Intraday and swing merchants want a high-quality inventory scanner to search out alternatives for his or her buying and selling methods in real-time.
Two of essentially the most highly effective scanners in the marketplace are Trade Ideas and Scanz. Both are constructed for fast-paced buying and selling and provide the flexibleness to accommodate a variety of methods. However, they differ in how they method scanning and provide totally different instruments that can assist you flip concepts into profitable trades.
We’ll examine Trade Ideas vs. Scanz that can assist you resolve which of those inventory scanning instruments is best for you.
About Trade Ideas and Scanz
Trading Ideas launched in 2003 as one of many earliest real-time inventory scanning instruments designed for merchants. The platform does not reveal what number of customers it has, however Trade Ideas is extensively thought to be probably the most highly effective inventory scanners in the marketplace. It was additionally one of many first inventory scanners to include synthetic intelligence when it launched its Holly AI device in 2016.
scanz, previously often called EquityFeed, launched in 2002, shortly earlier than Trade Ideas. More than 90,000 merchants use the platform right now. The platform underwent an entire redesign in 2019 that made it simpler to make use of and doubled down on the scanner’s concentrate on merchants slightly than traders.
Trade Ideas and Scanz each provide real-time inventory scanners geared toward intraday merchants and swing merchants. Both platforms cater to a variety of methods, providing the flexibleness to create absolutely customized scans utilizing dozens of in style technical parameters. Both platforms additionally cowl all US shares, together with OTC shares.
However, that is about the place the similarities finish. The two platforms take very totally different approaches to scanning and serving to you see buying and selling alternatives.
Trade Ideas vs. Scanz: Building Custom Scans
The technique of constructing a scan in Trade Ideas and in Scanz is analogous on the floor, however very totally different within the particulars. Both platforms allow you to create customized inventory scans primarily based on dozens of technical and elementary parameters. You can mix parameters utilizing and/or logicals to tailor what setups make it into your scan outcomes.
The Trade Ideas scanner stands out for providing setup-based alerts to construct scans round. For instance, you possibly can construct scans primarily based on parameters like 25% pullback from excessive, Fibonacci 38% purchase/promote sign, and transferring common crossovers.
Scanz gives easier scan parameters primarily based on frequent technical indicators, however you possibly can scan primarily based on how two indicators work together. For instance, you possibly can construct a scan primarily based on a short-term transferring common crossing a long-term transferring common or a value crossing VWAP. This method is extra customizable, nevertheless it additionally takes a bit extra work to create an preliminary set of strategy-based scans.
Trade Ideas vs. Scanz: Pre-built Scans
Another distinction between the 2 scanners is that Trade Ideas gives dozens of pre-built scans, whereas Scanz doesn’t. Pre-built scans in Trade Ideas may help you discover bull and bear flags, RSI divergences, three line strike patterns, and extra. Scanz says it has a library of greater than 100 pre-built scans coming quickly, however they haven’t but been launched.
One neat function that Scanz gives, nevertheless, is the Easy Scanner. This is a click-and-go scanning device that allows you to rapidly filter shares primarily based on primary parameters like market, value change, buying and selling quantity, quick curiosity, and extra. It’s a very useful gizmo for locating shares making large strikes on above-average quantity or quick squeeze candidates.
Another device inside Scanz is the Breakout Scanner. This scanner gives a working listing of shares setting new highs and lows, breaking above or under transferring averages, or buying and selling with larger than common quantity. It’s one other quick option to uncover potential commerce setups that are not tied to a extremely particular technique.
Trade Ideas vs. Scanz: Backtesting
One of essentially the most highly effective options in Trade Ideas is its technique backtester. You can apply the backtester to a customized scan to see how that scan technique carried out over a customized time interval. Even higher, Trade Ideas helps you optimize your technique by exhibiting you the impression of every parameter and the way your income would enhance or lower should you made tweaks.
Scanz assumes that you have already got a confirmed buying and selling technique and does not provide any instruments for technique improvement.
Trade Ideas vs. Scanz: Artificial Intelligence
Trade Ideas can be distinctive in leveraging synthetic intelligence to ship actionable commerce concepts. The Trade Ideas AI, nicknamed Holly, evaluates greater than 60 methods to search out essentially the most worthwhile trades on daily basis. You can get commerce alerts in real-time and so they embrace entry and exit costs and cease losses.
