Tools of the trade(r): Stockfetcher
One of the many tools I rely on as a trader is Stockfetcher, which I’ve used on a daily basis for several years now. It is a wonderful stock screener, the likes of which I’ve not found elsewhere though there are many other screeners available (many of which are free).
I use Stockfetcher to: 1) execute my system on a daily basis; 2) explore the universe of stocks and chart patterns for new ideas; 3) provide initial testing on those new ideas.
The scripts used to screen for stocks are fairly easy to learn and are remarkably powerful. The only deficiency in the scripting logic is the lack of an OR statement (this is by design intent according to the site owners), and even this small drawback is easily overcome with a clever use of the COUNT command.
At $9 a month, I’m not aware of a better value for those wanting to implement a mechanical trading system that uses EOD data (End of Day… in other words, the day’s Open, High, Low, Close, and Volume).
And now a bit of explanation for those wondering what a stock screener (or scanner as they are sometimes called) is or does. Simply put, a stock screener evaluates data from the universe of stocks (around 8000 of them on the major markets) and spits out a list of stocks that meet specified criteria at that moment. Additionally, it might provide data about the list of stocks produced. In the case of Stockfetcher, that data can be user defined.
Thus, to run my system, I use Stockfetcher to run 8 different screens each night and return a list of stocks for each screen with an associated score that I use to sort the stocks picked from the different screens. I then take the top 6 that were picked by my 4 long screens and the top 9 that were picked by my 4 short screens. But the whole ranking and picking moves us to another tool for another entry.