Trendspider Overview – Is Automated Technical Evaluation Efficient?

What’s TrendSpider?

TrendSpider is an automatic technical evaluation platform that makes use of machine studying to detect worth tendencies and chart patterns. It’s a breakthrough buying and selling software program for day and swing merchants who need an automatic, clever chart evaluation program that truly will get the patterns proper. Whereas there are different automated technical evaluation options available on the market, few are as correct or as seamless as TrendSpider.

So, is that this charting software program value paying for? Preserve studying our TrendSpider overview to search out out.

TrendSpider Pricing

TrendSpider provides three pricing choices.

The Important Plan prices $39 per thirty days when bought as a month-to-month subscription or $32 per thirty days when pay as you go yearly. It limits you to 2 simultaneous workspaces, 25 lively alerts, and backtesting to three,000 candles.

The Elite Plan prices $79 per thirty days when bought as a month-to-month subscription or $65 per thirty days when pay as you go yearly. Along with extra workspaces, alerts, and backtesting information, you get entry to TrendSpider’s various information. This contains uncommon possibility move information, darkish pool trades, social media monitoring, and extra. You too can commerce routinely with bots.

The Elite Plus Plan prices $179 per thirty days when bought as a month-to-month subscription and $135 permonth when pay as you go yearly. This plan is sort of similar to the Elite plan, however provides larger limits on most of the options like alerts, workspaces, and scan outcomes. The Elite Plus Plan plan looks as if a very good possibility if you happen to discover that you’re hitting limits with the Elite plan.

All plans embody real-time information for NASDAQ, NYSE and AMEX shares, ETFs, and cryptocurrencies(over 100 pairs). You additionally get limitless entry to TrendSpider’s pattern detection instruments, multi-timeframe evaluation, indicators, trendlines, and look-ups.

TrendSpider provides seven-day free trial interval on all subscriptions. After the trial, TrendSpider pricing is as follows:

TrendSpider Video Overview

TrendSpider Platform

Let’s dive into our TrendSpider overview by discussing the platform itself. TrendSpider is a web-based charting software program full of some distinctive options. At its core, it’s a well-crafted charting answer with real-time inventory charts and historic information. The platform’s distinctive providing is its high-quality automated technical evaluation software program. The automated evaluation options are nice for technical analysts who need to get an automatic perspective on their charts.

The platform is comparatively simple to make use of and runs easily. Throughout our exams, the platform was quick and didn’t expertise any lagging.

TrendSpider can be utilized to investigate shares, currencies, futures, and cryptocurrencies.

TrendSpider Options

These are our favourite options of this spectacular platform.

Charts

TrendSpider provides candlestick charts, hole candles, and bar charts. We want the candlesticks, however the entire charts are visually interesting and supply a variety of indicators. Actually, the charts alone make this platform well worth the worth. Merchants have entry to real-time charts and the entire technical indicators you can want. You may select between darkish and light-weight layouts, plus customise the charts to your preferences.

TrendSpider may maintain its personal as a charting platform for merchants, however there are many different distinctive options that make the platform stand out.

Trendlines

The star of the TrendSpider platform is “automated charting evaluation.” Automated trendline evaluation is among the main elements of this characteristic.

Enter any ticker into the chart, select a timeframe and TrendSpider will present you the entire related trendlines. It’s very fascinating how the algorithm finds totally different pattern strains starting from fundamental highs and lows to fractals with cross-directional peaks and valleys. The automated trendline detection might be useful for locating help and resistance strains, in addition to potential reversal factors for shares.

You may customise the trendline settings to fit your wants. Listed here are the primary evaluation sorts:

Unique – This makes use of the unique algorithm the corporate developed

Enhanced – This makes use of the improved algorithm the corporate developed

Experimental – This makes use of among the new options the corporate is testing out

You may customise the trendlines even additional by tweaking the superior settings. Be certain to spend a while enjoying round with the settings if you wish to get probably the most use out of the platform.

