Newsletters
February 12, 2023
March 31, 2023

How To Screen for Profitable Trading Setups

Brad

Subscribe to our newsletter today!

Joining our BreadBytes newsletter is a great way to stay informed about the latest market trends and opportunities. Our newsletter is written by experienced traders and market analysts who have a deep understanding of the crypto markets. Additionally, our newsletter includes educational content to help you improve your trading skills and become a more successful investor.

Thanks for joining our newsletter.
Oops! Something went wrong while submitting the form.
Newsletters
February 12, 2023
March 31, 2023

How To Screen for Profitable Trading Setups

Introduction

Cryptocurrency trading can be a complex and overwhelming task for even the most experienced traders. With thousands of different cryptocurrencies on the market, it can be difficult to keep track of which ones are worth investing in and which ones should be avoided. This is where crypto screeners come in. In this article, I will break down what crypto screeners are and how to use them to make informed trading decisions. I will cover the different types of crypto screeners available, the criteria that can be used to filter and analyze cryptocurrencies, and how to interpret the data that these tools provide. Whether you are a seasoned trader or just getting started in the world of crypto, this guide will provide you with the knowledge you need to navigate the market with confidence. I will also be sharing one of my favorite setups and all the parameters you need to scan for these setups to help get you started.

What is a Crypto Screener?

A crypto screener is a tool that allows users to filter and search for specific cryptocurrencies based on certain criteria, such as price, trading volume, market capitalization, and other technical indicators. The screener can help users find and analyze potential investments in the cryptocurrency market. They are typically used by traders, investors, and analysts to identify and research digital assets that meet their specific investment criteria. Some crypto screeners also allow users to set up alerts or notifications when certain criteria are met, such as a cryptocurrency reaching a certain price or trading volume.

Crypto screeners are a way for traders to narrow down what specific coins they want to trade based off specific parameters. Rather than having to sift through 100s of coins, the user can set specific criteria they want in a trade and then the screener will narrow down your results to just those coins. So depending on the parameters you set, you may be able to narrow down your list from 100s of coins, down to 4-5.

Types of Crypto Screeners

There are several different types of crypto screeners on the market, each with their own unique features and capabilities. Some of the most popular types of crypto screeners include:

  1. Basic Crypto Screeners: These are the most simple and straightforward crypto screeners. They typically only allow users to filter and analyze cryptocurrencies based on basic criteria such as price, trading volume, and market capitalization. They are easy to use, but may not provide as much detailed information as more advanced screeners.
  2. Technical Analysis Screeners: These crypto screeners are geared towards traders who are more interested in analyzing the technical aspects of a cryptocurrency. They allow users to filter and analyze cryptocurrencies based on technical indicators such as moving averages, relative strength index, bollinger bands, and other technical analysis indicators.
  3. Advanced Crypto Screeners: These are the most comprehensive crypto screeners on the market. They allow users to filter and analyze cryptocurrencies based on a wide range of criteria including price, trading volume, market capitalization, technical indicators, and fundamental data. They also often provide additional features such as alerts, charts, and news feeds to help traders stay informed.
  4. Portfolio Tracking and Management Screeners: These crypto screeners allow users to track their crypto portfolio and manage their trades, They also provide data visualization and reporting features that enables user to monitor the performance of their investments.
  5. News-based screeners: They filter the news and events related to the crypto world and display the most relevant information for the user, this way the user can make decisions based on the news and events that can affect the crypto market.

Ultimately, the best crypto screener for you will depend on your specific needs and preferences. It's important to try out different screeners and see which one works best for you.

What Crypto Screener Tool Should You Use?

I’ve been trading for over 10 years now. In that span of time, I have used so many stock and crypto screeners. There are some great options to choose from, but I found one about 5 years ago, and it has been my tried and true go to screener ever since. The screener I used it not very well known, in fact, I’d be surprised if anyone reading this has heard of or used this tool. One of the reasons I like this tool over all the others I have tried is due to how robust the technical indicators it has available are. I have never used a screener that had so many indicators and ways to use the tool. It also is very easy to setup a screener, pick the parameters you want to use and then run the scan and see the chart setups.

My tool of choice when it comes to screening for crypto is:

MarketinOut - https://www.marketinout.com/

The website looks like it hasn’t been updated since about 1994. But I equate this site to, you know that dive bar/restaurant you have in your local town, maybe it looks a little dingy or outdated, maybe not to many people know about it, but every time you go, the food is fantastic! That is MarketInOut, site may look outdated, not too many people may have heard of it, but on the inside, this is one of the most robust tools I have ever used.

