Stockcharts Scanning Value

surfsup

I have Scottrade now and signed up for Stockcharts. I thought I was getting scanning capability but this is not the case with the basic account. My question is, what are the advantages with Stockcharts vs something like Scottrade. I can get real time data with Scottrade now, do "basic" chart scanning (similar to the free predefined scans on Stockcharts). I kinda feel I wasted some money. The only thing I can see that seems different is the Stockcharts annotation being "remembered" when I power down and log in a different day.

If I upgrade to the next level I get access to making my own scans. I am curious if people feel this is worth it?

gord

Here's a link to the pricing matrix, with details on what you get at each level.

http://stockcharts.com/h-mem/pricing.html

I use the Extra (without real time) level and that works very well for me as I don't need real time, I'm not around during the day. It gives you all the power of the custom scanning engine, along with alot of other perks for chartlists etc.

markd

The custom scans do two things: save time by pulling up just the kind of stocks you want to see, and allow you to develop your own custom set ups.

For instance, suppose you are interested only in energy or biotech stocks. You have to hunt through the predefined scans to find them. With a custom scan, every stock you get is an energy stock or a biotech stock. Or you might want only stocks in a certain price range, or with a certain market cap. You can scan for just that kind of stock.

Second, suppose you learn from experience that you want bullish MACD crossovers, but only when prices are above the 200 MA and volume is above the 21 day average and the close is a 5 day high (I'm just making this up off the top of my head). There is no predefined scan for that. You might find it among the bullish MACD predefined results, but again, it will take a lot of time consuming searching.

Another thing you can do is test the reliability of any set up over time. So for instance you might research the 13/34 MA crossover (or any other set up that interests you) by collecting examples over say the last three months, or from a random week maybe three years ago. Something like that gives you a realistic idea of how the set up works in different markets.

So if your interest in the market is more casual right now, Basic is ok, although as you say it probably duplicates what your broker is giving you, more or less. But if you are intent on upping your game, and want to put some time into it, Extra will really help.

surfsup

gord and markd thanks.