The FINVIZ Screener (Finviz.com) is the stock screener I use every day to find my trading ideas.
Finding the best stock picks is only step one in the process, but it's an important one. The other steps are order flow, reading the tape and then managing the trade.
In this video I demonstrate how I use finviz to filter down to stocks in play that meet my strict criteria.
Something interesting to note, I trade the market leaders, and so do 95% of the veteran trades that I know. I'll show you what that means in today's trading lesson.
Once the market opens, or the week if you're swing trading, you simply sit back and look for entries. Keep it simple to get consistent.
Pete
The top 5 stocks I plan to watch and my game plan for this week. I discuss The stocks I'm planning to buy now and how my trading strategy changes this week with the stock market approaching overbought levels.
Outline:
1. Introduction (0:00 - 1:30)
2. Overview of screening process (1:30 - 3:00)
3. Introducing Finviz.com screener (3:00 - 5:00)
4. Setting initial volume and average true range criteria (5:00 - 9:00)
5. Scanning for relative volume and large green candles (9:00 - 14:30)
6. Scanning for new 20-day highs and strong closes (14:30 - 17:00)
7. Drilling down with industry groups (17:00 - 18:00)
8. Key takeaways and advice (18:00 - 21:00)
Section Summaries:
1. Introduction (0:00 - 1:30)
Pete welcomes viewers and outlines the 4-step process he uses to find potential trading ideas each day. He emphasizes not looking for new stocks to trade after the market opens.
Keywords: trading ideas, stock screener, trading process
2. Overview of screening process (1:30 - 3:00)
Pete explains his two-phase approach of screening the night before to build a watchlist, then reviewing it with fresh eyes in the morning. This allows time to develop a solid trading plan.
Keywords: stock screening, watchlist, trading plan
3. Introducing Finviz.com screener (3:00 - 5:00)
The free version of Finviz.com is introduced as a tool for the first step of finding trading ideas that meet certain criteria, before diving deeper with other charts. The S&P 500 heatmap feature is highlighted.
Keywords: Finviz stock screener, market heatmap, stock criteria
4. Setting initial volume and average true range criteria (5:00 - 9:00)
Pete sets a minimum average daily volume of 2 million shares and average true range of $1.50 to find active, liquid stocks with volatility and opportunity. He notes these reliable criteria have worked for him over 20 years.
Keywords: stock volume, average true range, volatility, liquid stocks
5. Scanning for relative volume and large green candles (9:00 - 14:30)
Relative volume and change from open filters are applied to identify stocks trading significantly above normal volume and closing strongly. Examples are discussed of how to interpret the results.
Keywords: relative volume, candle patterns, bullish stocks
6. Scanning for new 20-day highs and strong closes (14:30 - 17:00)
The criteria is further narrowed to stocks making new 20-day highs and closing up 2% or more - signs of potential breakouts with follow-through. An example result of Duke Energy is analyzed.
Keywords: new highs, breakout stocks, bullish closes
7. Drilling down with industry groups (17:00 - 18:00)
Pete briefly mentions the industry group feature in Finviz for spotting relative strength and weakness themes across sectors and timeframes.
Keywords: industry groups, sector strength, market themes
8. Key takeaways and advice (18:00 - 21:00)
The key lessons are summarized - there's no need to find brand new stocks every day, knowing and trading the same stocks repeatedly is easier and higher conviction. Trading the market leaders in play with volume and volatility is recommended.
Keywords: trading edge, market leaders, trading psychology
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Pete Renzulli | Stock Trading Pro
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