MarketInOut has stock and crypto screeners as well as the ability to backtest crypto and stock strategies. You can do some screens for free but are limited in the results you get back.

MarketInOut does offer subscription plans if it is something you may find yourself using frequently. Their prices are as follows:

6 months - $159

1 Year - $259

2 Year - $359

I do have a 20% off discount link you can use: • https://www.marketinout.com/?a=brbu and type in “BREAD20” at checkout to get 20% off your subscription cost.

There are several other crypto screeners out on the market as well, some paid, some free. The most robust, easiest to use and most accurate for me, has been MarketinOut.

Some other popular ones you may want to test out are:

TradingView - FREE - TradingView has a fairly decent screener for stocks, but I have found their crypto screener to be fairly lackluster and not have a ton of indicators or parameters that allow you to truly identify trade setups easily.

BitScreener - FREE - BitScreener is a very basic screener, you can scan for price, market cap, volume, and a small handful of technical indicators. Again, similar to TradingView, it is quite limited in what you can do with it.

Tickeron - $90/month - Tickeron has a bunch of AI functionality to its screener but its hard to determine what that is actually doing, and it has a pretty lackluster amount of technical indicators to choose from when setting up your screens. Limits the amount and quality of your screens that you make.

Now, let’s jump back over to MarketinOut and go through how to setup your screener.

How To Screen for Crypto Using MarketInOut

Now we can start getting into the fun part, which is actually setting up the screener and seeing everything that it can do. First you will want to click on Crypto Screener on the left side bar. It should bring you to a screen like this:

This screen may be a bit overwhelming at first because there is a lot of information to dissect. Once you set things up 1-2 times, the interface becomes very easy to navigate.

Now that you are on the screener page, you will want to focus on the highlighted section in yellow under “Screen Name”.

This section is the meat and potatoes of setting up your screeners. The first section you see at the top called Universe, this is where you can start the filtering of your screen. I usually don’t select anything in “Grouping”, then Crypto Exchange, I tend to either select Binance here because it has the most liquidity and accurate pricing, or I will select the exchange I am planning on executing trades on, that way I know its only going to screen for coins that I can actually trade. The My Watchlist and My Portfolios one is if you create a watchlist of specific coins and you only want to run scans within those coins on that list, you can do so.

The next section Price/Volume. This is one I usually will set so I get coins that actually have a decent amount of volume on them each day and not a bunch of trash coins that maybe only execute less than a certain dollar figure per day. Uusually I set my minimum threshold to at least 300k-500k average daily volume. You can also set price here, if you only want to trade coins that are above or below a specific dollar figure you can do that. So maybe you only want to trade coins that are less than $10. You can set that, and then when you run the scan, it will only provide you with coins that are under $10.

All of the remaining sections are the important parts of formulating your strategy and building a robust and profitable scanner. This is where I personally think MarketinOut truly shines. I have never used a screener before that has so many technical indicators to configure and so many ways to configure them, the options are endless. Even indicators which are known to be very hard to plot or scan for such as Support/Resistance levels and Ichimoku Cloud. You can scan for both vhere, and I do so quite often.

Let’s run through a quick breakdown of how to add criteria to MarketInOut scans and setup a screener before jumping into the parameters of one of the main screeners I use.

How To Setup Your First Screener

Let’s setup a super basic first screen so you get a feel for how it works and what buttons you need to click to get started. We can use the examples I had in the previous section to set this one up. We will start with the Universe section and then click on Crypto Exchange, then select Binance, then press the Add Criterion button.

Now you should see “Crypto Exchange: Binance” in the selection criterion on the right side. This means you have added your first filter to this screener.

Now, let’s click on the Price/Volume section, then we are going to select Average Volume, mln. This means that the volume indicator is based on 1 = 1 million volume. So if we want to set it for 300k or more, we want to select the “Is Greater Than option and type in 0.3 million. Then press Add Criterion button.

Now you should see the average volume that you added right underneath the crypto exchange on the selection criteria on the right side.

Finally, let’s say we also want to only see coins that are under $10. So still under the Price/Volume section, you want to click on Price then “Is Less Than” and in the box type 10. Then press Add Criterion button.

Now you should see all 3 pieces of the criteria we added on the right side. Now we are almost ready to run our first scan.

Last couple steps you need to do is, name your screener in the “Screen Name” section at the top. You can name this whatever you want to call it. Secondly, you need to select the time frame you want to use. Towards the bottom of the screener you will see a section that says “Use Daily periods for all technical indicators”. Here, you can select the Daily drop down and choose different time frames like 5min, 15min, 4hr, etc. For this scan, let’s just keep it on Daily. Once you have named the scan, now you can press the “Run Screen” button on the right side.

