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Scanners help traders and investors filter and identify specific stocks or trading opportunities based on certain criteria. These criteria could include price movements, volume, technical indicators, news sentiment, and other factors. Here’s a general overview of how scanners work in the stock market:

Scanners gather real-time or delayed data from various financial markets, stock exchanges, and data providers. This data includes information about stock prices, trading volume, bid and ask sizes, technical indicators, and more.

Traders and investors can define specific criteria or filters based on their trading strategies and preferences. These criteria could be related to price, volume, volatility, technical patterns, news events, and more.

The scanner software processes the data and filters out the stocks that meet the specified criteria. For example, if a trader wants to find stocks that have experienced a certain percentage price increase in the last hour, the scanner will identify those stocks that fit this criterion.

Scanners continuously update their results in real-time as new market data becomes available. This ensures that traders have the most up-to-date information to make informed decisions.

Many scanners provide alerting mechanisms such as notifications, emails, or sound alerts when a stock meets the specified criteria. This allows traders to react quickly to potential trading opportunities.

 Some scanners offer visualization tools to display the results in a visually understandable format, such as tables, charts, or heatmaps. This helps traders quickly assess and compare different stocks that match their criteria.

Advanced scanners may also offer backtesting capabilities. This allows traders to test their strategies on historical data to evaluate how well the strategies would have performed in the past.

Some scanners are integrated with trading platforms, allowing traders to directly execute trades based on the scanned results without needing to switch between different applications.

It’s important to note that while scanners can be powerful tools for identifying potential trading opportunities, they should not be relied upon solely for making trading decisions. Successful trading involves a combination of technical analysis, fundamental analysis, risk management, and understanding market dynamics. Traders should use scanners as part of their overall trading strategy and combine them with their own research and analysis.