TrendSpider claims to search out each single doable trendline on a chart. Whereas there’s no approach to know for positive if that is true, we definitely couldn’t discover any apparent trendlines that it missed in our testing.

Conviction Setting

The conviction setting is a filter that allows customers to decide on between Excessive, Med, Low and None. Excessive conviction filters right down to the strongest and only trendlines on a chart. Medium and Low settings will add extra secondary and alternate trendlines. Setting it to None will present each single trendline TrendSpider detects on the chart.

Extra superior merchants might need to see the hidden and secondary trendlines for his or her evaluation. Newbies will need to persist with the Excessive conviction setting to maintain issues easy. It’s additionally simply good to have the ability to cut back the variety of trendlines once you desire a big-picture view of what’s occurring on a chart.

Handbook Trendline Tuning

Every trendline is color-coded primarily based on the underlying components used to determine it. The formulation might be modified and refined manually by means of the Handbook Tuning mode. This can be a boon to non-programmers for the reason that machine studying algorithm learns with every bit of knowledge and suggestions.  You too can right-click on a trendline to take away it if you happen to don’t imagine it’s useful in your evaluation.

Earlier this yr, TrendSpider additionally added the performance to create your personal trendlines and set alerts for breaks of those strains.

Candlestick Recognition

TrendSpider’s computerized evaluation also can acknowledge totally different candlestick patterns on a chart. You may select from an extended record of candlestick patterns, and the platform will routinely spotlight these patterns on the chart. The candlestick sample detection is a very distinctive characteristic of this buying and selling platform.

We discovered this to be significantly helpful to see how sure shares behaved relative to sure candlestick patterns. For instance, if you wish to see how a inventory normally reacts the day after forming a hammer candle, you possibly can spotlight the entire hammers on the chart and analyze the historic information.

Whereas the sample recognition instrument doesn’t account for lead-in tendencies, we discovered the precise sample identification to be very correct.

Computerized Fibonacci Retracements

This is among the breakthrough options of TrendSpider. Fibonacci-based chartists will inform you the issue with plotting Fibonacci strains is figuring out the place the excessive and low factors must be. These excessive/low worth factors are the crux that different harmonic and Elliott Wave patterns will depend on.

Discovering the right highs and lows by hand is a trial and error course of that may take plenty of time. TrendSpider’s good algorithms routinely discover probably the most related peak-to-trough ranges to calculate and plot the best Fibonacci strains. We’ve doubled checked and located this automated buying and selling platform to be very exact find important inflection factors.

Indicators and Multi-timeframe Evaluation

You may add greater than 40 indicators to your charts, together with shifting averages, Bollinger Bands, parabolic SAR, RSI, MACD and stochastics. You too can create alerts and triggers primarily based on any of those indicators.

TrendSpider’s multi-timeframe evaluation lets you evaluate and overlay evaluation in layers. It’s type of like utilizing an MRI in comparison with an x-ray examination. Multi-time frames present one of the best market intelligence to boost worth motion interpretation.

That is really probably the most highly effective and handy options of the platform. The power to plot instruments from one chart timeframe onto one other saves plenty of time you’d usually spend clicking between a number of charts. For instance, you possibly can plot a 200-week shifting common on a day by day chart, carry trendlines from one timeframe to a different, and apply technical indicators throughout a number of timeframes.

Multi-timeframe evaluation might be useful for figuring out help and resistance ranges throughout totally different timeframes or discovering potential inflection factors for a inventory. This instrument might be significantly helpful for lively merchants who need to perceive how longer timeframe worth ranges might influence shorter timeframe charts (i.e. intraday). We’ve been on the lookout for a instrument like this in a buying and selling software program for some time and TrendSpider positively delivered.

Watch Lists

Customers can create an infinite variety of watch lists or automated good watch lists. TrendSpider can immediately analyze shares on in an inventory and scan them for potential patterns in real-time, offering dynamic worth alerts and indicator-based triggers.

