Full TrendSpider Review
TrendSpider is a type of stock analysis software that takes full advantage of automated technical analysis. The platform helps you spot trends faster using a combination of traditional and proprietary tools.
Its powerful scanning feature assesses chart patterns with a variety of indicators, which can be concurrently viewed using multi-chart viewing layouts. TrendSpider works for nearly any style of trading, although it’s mainly aimed at day traders, swing traders, and general investors.
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TrendSpider is best for:
- Active traders
- Early adopters
- Advanced traders
- Technical Analysts
Do you want to spot and exploit intra-day stock market trends faster? Learning how to make decisions faster is the cornerstone of successful stock market trading.
Through a range of unique charting features, including the groundbreaking TrendSpider Raindrop chart, investors can add an extremely powerful tool to their arsenals. Keep reading our TrendSpider review to find out more about how this technical analysis software works.
What is TrendSpider?
|Service||Automated technical analysis and charting software|
|Membership Fee||$39, $69, $119/month|
|Customer Service||Phone, live chat, Twitter, and email|
|Promotions||7-day free trial|
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TrendSpider was founded in 2016 and currently has offices based in locations as diverse as Russia, Ukraine, India, and the U.S. The premise of the platform is it was designed by traders for traders.
The platform’s key features and custom settings enable traders to efficiently assess chart data, either by single chart or using the multi-view feature. With its fully customizable automated technical analysis, stock traders can incorporate machine learning algorithms into their trading strategies.
There are also lots of educational options to deal with the learning curve, including highly detailed blog posts and video classes.
How TrendSpider Works
Where TrendSpider excels is in its user-centric interface. The platform is not just educational but also fun to use.
Creating an account with TrendSpider couldn’t be easier. It only takes a few minutes to establish your account and begin taking advantage of the technical analysis tools on the site.
New users can also take advantage of a one-on-one call with a trading expert. This phone call is completely free of charge and is conducted by a trading expert who will show you how to use many of the platform’s most popular tools.
It’s an added incentive to start using the TrendSpider application and something not offered by other similar platforms.
The only real downside of the user interface is you cannot open two TrendSpider tabs at the same time while logged into your account. Other than that, TrendSpider is relatively simple to get started with, especially if you have prior knowledge of technical analysis.
TrendSpider includes a range of core features that can intimidate newer traders. While the learning curve is relatively steep, our review on TrendSpider maintains this new approach to technical analysis is one of the most intriguing products on the market today.
Compared to other software, TrendSpider is relatively lightweight on charting. These browser-based charts offer just three bar types and intraday minute, daily, and weekly charts. Where it stands out is in the customizable overlay. Users can overlay their charts with several popular indicators, which can be toggled on/off at will.
Recently, TrendSpider has also implemented a new and unique chart type, known as the Raindrop Chart. The difference with this chart is rather than the opening/closing date used for charts like the candlestick, it uses VWAP data. Each side of the raindrop follows the first and second half of the trading period.
Raindrop charts also take price developments into consideration, making them excellent for time frame analysis. This new visualization strategy even displays the volume profile for the specified period, providing the user with more information than is offered by traditional candlestick charts.
In simple terms, raindrops are far more accurate at measuring intraday trading activity.
Automated Trendline Analysis
TrendSpider automated trend line analysis is the platform’s core feature. Users have full control over how aggressive the algorithm is. When the automation sequence runs, it’s extremely effective when spotting more difficult trend lines.
Although most users should stick to the highest confidence trend lines, more advanced traders may want to add additional trend lines to try to find gaps in the market to exploit.
Alongside automated trendlines, the automated heatmap is an incredibly useful tool for pinpointing strong areas of support and resistance. When combined, these two tools are invaluable for nailing your next trade.
This advanced plotting of support and resistance provides an even greater in-depth look into when and where trades should be made. It demonstrates that this was a platform made by real traders, rather than just programmers.
Multi Timeframe Analysis
Multi-timeframe analysis is another core feature of TrendSpider. This feature enables you to add technical indicators and your chosen trend lines to a secondary time frame on one chart. Other software options typically require you to work with multiple charts if you want to see this data.
Simply refresh your chart in real-time to add the latest market data and see how your analysis changes.
Multi Symbol View
This unique feature is relatively new, having been released in the summer of 2022. It expands upon the multi-time-frame feature, which allows users to view four different time frames for a single symbol. The TrendSpider community wanted a more capable tool, so TrendSpider responded by developing and releasing the Multi Symbol View feature.
This new feature allows traders to view up to sixteen different charts at the same time. These charts can be customized by symbol, trading indicator, time frame, and chart type.
Using the Multi Symbol View, a trader can watch all of their chosen stocks at the same time from one screen. This enables them to place trades faster, as they’ll be able to react faster to sudden market changes.
Automated Fibonacci Retracements
Advanced traders will want to take advantage of automated Fibonacci retracements. When using this feature, traders can automatically find important inflection points. These are based on Fibonacci retracements.
