Automated Intraday Screener
Automated Intraday Screener
An intraday screener is used for intraday stocks strategy and it lists out stocks when either Open is equal to high for the day, or where Open is equal to low for the day.
When open is equal to high for the day, usually it means that stocks have selling pressure from the moment it opened in the morning.
Similarly, when Open is equal to low, it means buyers have been dominant from the moment stock began trading and are bullish for a day. You can use the below screener for intraday stocks and trade in intraday.
Intraday screener strategy is one of the most favorable and easiest strategies for all new traders. This strategy works on the Nifty and Stocks very well.
If we trade regularly with proper money and risk management, the Intraday screener strategy will help to solve your problem of how to select stocks for intraday.
An intraday screener is a method used to filter out Open is equal to High or Open is equal Low shares for Intraday trading. BUY signal is generated when OPEN is equal to LOW & SELL signal is generated when OPEN is equal to HIGH
We must know How to use Intraday Screener
Have a Look How to use intraday Screener
why Intraday Screener?
- You can understand the Intraday screener strategy very quickly and execute it in the next trading session.
- You don’t need for pre-day analysis, like before.
- The process of selecting stocks becomes so easy, and you just have to know the trend/direction the market is headed.
How Intraday Screener Works?
In Intraday Screener, If Todays Open is equal to Todays Low which is OPEN is equal to LOW, then the buy signal is generated. As you can see in the graph in the image below when the market is opened TCS stock is opened at a low and keep on moving up though out the market hour. So, it is advisable to buy when open is equal to low.
In Intraday screener, If today’s open is equal to today’s OPEN high is equal to HIGH, then a sell signal is generated. As you can see in the graph in the image below when the market is opened Infosys stock is opened at High and keep on moving down though out the market hour. So, it is advisable to sell when open is equal to high.
How to enter into trade
Before entering into trading, we must add to the watch list the stocks with Open is equal to Low and Open is equal to High when the market opens from the screener.
If the Nifty index is above 0.20%, then we can go on the buy-side, and if below 0.20%, then we can go on the sell-side.
When the Stock market opens, if the low/high is not broken, then we should Buy/Sell stock according to the strategy.
Always keep risk-reward 1:2.
It is Strictly to keep Stoploss at the open or close of the previous candle. But the stop-loss should never more than 25 of the stock price. if it is more than 2% then there is no need to take the trade.
How to Select Intraday Stocks
Let’s take a detailed look at how to select stocks for intraday using the strategy
Between 9:30 AM to 10:30 AM open this strategy and see which stocks are Open is equal to High and Open is equal to low.
Once we have a list of stocks, check What is Nifty direction today. If markets are bullish, means if nifty is in green (minimum .5% up), we will trade open is equal to low stocks. If Nifty is in red (minimum .5% down), we will go for open is equal to high stocks.
First, we Decide Our daily risk and take a minimum of two trades on such stocks. If we have RS 50,000, the daily risk will be 2% which is Rs 1000.
Now Rs 1000 is for 2 trades so risk per trade is Rs 500
Assuming stop loss is Rs 5 for both stocks, buy 500/5= 100 quantity of each stock and wait for targets.
Book profits when the target is met, or keep revising stop loss if the stock goes in our direction.
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