Alerts Reimagined

You may set worth or indicator-based alerts instantly on any inventory chart. The alerts might be as particular because the variety of occasions a inventory worth bounces off a trendline or at particular worth ranges and so forth. It is very important hold the alerts selective, so that you aren’t continually getting pinged with e mail or textual content alerts all day lengthy.

Most platforms have alerting capabilities, however TrendSpider takes this characteristic to a different stage with two distinctive options.

1. You may set dynamic worth alerts

Whereas static worth alerts will warn you when a inventory hits a sure worth, dynamic alerts will warn you primarily based on a inventory’s worth motion relative to a dynamic worth space. For instance, you possibly can set automated alerts for when a inventory breaks under a particular trendline or is approaching it’s 200-day shifting common.

2. You may outline totally different alert triggers

Most alert techniques observe binary standards (i.e. alert when a inventory hits $20). TrendSpider provides three totally different set off sorts:

Break Via

Contact

Bounce

This lets you take your alerts to the subsequent stage. For instance, you can set an alert for a inventory breaking by means of a trendline or utilizing the trendline as help/resistance. The differentiation in these triggers can assist merchants use alerts extra successfully.

On high of that, you may as well select the sensitivity of the alert. This can be utilized to tailor your alerts to your private technique. For instance, you can set a trendline break by means of alert to have a sensitivity of $0.10 or $0.50. Whereas an intraday dealer might want the $0.10 sensitivity, a swing dealer is more likely to want a much less delicate system.

Trendspider additionally launched a separate instrument known as SignalStack for automating trades from alerts.

Trendspider Platform Differentiators

TrendSpider is an amazingly efficient and dependable evaluation software program. The machine studying algorithm spots trendlines which can be actually invisible to the bare eye, making it helpful even for probably the most subtle technicians. It’s additionally merely one of many high charting platforms we’ve examined – and we’ve examined plenty of them.

We count on huge issues from TrendSpider going ahead. The platform launched in early 2018 after two years of testing and the staff continues to be including new options usually. You may inform this can be a firm that’s attempting to innovate on this house. Fairly frankly, the charting alone is well worth the month-to-month price, however subscribers get entry to a full suite of proprietary evaluation instruments.

An Ever-Bettering Platform (UPDATE)

We don’t normally revisit opinions just some months after posting them, however we felt it was vital for TrendSpider. This is among the most actively developed platforms we’ve seen shortly, and the TrendSpider staff continues so as to add new options. Listed here are just a few of our favourite options that have been added within the months following our preliminary TrendSpider overview.

Sooner information feeds – At all times a plus.

New charting options –  The platform now options month-to-month candlesticks, quantity shifting averages, and superior customization for present technical indicators.

Capacity to create customized trendlines – Whereas the automated trendlines are efficient, it’s useful to have the ability to draw your personal as nicely. You too can set alerts for the trendlines you draw your self.

Multi-factor alerts – TrendSpider added the performance to set alerts utilizing a wide range of indicators. For instance, you can create an alert for a trendline break with larger quantity and and overbought RSI. There’s plenty of potential right here for merchants who now tips on how to reap the benefits of this characteristic.

Fibonacci alerts – Now you can set alerts on Fibonacci ranges.

Help/resistance heatmaps – Now you can lengthen help/resistance heatmaps throughout the total chart. That is helpful for 2 causes. First, the automated heatmaps assist merchants acknowledge worth areas of curiosity as a substitute of getting caught up within the minutia of mounted worth help/resistance ranges. Second, this characteristic helps merchants acknowledge historic help/resistance ranges which may be related sooner or later.