The reason why this is so powerful is that it’s an extremely difficult process to carry out manually. Identifying both support and resistance zones with this automated powerful scanning feature can supercharge your analysis.
This feature allows you to create watch lists for the different markets covered under your subscription plan. Lists can be created via theme and TrendSpider will instantly analyze any stocks on that list for certain patterns.
The nature of real-time data enables real-time plotting and automated alerts for whenever certain parameters are triggered. These can be customized according to your trading strategy.
Users report that the “Watch Lists” feature regularly finds hidden trend lines. The trendlines highlighted can be individually analyzed to find trading opportunities.
Candlestick Pattern Detection
TrendSpider’s candlestick recognition feature allows for automatic analysis of candlestick patterns. Most traders favor candlestick graphs when it comes to what informs their trading decisions. However, spotting the right patterns can be tough.
Choose from a long list of different candlestick patterns and they will be automatically highlighted whenever they come up. This drastically cuts down on the amount of time it takes to analyze graphs and stock prices, allowing you to make faster trades.
Trading Strategy Backtesting
This feature is invaluable for active traders as it allows them to see how potential trade strategies would have performed post-trade. It’s available for unlimited use on both the “Elite” and “Advanced” plans; currently, the “Premium” plan does not support backtesting.
Although relatively basic compared to more advanced backtesting software, TrendSpider’s backtesting feature is still a capable function. Unlike the aforementioned “advanced” software, it doesn’t require any coding knowledge, making it accessible to all eligible users.
Currently, the backtesting feature supports a varied selection of backtesting functions, including:
- Instant strategy testing (over a user-selected time frame)
- Intraday backtesting (down to one-minute intervals)
- Long-term backtesting (by day, week, or month)
- Monthly backtests
Another highly-requested feature that was released in 2022 is “Options Flow.” It’s currently included with every level of subscription. The new feature allows traders to track unusual options flow using a scatter plot chart and widgets that display real-time data (including Sweep/Block trade info. strike price Options types, time stamps, and expiration dates).
The feature is primarily intended to allow retail investors to track the movements of institutional investors within the market. It does so by scanning for large directional trades using real-time data.
Reviews on TrendSpider trading software often praise the reasonable prices charged by the platform. We believe that multiple price points combined with the seven-day free trial allow users to try out the platform and find the features that are most valuable to them. Currently, users have a choice between a monthly subscription or a yearly subscription. The yearly subscription requires payment upfront, but offers a significant discount over the monthly rate.
Let’s take a look at the three TrendSpider subscriptions available now.
Premium ($39/month $198/year) – This plan includes all of TrendSpider’s basic features. Real-time market data includes US stocks, ETFs, cryptocurrencies, digital assets, OTC/Pink-sheet Stocks (delayed), Futures, and After hours/pre-market data. However, “Premium” doesn’t include Indices (delayed) data.
Subscribers gain access to TrendSpider’s charting and automated analysis features (excluding automatic anchoring). They can use up to two workspaces and set up to 25 alerts. The alert notification feature on Premium supports dynamic alerts but not multi-factor alerts.
Premium members only have access to some of the Asset Insight features. They can’t use the intraday scanning function or perform backtests; they also don’t have trading bots. Because of these limitations, the “Premium” plan is best for longer-term investors who don’t need access to on-demand data and automated trading.
Elite ($79/month $351/year) – The “Elite” plan includes all of the previous features offer via a “Premium” subscription. It also adds a few new features to the mix. Unlike the previous plan, “Elite” includes Indices (delayed) market data feeds, backtesting capabilities, multi-factor alerts, intraday scanning, automatic anchoring, all of the asset insight features, and three trading bots. These trading bots can be used to automate trading strategies.
This plan also loosens a few of the restrictions from the previous plan. Elite members can use four workspaces (instead of two), set up to 100 alerts, and view 100 results per scan. “Elite” even includes unlimited training, phone support, and priority customer service.
Advanced ($129/month $409/year) – The “Advanced” plan doesn’t offer any new features over the “Elite” plan. Rather, it expands upon the previous plan’s capabilities.
Subscribers gain access to six workplaces, which can all be used simultaneously). They can set up to 250 alerts (which last for 90 days) and view 250 results per search. The “Advanced” plan gives users access to five trading bots, allowing them to further automate their daily trading habits.
Based on the lack of new features and the high price tag attached, the “Advanced” plan is best left to high-volume active traders who trade full-time.
Is TrendSpider Right for You?
Our TrendSpider review shows this is a solid technical analysis platform that takes advantage of the latest in technology. Its machine learning algorithm and dynamic price alerts work together to dramatically cut down on the amount of time it takes to perform your analysis.
While beginner traders may find it difficult to take full advantage of all the innovative features available, its learning center—”TrendSpider University”—offers everything you need to learn how everything works. The reasonable prices also work in its favor.
Overall, we believe TrendSpider offers a solid set of analysis tools to add to your day or swing trading strategy.
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Get Started With TrendSpider Today!