TrendSpider Review 2023: Get the Best In-depth Technical Analysis

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.

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?

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.

External TrendSpider Review & Ratings

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 Features

TrendSpider includes a range of core features that can intimidate newer traders not willing to familiarize themselves with the charting tools and automated analysis tools. 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.

Ease of Use

TrendSpider offers advanced technical analysis tools suitable for beginners familiar with basic concepts like resistance lines and chart patterns. The platform operates smoothly, boasting an intuitive interface that’s easy to navigate.

When you start with TrendSpider, you get a one-on-one session with a trading expert to guide you on its features. This is a bonus for professional traders who value efficiency.

Charting

One of the standout features of TrendSpider is its robust charting abilities. 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.  Raindrop charts provide a detailed and unique view of price movements based on volume-weighted average price (VWAP) data.

With TrendSpider, you can easily overlay your charts with multiple popular indicators (such as bollinger bands), switching them on and off as needed. This functionality allows for a flexible, personalized approach to understanding market trends.

Moreover, the platform’s automated trendline analysis and heatmap features work seamlessly with the charts, providing insight into potential areas of support and resistance. These features together create a potent toolkit for traders seeking to leverage technical analysis for successful trades. With TrendSpider’s charting abilities, you’re not just following trends—you’re anticipating them.

Raindrop Charts

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

Drawing accurate trendlines is essential for any technical analyst. It helps identify key support and resistance levels. But manually doing so can be tedious, often subjective, and prone to human error. The eye, while powerful, can sometimes overlook certain patterns or be deceived by perceived trends that don’t hold real significance.

TrendSpider’s advanced solution for this is automated trendlines. Using algorithms and machine learning, this tool auto-identifies and plots trendlines, eliminating the need to “eyeball” positions. This not only saves significant time, but it also increases precision. With automated trendlines, you’re given a comprehensive view of potential trend points that might not be immediately noticeable.

Activating this feature is a breeze. Click on the “Trends” icon in the platform’s toolbar, and you’re instantly shown a variety of trendlines. The accuracy is striking, often highlighting points that might have been missed during a manual review.

But it’s not just about automation; flexibility is also key. TrendSpider lets users adjust trend analysis settings to match their unique trading approach. Users can:

1. Select the Analysis Type: Options include “Original” for longer-term trends, “Enhanced” which highlights both short and long-term trends, and “Standard” – a balanced blend of the two.
2. Determine Drawing Input: Decide if trendlines should connect either the highs and lows or the opens and closes.
3. Opt for Islands (Gaps): Decide if you want trendlines to consider gaps.
4. Choose Quality: This lets you see more trendlines or only the top ones. From “Most Relevant” (top 1%), “More Lines”, to “All (Unfiltered)” which displays all possible trendlines.

Customizing these settings allows for a tailored experience. Whether you want a more streamlined view with only high-conviction trendlines or a comprehensive look, the choice is yours. Plus, for those wanting an even deeper dive, the platform offers advanced settings to fine-tune trendline formulas and sensitivities.

But remember, automation doesn’t mean giving up control. If there’s a trendline that seems off or if you want to add something specific, manual adjustments are always possible. It’s the best of both worlds: automation for efficiency and manual options for personalized control.

Automated Heatmap

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 technical traders, rather than just programmers without an understanding of the entire market.

Multi Timeframe Analysis

Multi-time frame analysis is another core feature of TrendSpider. This feature enables you to add technical indicators and your chosen trend lines to a secondary time period 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 financial 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 levels.

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.

Trading On-the-Go with TrendSpider Mobile Apps

In our fast-paced, always-on world, having the ability to make quick decisions and take action right away is crucial. This is especially true when it comes to trading. That’s why TrendSpider offers native Android and iPhone applications, allowing you to bring the power of automated technical analysis right into your pocket.

Whether you’re on your daily commute, at your favorite coffee shop, or even on a beach vacation, you can keep a close eye on market trends, make timely trades, and never miss an opportunity. After all, the market waits for no one, and with TrendSpider’s mobile apps, you’ll always be ready to seize the moment.

Watch Lists

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 active 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

Options Flow

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.

How To Use TrendSpider’s Stock Scanner

If you are trying to find how to pinpoint the perfect trade for you, TrendSpider’s Market Scanner might be the solution. With this real-time scanning tool, you can sift through a wide range of stocks, ETFs, and other assets to find the ones that meet your desired criteria.