Technique backtester – TrendSpider lately launched a technique backtester that can be utilized to check methods utilizing a wide range of entry/exit standards. The instrument permits merchants to set particular entry and exit situations to see how a buying and selling technique would have carried out previously. I’ve used just a few backtesters and my favourite half about this one is the visualization. TrendSpider’s backtester exhibits the hypothetical entries and exits instantly on the chart which makes it simpler to visualise the technique. You too can use some distinctive backtesting standards that you just gained’t discover in different platforms, comparable to entries/exits primarily based on candlestick patterns (i.e. hammer)

Raindrop charts – Raindrop charts are a singular chart sort that use VWAP information as a substitute of the open/shut information you’ll discover in conventional candlesticks and bar charts. The left aspect of the rain drop represents VWAP from the primary half of the buying and selling interval and the proper aspect represents VWAP for the second half of the buying and selling interval. This new chart sort paints a greater image of intraday buying and selling exercise.

Different information – TrendSpider now provides various information comparable to uncommon choices order move, darkish pool evaluation, social media sentiment evaluation, and insider buying and selling data. All of this further information is designed to offer you extra details about the value motion in a inventory.

We’ve been impressed with the speed at which TrendSpider continues to launch progressive new options. These aren’t small bug fixes or marginal enhancements – they considerably enhance the worth of the platform. You may take a look at out all of those new options with a 7-day free trial.

What Kind of Dealer is Trendspider Greatest For?

TrendSpider caters to technical analysts and chartists. It’s highly effective sufficient for use by skilled technicians and easy sufficient to be understood by newcomers. It’s additionally an awesome studying instrument that may improve your technical evaluation skillset and prepare your eyes to identify patterns. It could possibly additionally prevent plenty of time when drawing strains and performing technical evaluation.

We advocate this instrument for merchants who’re acquainted with charts and have a basis in technical evaluation. This isn’t a buying and selling “system” that tells you the place to purchase and promote. It’s a distinctive instrument that provides a brand new layer of depth to your charting expertise. If you’re buying and selling primarily based on technical evaluation, you’ll positively need to give TrendSpider a attempt. It is among the extra distinctive charting platforms available on the market and the corporate continues to launch progressive new options that enhance the buying and selling expertise.

TrendSpider is a instrument that may enormously increase a dealer’s potential to totally analyze an interpret inventory’s worth motion from a number of angles to parlay that market intelligence into motion by means of trades

TrendSpider vs. TradingView

We will’t depart our TrendSpider overview with out mentioning its greatest competitor within the charting and technical evaluation house: TradingView. TradingView is a behemoth with greater than 550 million customers, and it competes instantly with TrendSpider for technical merchants’ subscription {dollars}.

Actually, it’s onerous to go incorrect with both TrendSpider or TradingView. Each platforms supply excellent charting instruments. Nevertheless, there are some variations between them that might push you in the direction of one or the opposite.

TrendSpider is best if you wish to reap the benefits of its automated technical evaluation instruments. TradingView doesn’t supply automated trendlines or chart sample recognition. TrendSpider additionally stands out for its multi-timeframe evaluation, which might be actually highly effective for swing buying and selling, and for its dynamic alerts.

TradingView is best if you would like what’s hands-down one of the best technical charting platform available on the market proper now. It might not carry out technical evaluation for you, but it surely provides an extremely wide selection of indicators and instruments. For those who can’t discover what you want, you possibly can copy customized indicators from the TradingView neighborhood or use the platform’s script editor to create your personal.

TradingView can be fairly a bit cheaper than TrendSpider. There’s a free plan accessible, and paid plans begin at $12.95 per thirty days (pay as you go yearly).

Try our TradingView overview and our TradingView vs. TrendSpider comparability for extra particulars.

Execs

Very correct trendline and candlestick identification

Customizable and versatile configurations

Efficient automated Fibonacci retracements with exact excessive/lows

Conviction settings are nice for newbies to be taught and professionals to make use of

Good buyer help with one-on-one session scheduling accessible

Dynamic alerts provide you with extra eyes on the markets looking forward to triggers

Enhances worth interpretation with trendline recognizing (each trendline!)

Cons

Studying curve could also be steep for newbies with out some background in technical evaluation

Comparatively new product so options are nonetheless being refined and added