Stock screeners are automated online tools that allow you to specify certain parameters, such as share price, market capitalization, industry group, stock exchange, etc., and return a list of stocks that meet those criteria. Screeners can reduce the potential penny stock investments down to hundred, or even a few dozen high-quality stocks. When you decide on a parameter, for example shares between 1 and 5 dollars, the screener eliminates stocks that don’t meet your criteria.
There are many free stock screeners through the financial websites. Many online brokers provide them as well, although you usually need to have an account with them. Some screeners focus on fundamental analysis while others specialize in pattern recognition (charts) or technical analysis. For a fee, you can subscribe to stock screeners with more advanced features. Here are 6 free stock screeners that will help you find the best penny stocks to buy now.
best penny stocks to buy now Probably the best feature of UncleStock is that you can choose from many predefined screens based on popular fundamental analysis methodologies. There is the “Graham checklist”, “Greenblatt top” and – especially useful for penny stock traders – the “OTC top”, which generates the list of the best over-the-counter stocks. The screens also include stocks from North America, Europe, Asia and Australia.
If you plan to find the best penny stocks today, you should definitely try out the Trade-Ideas screener. At the bottom of the page you can search for OTC and Pink Sheet stocks, and you can look for Canadian penny stocks on TSX and TSX-V.
best penny stocks today
The FINVIZ screener breaks down the search parameters into 3 sections (or tabs): Descriptive, Fundamental, and Technical. You can set requirements for volume, company strength, current price performance, along with hundreds of other criteria. Also, you can choose from preset signals, such as most volatile, new high/low or recent insider buying or selling.
Unfortunately the search is limited to only three exchanges (AMEX, NASDAQ and NYSE), so no cheap stocks on OTC and Pink Sheet stocks. The other drawback of the FINVIZ screener is that you cannot select several parameters within a single category. For example you cannot choose both NYSE and NASDAQ together; you have to run these screens separately.
Zacks is best for thorough fundamental analysis, which is a must if you want to buy penny stocks now. You can choose from lots of financial ratios and earnings estimates. You have to pay for the premium package ($199/year), such as the proprietary “Zacks Rank” which ranks stocks according to how they should perform in the coming months.
With this stock screener you can refine your search based mainly on technical criteria such as how close the share price is to a moving average. Also, you can filter the results by average true range (ATR), price performance, Bollinger bands, etc., and certain proprietary criteria. Very useful option is filtering based on long-term support or resistance. ChartMill also allows you to save your searches so you don’t need to type in the same parameters every time.
This one has lots of predefined technical screens, some common, some special, like Chaikin Money Flow and Aaron Oscillator. There is a custom screener too, where you can select stocks based on your own criteria. The website even offers a seasonality screener, which allows you to see stocks that have performed well in certain months.
Finding top penny stocks today that match your personal trading style is a big part of successful investing. Stay with one or two screeners you like, and get used to using it so you always know which penny stocks are providing you with the best opportunity to make a profit.