Market Scanner: Real-Time Opportunity Finder

A market scanner continuously monitors the entire market and alerts you when stocks meet your criteria. Unlike a screener that runs once and returns results, a scanner runs continuously, finding opportunities as they develop in real-time. For active traders, a well-configured scanner is essential.

Scanner vs Screener: What is the Difference?

Understanding the distinction helps you use each tool properly:

Essential Scanner Types

Gap Scanner

Finds stocks gapping up or down at the open:

• Gap up: Stock opens above previous close
• Gap down: Stock opens below previous close
• Run this pre-market to prepare for the day
• Filter by gap percentage (e.g., 4%+ gap)

Momentum Scanner

Finds stocks making strong intraday moves:

• Stocks up or down X% in the last 15-30 minutes
• New intraday highs or lows
• Stocks breaking out of ranges
• Useful throughout the trading day

Volume Scanner

Finds stocks with unusual volume activity:

• Relative volume 2x or higher than normal
• Volume spikes on 5-minute bars
• Unusual options volume
• Volume precedes price - these often lead to moves

Technical Pattern Scanner

Finds stocks hitting technical triggers:

• Breaking above/below moving averages
• RSI hitting extremes
• MACD crossovers
• Breaking through support/resistance

Setting Up Your Scanners

Pre-Market Scanner Setup

Market Open Scanner

Midday Scanner

Best Scanner Platforms

Trade Ideas

• Industry-leading real-time scanner
• Pre-built and custom scan configurations
• AI-powered trading signals
• Subscription required ($120+/month)

Thinkorswim

• Stock Hacker for real-time scanning
• Free with TD Ameritrade account
• Customizable with ThinkScript
• Integrated with trading platform

Finviz Elite

• Real-time scanning capability
• Clean, visual interface
• $40/month for real-time data
• Great for swing trade scanning

TradingView

• Scanner built into charting platform
• Good for technical scanners
• Limited real-time in free version
• Works well for swing trading timeframes

Optimizing Scanner Performance

Avoid Over-Filtering

Too many criteria means missing opportunities:

• Start with 3-5 core filters
• Add filters only if results are overwhelming
• Test removing filters to see impact

Prioritize Liquidity

Always include volume requirements:

• Minimum average volume (500K+ daily)
• Minimum price ($5+ for most strategies)
• Avoid illiquid stocks that are hard to exit

Match Scanner to Strategy

Your scanner should find setups you actually trade:

• If you trade breakouts, scan for breakouts
• If you trade pullbacks, scan for pullbacks
• Do not let scanners distract you with irrelevant opportunities

Scanner Workflow

Pre-Market (8:00 - 9:30 AM ET)

• Run gap scanner
• Check news for top gappers
• Build watchlist of 3-5 stocks
• Set alerts on key levels

Market Open (9:30 - 10:00 AM)

• Monitor watchlist stocks
• Run momentum scanner to find new movers
• Avoid chasing - wait for setups

Midday (10:00 AM - 3:00 PM)

• Use volume scanner for unusual activity
• Scan for relative strength/weakness
• Be selective - midday often has false signals

Power Hour (3:00 - 4:00 PM)

• Run momentum scanner for late-day plays
• Scan for stocks holding gains for swing trades

Summary

Market scanners are essential for active traders who need to find opportunities in real-time. Set up different scanners for different purposes: gap scanners for pre-market, momentum scanners for the open, and volume scanners throughout the day. Keep your criteria focused and always prioritize liquidity. Match your scanners to your actual trading strategy, and develop a consistent workflow for using scanner results. The goal is to have the market bring opportunities to you instead of searching randomly.

Learn more: Stock screener guide and trading alerts setup.