Chartmill Screener Review
Chartmill is a screener and information hub for both US and international stocks. Chartmill is an outstanding resource for professional traders and novices. Newcomers to trading will find Chartmill particularly helpful due to the large number of prebuilt scans.
The Chartmill stock screener is a customizable technical screener with quite a few proprietary screens offered as well. Traders can screen based on technical patterns, support & resistance, trend direction, as well as a wide variety of fundamental ratios based on historical or estimated figures. Technical information is available for both daily and weekly charts.
Some of the pre-built scans are highly specific and useful. For example, I can filter out any symbols that are not presently trading within 1% of their weekly resistance line and then sort the results based on the proprietary "Chartmill technical setup rating". The technical setup rating essentially tells a trader if the pattern detected is tradable. This sort of feature is excellent for finding imminent breakouts or even breakouts in progress.
Using the "General" tab traders can screen stocks based on exchange or country as well. The screener will allow a trader to choose US stocks, Canada stocks, Europe stocks, or even country-specific exchanges within Europe such as London, Zurich or Paris.
The "Performance" tab allows traders to scan based on the behavior of moving averages. A trader can choose from a wide variety of periods and screen based on the recent action of a pair of moving averages, i.e. the 50MA crosses the 200MA upward. Additionally, a trader can choose to see only symbols with a pending moving average crossover.
The "Indicator" section allows traders to scan for symbols based on RSI levels, MACD, stochastics and other oscillators. There are also settings to trade based on volatility studies such as Bollinger Bands and Average True range. In addition to the typical studies you might expect to find in an indicator based scanner, there are also indicators based on Squeeze Play and Weinstein stage analysis. Candlestick traders will be happy to see that filters are available for a large number of candlesticks such as the Hanging Man and candlestick patterns such as Bullish Engulfing. Another interesting feature of the Indicator section is the ability to screen based on bull and bear flags. A trader can even select the length of the flagpole and width of the flag. Patterns can be selected in the indicator section as well. A trader can choose from a variety of chart patterns such as triangles, wedges, head and shoulders and channels.
The "Support/Resistance" tab offers a wide variety of options to choose from when it comes to screening trades based on key support and resistance levels. Screen based on length or number of touches on a specific line, i.e. at least 4 touches on weekly support or 5 touches on a daily resistance trendline. I particularly like that you can find symbols trading near the bottom support line of an equidistant up channel as this is my favorite pattern to trade.
Lastly, the "Fundamental" tab allows investors to screen stocks based on key fundamental ratios such as forward P/E, EPS growth, current ratio growth, Piotroski F-score and Altman Z-score. However, the most useful feature of the Fundamental section is the analyst rating menu. The analyst rating menu lets an investor filter out companies with less than a certain percentage of buy recommendations from professional analysts. It is also possible to screen trades by the number of analysts following the stock. Check out the screenshot below to see the results of a scan I performed. I searched for US stocks with at least 95% buy recommendations from analysts and an average volume of at least 500k. I sorted based on Chartmill technical setup rating.
The analyzer section comes with preset scans such as technical breakout setups, affordable growth, decent value stocks, best dividend stocks and strong growth techinical setups. For each preset scan, a symbol can be analyzed based on its technical attributes, fundamental attributes and/or analyst opinions. See the screenshots below to see examples for symbol MTH. Here is the technical tab:
Here is the fundamental tab. The analyzer compares a symbol's fundamental ratio to other companies in the same sector. The screenshot below is merely a small sample of what is available on this page. The analyzer produces a score and detailed information for profitability, health, valuation, growth and dividend.
Below is a screenshot of the analyst tab. The analyzer gives the number of buy recommendations as a percentage of the total. The anlyzer also shows the trend and history of analyst recommendations.
The "sectors" tab allows an investor to quickly see how an industry is doing as a whole. An investor has the choice of viewing the information from a techinical point of view or a fundamental point of view. Each view has a variety of information about technical or fundamental aspects of the sector group. Below is a screenshot of the technical view:
It is also possible to drill down further into an industry and view major groups or even industries within major groups. Below is a screenshot of Major Groups with fundamental analysis chosen:
The insider trading section allows traders to view the most recent stock transactions performed by insiders within the company. You can also view insider transactions sorted according to their size. In the screenshot below we can see several enormous buy transactions and enormous sale transactions.
If more information is required about a transaction, a trader can drilldown to see more detailed information about insider ownership and the history of insider transactions. This can be very useful to show trends and to put insider transactions into proper context. Notice in the screenshot below that institutional ownership has been trending higher.
The Stock Market section offers an array of preset scans such as Top Gainers, New 52 Week Highs, Gap Up or Gap Down, Most Active, Pre-market movers and After-Market Movers. The Stock Market sections also contains an earnings calendar listing symbols with earnings announcements today or tomorrow.
It is possible to drill down to see detailed information on each symbol with upcoming earnings by clicking on "Full List". I found this to be a very useful feature as it shows helpful information which might make a trader think twice about buying or selling into earnings. The screenshot below shows the detail page for Macy's stock, i.e. the first stock listed in the previous image.
Perhaps the best feature of Chartmill is the Trading Ideas section. Here you will find a treasure trove of interesting ideas. There is a bit of something here for everyone, no matter if you trade based on technicals or fundamentals. Some of the pre-built screens include Weistein Stage 1 Setups, Pocket Pivots in Strong Stocks, Pump and Dump, Swing Trade Setups and High Piotroski F-Score and Good Valuation. There are many more screens to choose from! Below is a screenshot of just a few.
Chartmill Review by: Kyle Mason