Setting up a scanner on Webull, a popular online brokerage platform, can enhance your trading experience by allowing you to access real-time market data and execute trades more efficiently. Here's a step-by-step guide to help you set up a scanner on Webull.
Before we dive into the process, ensure you have a Webull account and are familiar with the platform's basic features. If you haven't already, download and install the Webull app on your device, as the scanner feature is more accessible and user-friendly within the app.
Understanding Webull Scanner
The Webull scanner is a powerful tool that filters stocks based on various criteria, helping you find potential investment opportunities that match your preferences. It's essential to understand the different filter categories and their functions to create an effective scan.
Webull's scanner offers filters for price, volume, performance, fundamentals, and technical indicators. By combining these filters, you can create a custom scan that suits your trading strategy.
Accessing the Webull Scanner
To access the Webull scanner, follow these steps:
1. Open the Webull app on your device.
2. Tap on the 'More' tab at the bottom of the screen.
3. Scroll down and tap on 'Scanner' in the 'Tools' section.
Creating a New Scan
Once you've accessed the scanner, you can create a new scan by tapping on the '+' icon in the top-right corner of the screen. This will open the 'Create New Scan' window, where you can start building your custom scan.
Here, you can choose from various filter categories and set the desired criteria for each filter. You can also save your scan for future use by tapping on the 'Save' icon in the top-right corner.
Customizing Your Scan
Customizing your scan is crucial to finding stocks that align with your trading strategy. Webull offers a wide range of filters to help you narrow down your search. Let's explore some popular filter categories and their functions:
Price and Volume Filters
Price and volume filters help you find stocks based on their current price and trading volume. Some popular price and volume filters include:
- Price: Current price, change, percentage change, and price range.
- Volume: Average volume, relative volume, and volume change.
Performance Filters
Performance filters help you find stocks based on their historical price performance. Some popular performance filters include:
- Price Performance: Daily, weekly, monthly, and yearly price change.
- Relative Strength: Stocks with the strongest or weakest performance compared to their peers.
Fundamental Filters
Fundamental filters help you find stocks based on their financial health and performance. Some popular fundamental filters include:
- Valuation: Price-to-earnings ratio, price-to-book ratio, and enterprise value-to-EBITDA ratio.
- Growth: Earnings growth, revenue growth, and dividend growth.
- Profitability: Gross margin, operating margin, and return on equity.
Technical Indicators
Technical indicators help you find stocks based on their technical analysis, such as moving averages, oscillators, and chart patterns. Some popular technical indicators include:
- Moving Averages: Simple moving averages, exponential moving averages, and weighted moving averages.
- Oscillators: Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic Oscillator.
- Chart Patterns: Head and shoulders, double top/bottom, and ascending/descending triangles.
Running and Saving Your Scan
Once you've customized your scan, you can run it by tapping on the 'Run Scan' button in the top-right corner. Webull will display a list of stocks that match your scan criteria, along with their respective filter values.
To save your scan for future use, tap on the 'Save' icon in the top-right corner and enter a name for your scan. Saved scans can be accessed and edited from the 'My Scans' tab in the scanner menu.
Setting up a scanner on Webull can significantly enhance your trading experience by helping you find potential investment opportunities that match your preferences. By understanding the different filter categories and customizing your scan, you can create a powerful tool tailored to your trading strategy. Happy scanning!