Many ETRADE traders may not be familiar with its stock scanners and screeners.
I know this because of a recent comments I received on a video I posted on my YouTube channel.
In this step-by-step tutorial, I will show you how to use E*TRADE stocks and options scanners for your trading.
Furthermore, I will introduce the New Live Action Scanners from Power E*TRADE.
Table of Contents
E*TRADE STOCK AND OPTIONS SCANNERS
E*Trade is one of the big five US Stock trading platforms.
Its recent merger with Morgan-Stanley will only help solidify this position.
I have been trading with ETRADE since 2016 following the buyout of OptionsHouse which was my original trading platform.
E*TRADE FEES Per Trade
Even though other trading platforms have been able to eat into E*Trade marketshare in the last 2 years with the $0 Commissions, E*Trade still maintains a certain appeal.
The starting fee is $0.65 per contract you buy or sell.
This means that if you are trading 10 contracts per day, these fees amount to $6.50 daily about $130 per month assuming a 20-day trading month.
However, after your first quarter, you will have more than 50 trades and thus the on-going fees come down to 50 cents.
I pay 35 cents per contract as shown my order above because I was able to negotiate this after a couple of years on consistent trading.
You can do so as well later by just calling customer service and requesting a lower fee.
Let’s be honest: if you are a good trader who is making money consistently, paying a small fee on each trade should not take too much of your profit.
Is E*TRADE Good for Beginners?
If you are a newbie to trading, E*TRADE is a good platform to start with because yo uwill be able to have immediate access to an options paper trading account.
The features such as the options chart and options watchlist are very intuitive to get you started rapidly.
New E*TRADE Live Action Scanners
E*Trade provide six categories of scanners and screeners in their Power E*Trade Graphical user interface.
Hence you get to check which ones fit you trading style.
Then you can click on the star next to them so as to save them in your Facvorites.
Here is a summary table of all six scanners categories and the numbers of individual screeners for each category.
|Scanner Categories||#Screeners per Category|
Relative Strength Index(RSI) helps traders determine whether a stock is overbought or oversold.
Typically, a stock is considered overbought when the RSI is above 70.
The range of the RSI is from 01 to100.
A value below 30 is interpreted by traders as oversold and thus it is expected to start going up at some point.
But beware: a stock can stay oversold for a long time.
How To Use E*TRADE GAP SCANNERS
These Gap scanners are part of the unusual activity category
Why yare the gap scanners important?
Because they indicate to traders that stocks are already moving in pre-market.
There is a high probability that a stock that is attracting traders (bears or bulls) in pre-market is bound to move during the regular session.
This is where day traders make their money.
Gap Up on High Volume Scanner
The criteria for this scanner is for stock that are priced at least $5that have gaped up at least 1% on double the normal volume.
After you run this scanner in pre-market, you can sort the resulting list from highest price to lowest price in order to focus on the most expensive stocks and avoid the penny stocks.
Unless I am familiar with the stock, I like to set this criteria to at least 2% gap.
I have a special strategy called Gang$ta strategy that I use to trade these gappers.
My bias on stocks that are gaping up by a great deal is usually on the puts side.
Gap Down on High Volume
The Algos in this US market are very keen on buying the dip.
Hence, you should always be patient before shorting a stock that is already gaping down.
E*TRADE OTPIONS SCANNERS
Scanners for options trading will help you focus and trade options that are attracting other traders mostly through volume.
Here is a list of 6 that you should know about.
|UNUSUAL CALL VOLUME||UNUSUAL PUT VOLUME||UNUSUAL OPEN INTEREST|
|UNUSUAL Option Volume||Highest Call to Put Ratio||Highest Put to Call Ratio|
Unusual Open Interest
This option scanner on Power E*TRADE will show you stocks when open interest is at least 300% higher than the regular average.
This means that a great deal of traders are interested in trading contracts fort his stock and so should you.
How I use E*TRADE SCANNERS
Here is the detailed video on how I use E*TRADE Scanners.
Can You Trade Crypto On E*TRADE
At the time of this writing, E*TRADE does not yet offer crypto trading.
You can trade stocks, options and futures on E*TRADE.
Check out my tutorials on how to trade crypto on webull.
As crypto gains more and more acceptance, I am sure E*TRADE will offer its traders the ability to trade crypto.
I will be bringing you those details at the specific time.
One of the most recent competitors to E*TRADE is none other than Webull.
We have several tutorials on how to trade on Webull on our blog.
Here is a video on how to use Webull Scanners.
FINAL THOUGHTS ON E*TRADE SCREENERS AND SCANNERS
I shared some of the most useful E*TRADE Scanners and Screeners to help you increase your winning trades in this new year 2022 and beyond.
If you are serious about options trading, check out my 10-Baggers Trading system today to take your Trading to the next level.