When trading momentum stocks, choosing the right stock scanner can make or break your results. To get better results, you have to know the best time to enter the market and when to exit while still making profits.

Thinkorswim and Scanz are two powerful scanning platforms, and both are widely used. But traders often ask which is better?

In this guide, we'll break down Thinkorswim vs Scanz specifically through the lens of momentum and gap trading, so you can decide which one actually fits your strategy, not just which one sounds better on paper.

What Momentum Day Traders Need From a Stock Scanner

Instead of manually scanning the market for stocks with strong trends and high trading volumes—a process that can be exhausting given the thousands of listings on major exchanges—day traders rely on momentum stock scanners. These tools save valuable time by quickly filtering potential opportunities, allowing traders to focus on execution rather than endless research.

Before comparing both platforms, it's important to define what momentum traders actually need, as this will help you determine which platform best suits your needs. Unlike swing traders or investors, day traders operate in compressed timeframes, especially during premarket and the first two hours after the open.

A strong momentum scanner should deliver:

• Real-time data with minimal delay
• Premarket gap detection
• Unusual volume alerts
• News and catalyst awareness
• Fast, customizable filters
• Clear alerts you can act on instantly

If a scanner is slow, cluttered, or overly complex, it doesn't matter how many features it has; it will cost you trades.

Platform Overview: Thinkorswim

Thinkorswim (TOS) is TD Ameritrade's powerful all-in-one trading platform designed for active and professional traders. Beyond charting and order execution, it offers advanced options analytics, paper trading, and a robust built-in stock scanner, making it far more than a simple scanning tool.

Rather than functioning as a standalone screener, Thinkorswim operates as a complete trading ecosystem, where scanning, analysis, and execution all happen within one platform. Thinkorswim has earned its reputation among serious traders for its depth and flexibility.

It is particularly well known for:

• Advanced technical analysis tools
• Professional-grade charting capabilities
• Options and derivatives trading
• Multi-asset support, including stocks, options, futures, and forex

Thinkorswim is available across multiple devices and environments, including desktop, web, and mobile. It supports Windows, macOS, Linux, iOS, Android, and Chromebooks, allowing traders to stay connected regardless of how they trade. Traders also have access to 24/7 live support, phone assistance, and online resources, making it easier to troubleshoot and learn the platform over time.

Thinkorswim is free to use with a TD Ameritrade account. There is no separate subscription fee, and traders can access paper trading and scanning tools without additional cost.

Stock Scanner Capabilities in Thinkorswim

Thinkorswim's scanning functionality is powered by the Stock Hacker tool, which you can find in the Scan tab. It allows traders to filter through tens of thousands of instruments across multiple markets. Traders can filter the market using a wide range of criteria, including:

• Price and volume
• Percentage change
• Technical indicators such as RSI, MACD, and moving averages
• Fundamental metrics
• Custom-built filters using ThinkScript

Other available scanning tools include: Option Hacker, Spread Hacker, Spread Book, and ISE Spread Book. These tools enable advanced filtering across stocks, options, futures, and forex based on trader-defined criteria. This level of customization makes the scanner extremely flexible, but it also introduces complexity, especially for newer traders using the platform for the first time.

Strengths for Momentum and Active Traders

For traders who rely on precision and customization, Thinkorswim offers several key advantages:

• Highly customizable scanning conditions
• Seamless integration between scanning, charting, and execution
• Free access with a TD Ameritrade account
• Strong historical data and technical analysis tools

These features make it well-suited for traders who want to build and refine detailed momentum or technical strategies.

Limitations to Consider

Despite its power, Thinkorswim isn't optimized purely for speed-focused trading. Some common drawbacks include:

• A steep learning curve for beginners
• Slower setup compared to scanner-first platforms
• Can feel overwhelming during fast-moving market conditions

Thinkorswim shines when traders want maximum control, but that control often comes at the expense of simplicity and ease of use. Therefore, it is best for advanced traders who want deep customization, multi-asset access, and full control within a single trading platform.

Read More: Best Stock Scanners for Day Trading & How to Use Them

Platform Overview: Scanz

Scanz is a purpose-built, real-time stock scanner designed for active traders who rely on speed, momentum, and news catalysts. Unlike Thinkorswim, which tries to be an all-in-one trading ecosystem, Scanz focuses on a single job: identifying fast-moving trading opportunities as early as possible. It is a scanner-first platform, not a brokerage or charting suite.

