- 1 Scanz Review
Scanz mission is to deliver the most intuitive scanning platform. Real-time results, with endless trade opportunities in the stock trading game, are promised. Let’s get into the Scanz review to figure out if this scanner platform is worth it.
We talk about the costs, functionalities, and compare it against the market leaders in the business.
Transparency: We may get compensated when you click on a link on our website.
Table of Contents
What is Scanz?
Scans is a stock market scanner and news feed with streaming charts, and level II data. Charts and watchlists can be used, while broker integrations and pre-configured scans are planned. Previously similar functionalities were available with EquityFeed. EquityFeed stopped offering its service in 2019, and now traders can use scanz.com instead.
Scanz Pro Scanner
The Pro Scanner streams real-time signals from 4:00 am to 8:00 pm EST. It is fully customizable and allows users to save as many scans they want. More than 50 price variables can be used to limit down the scanner results. Popular filters like the last price, bid and ask price, the $ change and % change, and values like OHLC can be used.
Also, liquidity filters like $volume and number of trades are applicable, as well as technical filters like MACD and Bollinger Bands. Similar to the functionalities that we know from Finviz, fundamental filters like float, market capitalization, and financials can also be used.
The stock scanner is a newer product, and there are some additional scanning functionalities planned. One of them are the 100 pre-configured scans where traders can scan for gappers, moving average crossovers, and more.
A nice feature that distinguishes the tool from other solutions on the market is that the results can be downloaded in a CSV file. In contrast, other functionalities like sorting, and stock type selections are a must for any platform and are nothing unique.
The easy scanner focuses more on unparalleled speed and total market transparency, where zero effort is required to use it. Users can filter results by stock type like ETFs, regular stocks, and foreign stocks and apply various custom filters. The major indexes can also be scanned by using the Easy Scanner. It can also be used as a sector scanner and a short squeeze scanner.
In short, the Easy Scanner is a Pro Scanner light. It is included in the regular subscription and a good start for new subscribers getting into the platform functionalities. The Pro Scanner has more features, and IMO should be used from the beginning.
We know it from the Benzinga Pro review, it is beneficial to have a news feed parallel to the pricing stream detection. The news causes price movements, and knowing the reason for a move is always helpful. The Scanz news scanner is designed to do precisely this. With over 100 news sources and nearly endless customizations, Scanz wants to guarantee that it becomes the best news source ever. Similar to Benzinga Pro, real-time SEC filings are streamed.
A clever functionality is the integrated keyword customization where you can scan the news for specific keywords like Earnings, Merges, and Acquisition or something similar. You can also search by ticker symbol and apply custom filters.
The Scanz Breakouts are a specific type of filter. It is something like one of the pre-configured scans of the 100 planned for the Scanz Pro Scanner. Day traders use the Breakouts scanner to find actionable signals for various stock types. Scanz promises high-speed signals with zero latency along with instant sorting and watchlist alerts. Once stocks break out of their sideways price range, the breakout signals appear.
The supported breakout types are:
- Scanz New High Alerts
- New Low Alerts
- Price- and Volume Breakouts
One Window Montage
The Scanz One Window Montage is an interesting feature. Here, you can complete the real-time picture of your chosen stock. You can scan pre-market, the regular market, and even during post-market hours. Montage means that you can view all aspects at the same time together in one window. Streaming charts wit level 1 and level 2 data, time and sales, news alerts, and indicators. You can use tabbed windows and drawing tools like Fibonacci retracements on the chart.
The level 2 functionality is a cool one. It allows us to visualize the full order book in real-time. Color coding is supported, and tabbed windows can be used. This is also something unique that just a few scanner platform offer at the moment.
Notifications and Alerts
The Scanz platform allows you to scan the stock market and sending the stock scanner alerts directly to your desktop or email. You never again miss when stocks meet your filter criteria. The Scanz system helps you to find things and alerts you once ready.
Charting is essential for day trading. Day traders use charts for visual confirmation when stocks move in one direction or the other. First, you find your stocks, and then you check the news and charts. It is a nice additional feature and makes trading easier, having all those things in one platform.
Traders will like this functionality for their trading. Scanz plans to integrate 10 brokerage platforms. The most popular brokers, such as Interactive Brokers and TD Ameritrade, can then be connected to the Scanz platform. This way, you can use Scanz to find the best stock, and then directly send the signal to your brokerage account. Multiple order types are planned, along with a trading interface and one-click connections, numerous order types, and real-time P&L. Currently, there is no exact date mentioned when this feature will be available. So we have to wait and see
Price | Discounts
Scanz.com charges you between $79/month and $149/month. All subscriptions are monthly. Neither discounts for yearly subscriptions, nor general discounts on any subscriptions are provided. The data feed is included in the monthly subscription costs. Only the OTC market costs an extra of $15 per month plus another $15 per month for Level 2 OTC Markets data.
Here are the prices for the packages:
|Product||Price before OTC||OTC-Level I||OTC-Level II|
Subscribers can decide to use OTC data or not. If you don’t need OTC data, then the normal pricing with $79, $99, and $149 is what you pay.
All subscriptions start with a 7-day free trial. You should know that no credit card is required to register for the 7-day trial, but once you registered, you need to verify your data with a phone number. Without a phone number, you do not get access to the platform. This is one point where I am a bit disappointed because the need for the mobile phone number is not mentioned in the sign-up process. A bit more transparency would be highly appreciated.
Pros and Cons
Scanz is an interesting stock screener and rich in functionalities. Compared to the competition, the pricing is somewhere in the middle. My favorite stock screener is still Trade Ideas, while Hammerstone Markets is my go-to-place for streaming news. TrendSpider is the third in the field and offers a similar mix of stock scanner functionalities and charting, as Scanz does.
- Scanz minimum subscription duration only one month
- Separate packages for news and scanner functionalities
- Level II data available
- Broker integration not finished yet
- Pre-configured scans not available yet
- Extra costs for OTC market data
ABOUT THE AUTHOR
Romain is an independent trader and investor specializing in financial market analysis and trading systems. He worked as a professional long/short equity trader for a trading firm in New York and has a passion for building mechanical trading strategies. He has been in the industry since 2008.
This post expresses the opinions of the writer and is for information, entertainment purposes only. Romain is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk.) Please read the Full Disclaimer