Stock Monitor Review
Ease of Use
Want to build your own custom filters for your stock screening needs, without the need to code? Stock Monitor is a stock screening platform that gives users the ability to build custom filters and strategies. This platform provides access to a large pool of technical indicators and patterns, as well as dozens of pre-made filters. Stock Monitor’s tools and features include a stock screener, backtesting, watchlists, alerts, and more. Does this platform sound like the right choice for your needs? Before you decide, read our full Stock Monitor review now!
About Stock Monitor
Stock Monitor is a stock screening platform that lets you easily build custom filters and strategies. There’s no coding involved and the platform gives you access to hundreds of technical indicators and patterns. Stock Monitor also provides dozens of pre-made filters so you can start screening for popular setups quickly.
In our Stock Monitor review, we’ll cover everything you need to know to decide if this platform is worth the money.
Stock Monitor Pricing Options
Stock Monitor costs $18.99 per month. You can try out the platform for free for 14 days without entering payment information.
Stock Monitor Features
The main feature that Stock Monitor offers users is a stock screener. This screener is incredibly comprehensive for technical stock scanning. You can look for common setups like golden crosses or MACD and RSI combinations on their own, or build your own custom scans from hundreds of pre-made filters.
The filters available are broken down into several categories to make them easier to find:
- Popular includes golden crosses, MACD and RSI combinations, and new 52-week highs and lows.
- Moving average includes moving average crossovers and filters for where the current price sits relative to any moving average period.
- Price/Gap/Breaks includes filters for consecutive winning or losing sessions, price, price breakouts, and volatility.
- Oscillators includes filters for RSI.
- Trends includes filters for MACD, widening or narrowing Bollinger bands, and rising or falling momentum.
- Volume includes relative and absolute volume filters.
- Chart patterns includes filters for common candlestick patterns like morning stars, dojis, and three line strikes.
- Channels includes filters for price action inside a 5%, 10%, 15% or 20% range over multiple time periods.
You can mix and match filters from any of these categories to create a more complex scan, although you cannot add multiple filters from a single category. Any scan can be saved as a custom filter, which you can then apply within future scans.
Another thing that’s great about the Stock Monitor screener is the way it displays results. You can display results in table format or as miniature, individual charts. These charts are interactive, so you have the ability to easily change the timeframe you’re looking at. In addition, Stock Monitor lets you select any number of symbols from your scan results to add to a watchlist or portfolio.
The one downside to the Stock Monitor screener is that it’s very light on fundamental filters. There are sliders for market cap, P/E ratio, and EPS, but you cannot limit your search by market sector or data like earnings growth (as you may find in platforms like Stock Rover and MarketSmith).
Another key element of Stock Monitor is that you have the freedom to customize any pre-made filter or to build your own from scratch. One of the simplest ways to do this is to build a scan from two or more pre-made filters and then save your scan as its own filter. Alternatively, you can dive into Stock Monitor’s filter builder to create your own custom filters.
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This tool doesn’t require coding, but it can take some practice to get used to. There are hundreds of instruments to choose from, including basic ones like closing price or moving average as well as more complex ones like golden crosses or MACD crossovers. You can apply greater than, equal to, less than or crossed above or below logicals and combine any number of and/or conditions when building filters. You can even group parameters so that some are linked by an ‘or’ condition while others are linked by an ‘and’ condition.
Overall, the options for customization are as close to unlimited as you can get without having to write your own code.
Stock Monitor also lets you test out your custom filters to see how they perform against historical price data. You can create a strategy for backtesting by choosing one of your custom filters as a trigger for entering or exiting a position. You can also set stop loss and take profit limits to control risk in your strategy. Historical data is available for the past 20 years.
The backtest results don’t offer a chart of profit and loss over time, but you can see your total P&L as well as all of the trades placed during the simulation.
Market Overview, Watchlists & Alerts
Stock Monitor offers a handful of additional features to help you stay on top of the market throughout the trading day. The market overview dashboard shows the day’s biggest winners and losers, high volume stocks, and the ratio of advancers to decliners on the major US and UK indices. You can also set up watchlists, which will appear on your dashboard.
You also have the option to create alerts based on up to three pre-made or custom filters. Alerts are only issued by email after market close, not throughout the trading day, so this tool is best used for evaluating what stocks to watch the following day.
Stock Monitor Platform Differentiators
Stock Monitor stands out as one of the most customizable technical stock screeners available for traders who don’t want to dive into coding. The range of pre-made filters is enormous and the fact that you can scan for chart patterns in addition to indicators is a major plus. The filter builder, while not simple, is also fairly intuitive and lets you create highly complex filters for stock screening. It’s also noteworthy that Stock Monitor lets you build backtests around your filters, so you can see whether a custom filter is generating actionable – and profitable – results.
What Type of Trader is Stock Monitor Best For?
Stock Monitor is best for traders who target multi-day or weekly trades and who want a comprehensive stock screener to find new trading targets. The screening parameters are customizable enough to work for most technical trading styles, and it’s relatively easy to start scanning right away with the pre-made filters.
Intraday traders might not find Stock Monitor to be all that helpful since the platform lacks filters for VWAP and alerts are only issued at the end of each day. At the same time, the relative lack of fundamental filters may make Stock Monitor less attractive for many active, medium-term investors.
- Hundreds of pre-made filters for stock screening
- Highly customizable filter builder doesn’t require coding
- Backtest filters with simple strategy parameters
- After-market alerts based on your custom filters
- 14-day free trial
- Very few fundamental parameters for scanning
- No intraday alerts or VWAP filters