I’m hoping to help shed some light on this application for others who are interested as there aren’t many PowerScan Pro Reviews online. I discovered the program about 3 weeks ago as I was searching the Internet for new scan ideas. On some random website, buried in the comments section someone compared PowerScan Pro to Trade Ideas.
They were using PowerScan Pro because of it’s cost compared to other scanning programs. Trade Ideas is $99/mo, whereas PowerScan Pro has a one-time only payment of $150.00.
I downloaded the free version to check it out.
PowerScan Pro Review
Using the free version I had hopes of running a pre-market scan to find gap ups and morning movers. The free version does not include pre-market data, but the paid version does! The free version includes an AM Gap Up, Early Bird Flyers and Early Momentum scans. Unfortunately none of these scans are pulling pre-market data.
I sent an email to PowerScan Pro support trying to find out why these scans are in the free version and how they function without live pre-market data. Within an hour of sending my request, it was answered. Below is a portion of the response I’ve received.
“I can see where some confusion can exist here. First, “Early Bird Flyers” is using the GAP formula, which is not exactly the same as pre-market data. Stocks that are showing a “gap” are detected from the bid/ask values compared to the previous close, not necessarily what the stock is trading at in pre-market.
For example, if a stock closed at $10.00 and prior to the market opening, it had an “ask” price of $9.50, that means it is gapping down $0.50. It may or may not have actually traded, but this is what the “gap” value is in the program.”
That made sense to me, but as a Day Trader I need to see live pre-market data. With a one-time only payment of $150.00 I was very skeptical as most brokers and trading platforms such as TC2000 charge an extra monthly fee for live market data. They charge $15.00/mo for US Real-Time Data.
Over the past few weeks I’ve been really curious to see if an inexpensive program can stand toe-to-toe with the more expensive monthly subscription applications such as Equity Feed, Mad Scan and Trade Ideas. I figured what the heck and purchased the full version yesterday morning.
Free to Premium
After signing back into PowerScan Pro I changed the List view from Basic to Extended Hours. Low and behold I has able to view live real-time after-hours data. I sorted the list by % change and was able to see all of the pre-market movers! Hell ya!
I’m not sure if the data is coming from all of the exchanges or just BATS. To me that part doesn’t matter all that much. I simply need a tool to help me find stocks on the move before the opening bell. None of my platforms provide a % change indicator until after the market opens. PowerScan Pro provides that information is somewhat real time.
I say somewhat because during normal market hours the quotes lag just a bit. Around 9:35am this morning I watched as a morning runner rapidly jumped in price. PowerScan Pro updated the price about every 20 to 30 seconds, TC2000 was instant. I plan on using TC2000 throughout the trading day. For right now I’ll probably just use PowerScan Pro in the morning before the open.
For those just starting out, PowerScan Pro offers simulated trading to help newbies sharpen their trading skills before they go live. Using the Trade Simulator you can practice buying and shorting stocks. The results are instant so you’ll know immediately if your simulated trade worked out.
PowerScan Pro provides a really basic chart in the bottom left-corner that you can add standard indicators and oscillators to. I can’t seem to find the VWAP indicator. That’s the only thing I’ve found missing so far. You can zoom in to watch the 1 minute chart if you’re Day Trading. For Swing Traders you’ll be limited to 4 years of price information using the Weekly Chart.
Outside of a Bloomberg Terminal I don’t think anything else compares to TC2000 when looking at charts. Saying that, the charts in PowerScan Pro are basic and functional. They get the job done.
Anytime you find a stock worth keeping an eye on just add it to watch. To do this, highlight the stock and click on the Add Watcher button. Once the stock is added to the Watch List you can simply click on it once to view it on the chart. I love the single click functionality of PowerScan Pro. It provides a nice fluid user experience. The charts load very quickly when cycling through stocks.
During the morning its nice to know what the catalyst is moving a stock that keeps popping up on the scans. With PowerScan Pro you can double-click on any ticker to bring up a Yahoo Finance news feed. This provides quick access to the latest stories.
At the heart of PowerScan Pro lives its real-time scanner. It comes with about 40 pre-made scans that look for a variety of trade play setups. That includes morning momentum, over bought/sold conditions and a number of the developers favorite scans.
To build the perfect watch list that suites your style of trading you’ll need to configure your own scan filters. I plan on documenting the scans I use most in later posts. You’ll need to have a good idea as to what you’re looking for when it comes to scanning. There aren’t many sites out there with information about this program.
To use the pre-built scans you simply turn them on. The scans are color coded to help filter the results when running multiple scans. This is the first scanner I’ve used that allows you to run multiple scans in the same results window, at the same time.
I like PowerScan Pro as it provides a real-time scanner that works in the pre-market for just $150.00. Some scanning services charge more than that each month. If you’re into Day Trading and hate relying on static websites to see whats in play before the open, this program might be for you.
I do have a few complains about the design of the program. You cannot resize the sections. For example there’s no way to make the chart bigger and the trade simulator smaller. You can undock each section and that gives you some customization of window sizes, but its just not there for me.
Another issue has to do with the program not remembering its previous window size. When you close the program and reopen it, you have to readjust the size of the program to suit your needs.
With a one-time fee of just $150.00 its a real bargain. I’m accustom to spending $99/mo to scan for stocks in the pre-market, I think most traders are. This isn’t the best scanner on the market, it has its limitations. For me I needed something to scan the pre-market and PowerScan Pro does that for me. If you’re on the fence, just go for it!
Please leave your questions or comments about this PowerScan Pro Review below.