TrendSpider is an algorithmic trading platform that uses machine learning to analyze the stock market. It also tops the charts for being the best day trading platform for day traders. By leveraging artificial intelligence, this innovative tool adapts to your trading style and becomes smarter over time. TrendSpider provides charting capabilities for traders of all experience levels.
The platform is highly customizable. You can adjust settings for indicators, create watchlists, build strategies, and more. TrendSpider learns from your inputs and provides automated analysis tailored to your needs.
With powerful tools and a user-friendly interface, TrendSpider aims to make technical analysis and algorithmic trading accessible to everyone. The platform does the heavy lifting so you can focus on executing winning trading strategies. But does it top the charts as the best algorithmic trading software? Here is a detailed TrendSpider review to determine this.
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TrendSpider’s Key Features and Tools for Algorithmic Trading
TrendSpider offers some powerful tools for analyzing the markets and executing algorithmic trades.
Trendlines and Heatmaps
Using algorithms and machine learning, TrendSpider auto-identifies and plots trendlines, eliminating the need to “eyeball” positions. The automated heatmap is an incredibly useful tool for pinpointing strong areas of support and resistance.
Multi-Time Frame Analysis
This feature enables you to add technical indicators and your chosen trend lines to a secondary period on one chart. You can view four different time frames for a single symbol to identify both short-term and long-term trends.
The platform offers traditional chart types (line, candlestick, and bar charts) but also introduces innovative options like the Hollow Candles, Heikin Ashi, and Raindrop Charts. This alternative stock chart software and stock charting apps provide additional insight into price action and trends.
TrendSpider’s backtesting tool allows you to test your trading strategies on historical data to determine their viability before putting real money on the line. You can see how your strategies would have performed in the past and make tweaks to optimize your algorithm.
Set up custom alerts for trades, including swing trading, to notify you when the market hits your specified price targets or technical levels. You can choose to receive alerts via email, SMS text message, or directly in the TrendSpider platform. Alerts ensure you never miss an opportunity to open or close a position.
Automated Fibonacci Retracements
When using this feature, traders can automatically find important inflection points based on Fibonacci levels. This allows you to set price targets and stop losses.
Native Mobile Apps
TrendSpider offers native Android and iPhone applications, allowing you to bring the power of automated technical analysis right into your pocket. You can monitor the markets and your watchlists on the go.
This feature allows you to create watch lists for the different markets covered under your subscription plan so you can keep tabs on opportunities.
TrendSpider’s candlestick recognition feature allows for automatic analysis of candlestick patterns. This can help in identifying potential reversal points or trend continuations.
This feature makes TrendSpider a valuable backtesting software. Making it invaluable for active traders as it allows them to see how potential trade strategies would have performed. You can optimize your strategy before putting real money on the line.
Screen and scan the market for potential opportunities using 50+ built-in scans or create your custom scans. Look for stocks with high relative volume, breaking out of a base, approaching key support/resistance levels, and more.
TrendSpider offers three subscription plans to choose from. Their pricing is very straightforward and affordable for any trader.
The Premium plan costs $39/month or $198/year and provides real-time data for US stocks, ETFs, cryptocurrencies, and more. You’ll get after-hours and pre-market data, as well as OTC and pink sheet stocks. This plan is ideal if you trade mainstream US assets.
For $79/month or $351/year, the Elite plan includes everything in the Premium plan plus global indices, backtesting, multi-factor alerts, intraday scanning, and three trading bots. The Elite plan is best if you need robust tools for analyzing and automating your trading strategies.
The Advanced plan is $129/month or $409/year. It offers the same features as the Elite plan but with five trading bots instead of three. Advanced subscribers can also set up more alerts and view more results per search.
Verdict: Is TrendSpider the Best Algorithmic Trading Software?
So, is TrendSpider the best algorithmic trading software? Or is it better as a stock research website? TrendSpider 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 TrendSpider’s tools are innovative, beginner traders may find it difficult to take full advantage of all the features available. However, its learning center—” TrendSpider University”—offers tutorials and video lessons covering how to use all of the tools. With some time spent learning, traders of any experience level can benefit from TrendSpider.
TrendSpider isn’t perfect, but it offers a compelling set of algorithmic trading tools at a good value. For traders looking to streamline their analysis and get actionable insights faster, TrendSpider is worth checking out. Click here to sign up for their 7-day free trial and see how it can enhance your trading strategy. You can also use our coupon code MM30 to save 30% on sign-up.
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