Scanz does not have any comparable synthetic intelligence instruments or routinely generated buying and selling alerts.
Trade Ideas vs. Scanz: Brokerage Integrations
Trade Ideas permits you to commerce straight from the platform with an Interactive Brokers or TradeZero account. Notably, you too can set Trade Ideas to routinely execute trades from any of your customized methods or primarily based on Holly’s AI-generated commerce alerts.
Scanz does not at present provide brokerage integrations, nevertheless it says they’re coming quickly. The platform plans to supply integrations for TD Ameritrade, Interactive Brokers, and different in style brokers.
Trade Ideas vs. Scanz: News Scans
Scanz has a devoted market information scanner that pulls in headlines and tales from greater than 100 sources. It covers main shops like Benzinga, CNBC, Reuters, Seeking Alpha,and extra. It additionally tracks SEC filings. You can search latest information by key phrase or arrange alerts for particular tickers and key phrases.
Trade Ideas does embrace information, however not in a approach that is significantly helpful for buying and selling round breaking headlines. When viewing the web page for a person inventory—which incorporates that inventory’s chart and fundamentals—you get a primary feed of latest headlines involving that ticker. Trade Ideas pulls headlines from a couple of main newswires, however not almost as many sources as Scanz.
Trade Ideas vs. Scanz: Ease of Use
There’s an enormous distinction in usability between Trade Ideas and Scanz.
Trade Ideas has a really steep studying curve and it is from intuitive. The show will be overwhelming the primary time you utilize Trade Ideas and it takes a number of days to discover ways to use the platform successfully. The excellent news is that Trade Ideas has a ton of academic sources together with tutorials, movies, and a web based buying and selling room that can assist you discover your approach across the software program.
In distinction, Scanz is extremely intuitive. If you have used a inventory scanner earlier than, you will don’t have any downside leaping into the software program and creating your first scan. It nonetheless takes a while to arrange a library of customized, strategy-based scans, however the course of feels simple. Scanz additionally has a useful weblog that reveals you easy methods to scan for frequent setups.
Trade Ideas vs. Scanz: Pricing
Trade Ideas begins at $84 per 30 days (paid yearly), however that does not embrace AI-generated commerce alerts or brokerage integrations. For these options, you will want a Premium subscription that prices $167 per 30 days.
Scanz prices $169 per 30 days, plus an extra $15 per 30 days for OTC inventory knowledge.
Which Scanner Is Better?
Trade Ideas and Scanz are each glorious instruments for merchants in the hunt for worthwhile setups. Trade Ideas stands out as the higher platform for almost all of merchants because of its pre-built scans and wider number of setup-based filters. It’s additionally a lot cheaper than Scanz should you do not want entry to the superior backtesting module or AI-generated commerce alerts.
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That mentioned, Scanz is a superb selection if you would like a scanner with much less of a studying curve or should you wish to commerce round breaking information headlines. Scanz may work higher than Trade Ideas for some momentum merchants because of its breakout scanner, though you possibly can simply construct value and volume-based scans in Trade Ideas.
Alternatives to Trade Ideas and Scanz
For many merchants, the most important cause to search for alternate options to Trade Ideas and Scanz is their price. These are premium inventory scanners, and so they include value tags.
One of one of the best different scanners is FINVIZ, which gives a paid plan with real-time inventory knowledge for under $24.96 per 30 days. FINVIZ is straightforward to make use of and allows you to scan primarily based on all kinds of value and quantity metrics and technical indicators.
Another good different is TradingView, While TradingView is finest recognized for its technical charts, the scanner can be fairly highly effective and gives tons of of filters. The greatest draw back for buying and selling is that outcomes are refreshed each 10 seconds as a substitute of in real-time. You can use the TradingView scanner at no cost.
Conclusion: Trade Ideas vs. scanz
Trade Ideas and Scanz are two of essentially the most highly effective real-time inventory scanners out there to merchants. Trade Ideas stands out for its pre-built scans, backtesting instruments, and AI buying and selling alerts. Scanz gives ease of use and a information scanner for buying and selling round headlines.
Check out our full trading ideas review and our full scanz review to study extra about these inventory scanning platforms.
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