Zerodha Pi scanner is a stock screener software that comes bundled with the Zerodha Pi Trading terminal.
I use this scanner regularly for my daytrading and find it very useful.
When similar stock screening software in the market can cost you well over 20K INR for a 1 year subscription, providing this Pi Scanner free of charge to its clients, is one good deed from Zerodha that needs to be thanked for.
Comparing Pi Scanner to the other stock screening software in the Indian Market , the Pi Scanner stands out on these points:
1) Realtime stock screener, generates visual alerts as soon as the LTP meets your scanning condition. Stocks are identified while the candles are still forming.
2) The scanning process is done on Zerodha’s cloud servers, taking care of the processing power required to scan such large quantity of realtime stock data.
3) Automatic visual alerts on the pi scanner lets you sit back or do other tasks while it identifies stocks matching your screening conditions.
4) The scanner being a part of your trading terminal, makes it is easier for you to place orders with just a few clicks without having to switch between different programs or windows.
3) The Pi scanner works on a programming language called Tradescript making it easier to customize scanning conditions to your specific requirements.
4) The Pi trading terminal also has a backtest engine that lets you backtest your Pi scanner conditions on historical data of your specific stocks.
5) Free predefined tradescript codes are provided on Zerodha’s website or you can use the tradescript codes that are available here.
Here is a list of more FAQ on Zerodha Pi Scanner.