1. Accessing and Setting Up the Scanner: To begin, head to the main dashboard and click on the “Scanner” option located in the top right corner. This will introduce the market scanner just beneath your active chart. For clarity, you might want to name your strategy.
2. Defining Your Criteria: You can either use a pre-set system or design your criteria by selecting from a vast array of price, indicator, and pattern conditions. Let’s say you’re keen on spotting stocks performing above their 50-week moving average, coupled with a positive daily MACD crossover and a current 5-minute candle that’s at least 2% above the previous one. The beauty of TrendSpider is its multi-timeframe feature, letting you set conditions across various durations. Once you’ve set your conditions, apply them to watchlists spanning different sectors, indices, or market cap groups. But be mindful: the number of results could vary based on your subscription plan.
3. Running the Scanner: Once you’re satisfied with your parameters, hit “Scan.” This will produce a list of stocks that match your specified criteria. As you browse through the generated list, certain stocks might pique your interest.
4. Diving Deeper with Chart Analysis: With your chosen stock’s chart in view, you might want to dive deeper into patterns and indicators. While some patterns might be evident, others may require TrendSpider’s automated pattern recognition tool. This feature might highlight bullish patterns, such as Channel Ascending or Triangle Ascending.
5. Supplementing with News and Ratings: Charts and patterns provide a solid foundation, but it’s often beneficial to supplement this with additional data. TrendSpider can fetch recent news and Wall Street ratings for your chosen stock.

By following this step-by-step guide, traders can efficiently navigate TrendSpider’s scanner to inform their trading decisions.

TrendSpider Pricing

Reviews on TrendSpider trading software often praise the reasonable prices charged by the platform. We believe that multiple pricing options 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.

TrendSpider’s Accolades and Achievements

TrendSpider’s reputation as a trusted and innovative trading platform is not just based on user testimonials and reviews; it’s also cemented by prestigious awards and recognitions in the industry.

In 2021, TrendSpider was honored at the Benzinga Global Fintech Awards, a testament to its cutting-edge trading technology. This accolade further underscores TrendSpider’s commitment to pushing the boundaries of what’s possible in automated technical analysis.

Furthermore, TrendSpider’s rapid growth has not gone unnoticed. In 2022, the platform was ranked No. 130 among America’s 5,000 fastest-growing private companies by the esteemed Inc. Magazine. This achievement is particularly impressive considering the intense competition in the tech industry. TrendSpider’s rankings also shine on a regional level, being recognized as the 8th fastest-growing private company in Chicago and the 9th in Illinois.

These recognitions are a testament to TrendSpider’s commitment to innovation and customer satisfaction. The platform’s strong track record and its accolades make it an excellent choice for traders seeking a reliable, fast-growing, and technologically advanced platform for their trading needs.

How TrendSpider Supports Your Trading Journey

While the numerous features and complex algorithms of TrendSpider might seem intimidating at first, the platform is designed to assist and empower you at every step of your trading journey.

Whether you’re a beginner trader, an early adopter, or an experienced technical analyst, TrendSpider has unique features designed to cater to your needs and enhance your trading experience. Let’s dive deeper into how TrendSpider can support you at every stage of your trading journey.

For Beginners: Ease into Technical Analysis

Starting out in the world of trading can be overwhelming, given the extensive terminologies, chart patterns, and market trends you need to comprehend. TrendSpider simplifies this process by providing automated trendline analysis and candlestick pattern detection features. With these, you don’t need to spend hours studying and identifying patterns – the platform does it for you.

TrendSpider University, a dedicated learning center, offers comprehensive guides, tutorials, and video lessons to help you understand the platform’s capabilities and the basics of technical analysis. The free one-on-one call with a trading expert offered to new users is also an excellent way to get started and familiarize yourself with the platform and trading strategies.

For Early Adopters: Harness the Power of AI

As an early adopter, you understand the transformative power of technology in trading. TrendSpider’s machine learning algorithm offers real-time analysis, dynamic alerts, and automated heatmap analysis, providing you with precise and up-to-date market insights.

The innovative Raindrop Chart, a unique offering of TrendSpider, offers a more accurate representation of intraday trading activity, giving you an edge in your trading decisions. The platform’s automation capabilities free you from manual trend identification, allowing you to focus on strategizing and executing trades.

For Advanced Traders: Streamline and Enhance Your Trading

For experienced traders and technical analysts, TrendSpider offers advanced features to streamline and enhance your trading strategy. The Multi Symbol View feature allows you to track up to sixteen different charts simultaneously, enabling you to keep an eye on all your investments and react quickly to market changes.

Automated Fibonacci retracements help identify crucial inflection points, and the backtesting feature allows you to test potential trading strategies based on historical data.

For high-volume traders, the Advanced subscription plan offers up to six workspaces, 250 alerts, and five trading bots, ensuring you never miss an opportunity.

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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