The ability to see how a certain method of trading or technical indicator has performed in the past can save traders a lot of time. If it hasn't worked in the past, it probably won't work in the future. On the other hand, there is no guarantee that positive past performances will carry forward into the future either.
Yet, Finviz has comprehensively backtested 15 indicators, using many parameters over 15 years and on 16,000 stocks. The findings of these backtests are available only to Finviz Elite members, and there is a breakdown of which indicators faired the best and the worst against a variety of benchmarks.
The extensive list of results is colored coded to easily see which indicators and parameters worked well and which ones didn't.
An easy way to access the backtest report is to click on the "Backtests" link located just above a chart.
SEE: Benchmark To Show Winning Returns
Figure 4: Finviz comprehensively backtests 15 indicators, using many parameters over 15 years and on 16,000 stocks. This feature is only available to Finviz Elite members.
Correlations have many benefits to traders, including the ability to find stocks that act like other stocks, or move very differently. When Elite members view a stock chart, a list of correlated and inversely correlated stocks is provided below it.
As with any feature on Finviz, when you hover your cursor over a stock symbol, a small pop-up chart will appear. Therefore, the list of correlated stocks allows traders to quickly see how the stocks move together by comparing their charts.
The list of inverse correlation stocks move in the opposite direction of the stock being analyzing. These stocks are commonly used for hedging purposes.
SEE: Backtesting And Forward Testing: The Importance Of Correlation
Figure 5: Finviz Elite members are able to view a stock chart with a list of correlated and inversely correlated stocks.
In a busy world, being alerted when certain events occur within a stock or your portfolio can be a big advantage. The alerts will send you an email when certain conditions, which you set up, are met.
Set alerts for rating changes, news, insider transactions or if the price moves above or below a specific price. Multiple symbols can be monitored in this fashion, and you set which alerts you wish to receive. Once you have received an alert, you can choose to remove or alter it.
You can also add all of the stocks you own, or wish to monitor, into a named portfolio on Finviz. Alerts can then be set for the entire portfolio and an email will be sent to you if any stock in your portfolio meets the criteria that you specified.
If you wish to change the email the alerts are sent to, this can also be changed on the alerts page.
When setting up or changing alerts, remember to click "Save Changes." Alerts are accessible through clicking the "My Account" link in the upper-right-hand corner of the site.
Figure 6: Remember to hit "Save Changes" after changing the settings for alerts.
Some additional advantages of the Finviz Elite upgrade include "fundamental charts" for EPS, Sales and Shares. These charts show a quick visual of how these fundamental indicators have changed over time.
When viewing a company's stock, the officers of that company are shown in a concise list.
Members can have up to 100 portfolios, tickers per portfolio and screener presents. Registered users (free) can have up to 50.
The free version of Finviz includes advertising, but for Elite members the site is cleaner advertising free.
Finviz Elite Stock Screener: Conclusion
TradingWe offer some tips on this process that can help refine your current trading strategies.
InvestingFinding good stocks can be like finding a needle in a haystack. But these invaluable tools can help.
TradingWhich are the top stock trading software for stock analysis? Here is the comparative list of the ones offering the best features.
TradingTo be an elite trader, you don't need a finance degree, but you must have a plan, and a serious, systematic approach to the business of trading.
Financial AdvisorLearn about how correlation can be used to measure how broader markets move in relation to each other. See how correlation is used to manage risk.
TradingDo-it-yourself trading can be very rewarding - both psychologically and for your wallet.
InvestingExplore the challenges presented by smart beta funds regarding due diligence, including proprietary methods for stock selection and active management practices.
TradingCorrelations between backtesting and forward performance testing results can help you optimize your trading system.