Best FREE Chartink Screener for Swing Trading?
Swing trading is a dynamic strategy that necessitates precise and timely decision-making. Access to powerful screeners can make or break a swing trader. Chartink, a popular technical analysis tool, has a number of swing trading screeners. Let’s look at the Top Chartink screener for Swing Trading that can help you improve your swing trading game.
What is Swing Trading?
Swing trading is a type of financial trading that seeks to capitalize on short- to medium-term price movements in an asset. Unlike day traders, who typically hold positions for a single trading day, swing traders seek to profit from “swings” or price fluctuations that may occur over a few days, weeks, or even months. Profiting from price “swings” or changes in direction within a larger trend is the goal.
Swing trading characteristics include:
- Time Frame: Swing traders operate on a relatively short to medium-term time frame, holding positions for a few days to several weeks. Swing trading differs from long-term investing and day trading in this regard.
- Analysis: Technical analysis is frequently used as a primary tool by swing traders. Based on historical price movements and trends, they use charts, patterns, and technical indicators to identify potential entry and exit points.
- Trend Following: While swing traders can profit from both upward and downward price movements, they frequently align their trades with the prevailing trend. Identifying the overall trend allows you to make more informed decisions about whether to go long (buy) or short (sell).
- Risk Management: In swing trading, effective risk management is critical. Stop-loss orders are commonly used by traders to limit potential losses and other risk-reduction strategies to protect their capital.
- Fundamental Analysis: While not the primary focus, some swing traders may consider fundamental factors that may influence the asset’s price movements, particularly when trading in volatile markets.
- Short- to medium-term profits: Swing traders seek to profit from shorter-term price movements. They are not always concerned with a company’s or asset’s long-term prospects, as investors are.
- Liquidity: Swing traders frequently choose liquid markets and instruments because they allow them to enter and exit positions more easily without having a significant impact on the asset’s price.
Swing trading necessitates a solid understanding of technical analysis, market trends, and risk management. Traders must be skilled at identifying potential entry and exit points based on price charts and other relevant indicators. While swing trading can provide profit opportunities, it also carries risk, and traders should manage their positions carefully to minimize potential losses.
Also read: How to Invest in the Stock Markets
Top Chartink Screeners for Swing Trading
Please note these scans are based on Nifty 500 stocks, you can change the market segment as per your requirement.
1. How to Scan for Trending Stocks?
Searching for trending stocks is an important part of stock market analysis because it helps traders and investors identify securities with strong and sustained price movements. We will be using Chartink Scanner for Swing Trading, which is a free tool.
Chartink screener for Swing Trading for Up Trending Stocks
“Up-trending stocks” are those whose prices have increased consistently and steadily over a set period of time.
Traders and investors frequently use technical analysis tools, such as moving averages or chart patterns, to identify stocks that are currently trending upward. This information can be useful for those looking to make informed investment/Trading decisions based on a stock’s historical and current performance.
It’s important to remember that stock prices can be influenced by a variety of factors, and past performance isn’t always indicative of future outcomes. Individuals interested in investing should conduct extensive research and consider a variety of factors before making any financial decisions.
Also read : Stock Market Basics
Here's a step-by-step guide to finding trending stocks:
- We trade only Stocks that are Above Rs.50
- Volume of the Stock need to be above 100000
- The ADX should be above 20
- RSI will be above 60
Get the Chartink Screener for Up-trending stocks below
Chartink Screener for Swing Trading for Down Trending Stocks
Down-trending stocks are those whose prices have fallen consistently and steadily over a set period of time.
Technical analysis tools, such as moving averages and chart patterns, are frequently used by traders and investors to identify stocks that are currently in a downward trend. Recognizing down trending stocks is critical for those looking to manage risk or potentially engage in short-selling strategies, in which investors profit from a stock’s price decline.
It’s important to remember that stock prices are influenced by a variety of factors, and identifying a down trending stock does not guarantee future performance. Before making any financial decisions, investors should conduct extensive research, consider market conditions, and be aware of potential risks.
Here’s a step-by-step guide to finding trending stocks:
- We trade only Stocks that are Above Rs.50
- Volume of the Stock need to be above 100000
- The ADX should be above 20
- RSI will be less than 40
Get the Chartink Screener for Down-trending stocks below
2. How to scan for Stocks that are in a Sideways Trend?
Identifying stocks in a range-bound or sideways trend is critical for traders looking to profit from price movements within a specific price range. These can also be ideal stocks for non-directional options trading. Here’s how to look for stocks that are in a sideways trend:
Get this FREE Chartink Screener for Sideways Markets below
https://chartink.com/screener/sideways-swing-trading
3. How to Scan for Momentum Breakout of Stocks?
Scanning for momentum breakouts in stocks is a strategy used by traders to identify securities that are experiencing a surge in momentum, potentially signaling the beginning of a new trend. Here’s a guide on how to scan for momentum breakouts:
Get this FREE Chartink Screener for Rangebound breakout below
https://chartink.com/screener/range-breakout-swing-trading-2
Conclusion
Remember, these parameters for chartink screener for Swing Trading , and you may need to customize them based on your specific preferences and trading strategy. It’s essential to conduct thorough research and backtesting to validate the effectiveness of your chosen parameters. Additionally, regularly update your criteria to adapt to changing market conditions