Once you press “Run Screen” you should be brought to a new page that gives you a list of all the coins it found that matched your parameters. Now since this first scan we did was very basic in our parameters, it more than likely is going to come back with a lot of coins for you. As you get more complex with your screens, it will significantly trim down your results and give you a smaller pool to choose from.

Just a personal preference for me, in the top right of the screen you’ll see a “Switch To” drop down, you can change how the screener data is displayed, for me, I usually switch this to “Chart” as it allows me to see each coins chart layout in one screen.

There are a few things you can do within this screen, you can change the time frame, edit your screener, change the zoom, and click in on an individual chart to get a larger view of it.

That’s about it though, congrats! You just completed your first screen for crypto coins.

Now, let’s get into a more advanced screen where I show you one of my favorite setups and the parameters needed to screen for it.

My Profitable Crypto Screener Setup (Parameters Included!)

Now that you know how to navigate MarketinOut and setup a screener, it’s time to share with you one of my favorite screeners that I use almost daily. It actually is two separate screeners as one is designed for longs, and the other is designed for shorts.

Let’s start with the short side. This screener isn’t super complex but it works very well in the market. It utilizes the 200EMA, RSI, and Volume. This gives me three separate views of the market, Trend, Momentum, and Volume.

So to start setting this one up, we are going to do two things we already did in the previous steps. First we are going to select Universe - Crypto Exchange - Binance - Add Criterion. Then we are going to go to Price/Volume - Average Volume, mln - Is Greater Thank - 0.3mln - Add Criterion.

Now we are going to add two new indicators, first let’s add the 200EMA.

Start by selecting Moving Averages on the left side. Then select Price, then “Is Above” then EMA and type in 200. Then press Add Criterion.

Now the last indicator we need to add is RSI.

For RSI we are going to select Oscillators, then RSI (keep periods set to 14), then select “Is Above” and type 65. Then press Add Criterion.

Lastly, I usually run this on the 15 minute or 4hr chart. So you can select which period you want to run it on at the bottom.

Now your 200EMA/RSI Short version should be setup. You just need to name it whatever you want and then press “Run Screen”. If you set it up correctly, your Selection Criteria should look like this:

Once you run the screener, you may or may not see any coins in the list. This screener is fairly particular so most of the time you aren’t going to get a large list of coins. At the time of writing this, it pulled about 12 coins that fit this criteria. At this time I would select the “Switch To:” option, change it to charts and review this 12 coins to find the setups I like the best.

From the list here, with this specific setup, I generally look for ones that are on the higher side of RSI, as you can see in this group, AVAX is at 85 RSI, and the current candle it is on is a doji which shows indecision after a big run-up. So if I were taking a short postion, based on this screener, I personally think AVAX has the best setup for it.

See how much easier a screener makes things for you? Instead of sifting through hundreds of coins, I can run this, it sifts it down to 12 for me, I take a couple minutes reviewing each chart setup and choose the main 1-2 I like the best.

Now we can setup the long side, I usually will set the long and the short side up as two separate screeners so when I am looking at the charts I already know on one I am evaluating it for short setups and on the other I am evaluating it for long setups.

The setup is almost identical for the long side as what we did for the short side. The only difference is the RSI is different and the EMA is setup as below instead of above. Here are the parameters for the long side

At the time of writing this, there were no long setups currently showing on the screener. This is pretty normal, you may even set this up and both long and short may not pull anything for you. This is ok, as you’ll want to screen pretty often to see what it finds, or setup alerts for it to alert you anytime a new coin has populated on the screener.

Conclusion

This was a ton of information to digest, but hope you found it helpful. I believe as a trader one of the number one tools you need to use is a screener as it does a lot of the heavy lifting for you and allows you to keep a more precise focus based off the parameters and time frames you would like to trade. One other nice perk with MarketinOut is the fact that you can setup telegram or SMS alerts for your screeners so anytime a new coin triggers on your screener, you can immediately be notified of it and trade it.

We offer a FREE discord group which is a great community of crypto traders and enthusiasts. We share educational content, trade setups, trading bots and more. If you want to drop by or have any questions about screening for profitable setups, we’d love to have you. https://discord.gg/xDWwnuCvna

Subscribe to our newsletter today!

Learn the latest market trends and opportunities
Follow experienced traders and market analysts
Get educational content and improve your trading skills

Latest articles