Stock Screeners and technical analysis tools are required by every trader as well as Investor to analyze price movements of stocks. The Internet is flooded with such platforms that provide technical analysis tools. Chartink is a platform that provides some important Stock screening and Technical Analysis features. Know some of the Key features, How to use, and its Review.
Chartink Screener is a Stock screening tool that is useful to screen stocks based on Technical & Fundamentals. It scans stocks by using technical indicators like RSI, MACD, Breakouts, divergences, etc.
It also uses fundamental tools like Book value, market cap, PE, Dividend yield, etc
There are many many scanners within Chartink, some of which are-
- Fundamental Scans
- Range Breakout scans
- Bullish scans
- Intraday Bearish scan, etc.
Apart from scanners Chartink also provides advanced charts with many indicators to analyze stocks & Indexes in real-time. Some popular Indicators on charts are-
- RSI (Relative Strength Index
- Bollinger Bands
- Moving averages and many more.
How to use Chartink?
Chartink is fairly simple to use provided you are aware of the working and concepts of the technical and fundamental indicators.
For beginners, Chartink has many recommendations of stocks that are pre-screened based on certain parameters. For example, there are sections of-
- 3 mins buy- The stocks in this list are to be bought for a 3-minutes candle
- 3..5…10 mins bindaas buy- This column has a stock that is recommended to be bought for 5, 10 & 15 minutes as the trend of these stocks is super bullish.
For intermediate and advance level traders Chartink has a dashboard of various Sector-specific (Telecom, IT, Pharma, Auto, etc) data points such as-
- % above 52 weeks high.
- % from 52 weeks low.
- Top gainers of that particular sector.
- Top losers in that sector for that specific day.
- Current vs previous day’s volume, etc.
Using these data points a trader can anticipate the movement of a stock of a sector.
A main feature of Chartink is to create one’s own scan for any particular stock using many scanners and other parameters according to your need and set an alert that will send a notification on your email, SMS, or PC as per your requirement whenever the required set of scans are fulfilled.
In Chartink you can also create your own scanner which is quite simple. Just feed in the details of the parameters on which you want to create your scan such as Day’s High/low, Volume increase/ decrease, etc. A series of scanners can be treated to filter out the scans of the previous scanner.
Chartink is a great tool for all kinds of traders as it makes the job of monitoring multiple stocks at once easy. Without Chartink one has to be glued to the screen and constantly check the prices of all the stocks in his/her wish-list, but if he prepares a particular scan according to their need and add those stocks to the wish-list and run it then Chartink will send a notification to your email, SMS or whatever way is convenient to you. This feature automates the work of monitoring stocks to a large extent.
Besides this, if you are well aware of technical analysis then this software is a blessing as it allows you to create your own analytic scans where it scans all the stocks listed on the NSE and finds out those stocks that matched the scan, with which you can trade and make profits. It makes the job easy of tracking stocks that are about to break out because it will automatically inform your when the breakout happens.
Other than the good points, Chartink has some drawbacks as well, It is not cheap, it charges almost close to the top-charting software out there. This can be a problem for some individuals who are not willing to shed 800-900 bucks per month to get the premium features such as real-time price updates that is very necessary as even a delay of seconds can reduce your overall profitability in day trading. The UI (User Interface) is not that user-friendly for beginners as most of the scanners are complex to use and only people with the basics knowledge of Technical & Fundamental analysis will be able to create those scanners. A beginner will not be able to understand and make use of the full potential.
So to conclude Chartnik is a great option for intermediate to advance level traders who want to develop their own strategies and scanners that can make their work much easier. It also has an extensive amount of tools that can be very useful to Technical as well as Fundamental analysis.
It also provides many pre-set scanners for multiple parameters that can make your work easier. Price-wise the premium pack which includes most of the important features like real-time price updates, automatic scanner running function, and notification on SMS, Email, etc is on the higher side but if the Screener is used extensively then the price paid can be justified.
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