading
Day trading is all about speed and precision. To make successful trades, you must scan stocks quickly and identify those with strong momentum, volume, or technical setups. This guide will walk you through the essential tools, criteria, and techniques to efficiently scan stocks for day trading.
Why Stock Scanning Matters in Day Trading
In day trading, time is money. Scanning helps you:
- Find real-time opportunities
- Avoid noise and low-volume stocks
- Focus on stocks with breakout potential
Without a proper scanning strategy, you could miss profitable setups or enter trades blindly.
Key Criteria to Scan Stocks for Day Trading
Here are the most important filters to apply when scanning:
1. High Relative Volume
Look for stocks trading at least 1.5x their average volume. It indicates strong market interest.
2. Price Movement (Volatility)
Target stocks with intraday price swings of 2% or more. Volatility is essential for profit opportunities.
3. Gap Up or Down
Scan for pre-market gap ups/downs (over 2%). These stocks often continue trending after market open.
4. Float Size
Focus on low to medium float stocks (10M–100M shares), which tend to move more sharply.
5. Technical Patterns
Use filters like:
Best Stock Scanners for Day Trading
1. Trade Ideas
- AI-powered scans
- Pre-built day trading alerts
- Real-time data
2. Finviz Elite
- Affordable scanner
- Custom filters
- Pre-market gap scans
3. TradingView
- Custom scripts and indicators
- Real-time alerts
- Ideal for chart-based scanning
4. Thinkorswim (TD Ameritrade)
- Advanced real-time scanning
- Built-in indicators and stock lists
Pre-Market Scanning Strategy
- Check for top gainers/losers
- Look at pre-market volume
- Sort by news catalysts (earnings, FDA approval, analyst upgrades)
- Confirm setups on a 1-min or 5-min chart
During Market Hours Scanning
- Monitor high relative volume scanners
- Filter stocks breaking high-of-day
- Watch VWAP bounces or breakouts
- Scan for unusual volume spikes
Example Scan Settings (Finviz or Trade Ideas)
| Filter | Setting |
|---|---|
| Price | $1–$50 |
| Relative Volume | > 1.5 |
| Average Volume | > 500K |
| Float | Under 100M |
| Performance | Today: Up/Down 5%+ |
Pro Tips for Scanning Stocks
- Stick to your strategy (momentum, breakout, reversal)
- Avoid illiquid stocks or low float traps
- Save scanner templates for future use
- Always verify with charts before trading
FAQs
Q1. What is the best time to scan for stocks?
Start scanning during pre-market (8:00–9:15 AM ET) and continue throughout the trading session.
Q2. Can beginners use stock scanners?
Yes, tools like TradingView and Finviz Elite are beginner-friendly and highly customizable.
Q3. Should I scan manually or use automated scanners?
Automated scanners are faster and more consistent. Use manual analysis to confirm signals.
Q4. How many stocks should I focus on per day?
Limit your watchlist to 3–5 high-quality stocks to stay focused and avoid overtrading.
Q5. Is news important in day trading scans?
Absolutely. Stocks with news catalysts tend to show more volume and volatility.