What Scanz Is Built For

Scanz is optimized for premarket and intraday momentum trading. It is especially popular among traders who focus on small-cap and mid-cap stocks, news-driven price moves, and volatility spikes. The platform features clean workflows and minimal setup so traders can react quickly without unnecessary distractions.

Scanz also offers highly customizable alerts based on price, liquidity, technical levels, block trades, and news events. Alerts can be delivered directly on the desktop or via email, ensuring traders never miss key entries or exits.

Scanner Capabilities in Scanz

The platform includes multiple scanner types such as Easy Scanner, Pro Scanner, News Scanner, and Breakout Signals, each designed for a specific trading style. Traders can use over 70 pre-built scans created by experienced traders or build fully custom scans using more than 100 price, volume, technical, and fundamental variables.

Scanz allows traders to scan the U.S. equity market in real time using a wide range of filters, including:

• Price movement
• Percentage gains and losses
• Premarket and intraday volume
• Float size
• Exchange-specific activity
• Trading halts
• News catalysts

All scans run in real time, including premarket and after-hours sessions, making it ideal for preparing before the market opens and staying active throughout the trading day.

One of Scanz's strongest features is its integrated news scanning. The News Scanner pulls data from over 100 sources, including press releases, SEC filings, and financial blogs, and links news directly to price action. This allows traders to quickly identify why a stock is moving and act before momentum fades.

Strengths of Scanz for Momentum Traders

Here are the standout features that make Scanz a powerful tool for momentum trading:

• Scanz excels at real-time scanning speed, making it one of the fastest tools available for identifying gappers, breakouts, and unusual activity
• Its interface is simple and trader-focused, with minimal configuration required
• The platform is particularly effective for premarket scanning, news-based momentum strategies, and traders who want actionable signals without complex analysis

Limitations

• Scanz requires a paid subscription, starting at $79 per month
• While it includes basic charts, its charting tools are limited compared to full trading platforms like Thinkorswim
• It is also focused primarily on U.S. equities and does not function as a full trading or execution platform

Scanz is designed to surface opportunities instantly, not to analyze trades for extended periods. It is best suited for traders who already have a strategy and need speed, clarity, and real-time alerts to execute it effectively.

Read More: Best Chart Pattern Recognition Software for Stock Trading in 2026

Thinkorswim vs Scanz: Which Is Better for Momentum Scanning

When it comes to momentum scanning, both tools have their own strengths and limitations; but here's a breakdown of where their strength and weakness lies:

Feature	Thinkorswim	Scanz
Primary Focus	All-in-one trading platform	Pure momentum scanning
Speed	Good, but not optimized for speed	Excellent - built for speed
Premarket Scanning	Available but requires setup	Optimized and ready to use
News Integration	Basic news feed	100+ news sources integrated
Customization	Highly customizable (ThinkScript)	70+ prebuilt + custom scans
Charting	Professional-grade	Basic charts only
Trade Execution	Full broker integration	No execution (scanner only)
Learning Curve	Steep for beginners	User-friendly interface
Cost	Free with TD Ameritrade account	$79/month subscription
Best For	Advanced traders, multi-asset trading	Pure momentum & gap traders

The overall winner is Scanz, because it is built specifically for speed, premarket scanning, and news-driven momentum; the exact areas where active day traders gain their edge in momentum trading.

Which One Should You Choose?

Choose Thinkorswim if:

• You want an all-in-one trading platform
• You trade options, futures, or multiple assets
• You enjoy building custom scans
• You don't rely solely on speed

Choose Scanz if:

• You trade momentum or Gap and Go strategies
• Premarket scanning is core to your routine
• You trade small-cap or news-driven stocks
• Speed and clarity matter more than complexity

You can use both. Scanz helps you to find opportunities, while Thinkorswim helps you to analyze and execute.

Conclusion

Getting the best tool is key to winning in the momentum trade market, especially in a fast-paced world. These two tools are both powerful; while Thinkorswim excels in depth, flexibility, and ecosystem power. Scanz excels in speed, momentum detection, and real-time opportunity.

If momentum trading is your edge, Scanz gives you speed, but if versatility and control matter more, Thinkorswim delivers depth.

Read More: 6 Best AI Stock Trading Bots and Software (2026 Guide)

Frequently Asked Questions