TrendSpider’s technical analysis software takes charting, alerts, and backtesting to a whole new level. It is particularly beneficial for active traders and professional traders who rely on advanced technical analysis tools and automation features.
They offer popular analysis tools like Fibonacci retracements, and innovative features like raindrop charts are also available. But is it better suited for an investor or day trader? Is it one of the best charting platforms and stock screeners for retail traders, and are the indicators and data worth it?
In this review, we will breakdown the pros and cons and review TrendSpider from A to Z. You will also get access to exclusive TrendSpider offers with great discounts.
Transparency: We may get compensated when you click on links in this article.
About TrendSpider
TrendSpider is a proprietary stock analysis software and automated technical analysis program for day trading, swing trading and investing. It aims to help you spotting and exploiting trends faster than the average trader and also to help you track price movements and indicators.
- TrendSpider was founded in 2016, and its products are innovative and fully customizable. They use smart algorithms to take emotion out of the trading equation.
- Designed by traders, for traders, TrendSpider serves thousands of registered members.
- Their offices are located in Chicago, Denver, India, Russia, and Ukraine.
- Customizable automated Technical Analysis, automatic trendlines, charts, indicators and dynamic price alerts are the core components. Trading education takes place by video and via in-depth blog posts.
TrendSpider makes tremendous progress by developing innovations for traders. Their Raindrop Chart is one of the most innovative functionality they came up with lately. Meanwhile, TrendSpider supports U.S. stocks, forex, and crypto Exchanges. That’s amazing, and on top of that, unique things like
- Instant backtesting functionality
- Chart patterns recognition
- Trendline analysis
- Multi Timeframe analysis
- Alphatrends the VWAP can be applied to all charts.
Higher-tier plans include access to insider trading data, enhancing the analytical capabilities for experienced traders.
TrendSpider already provides features that other tools don’t. Their focus is to help you with Technical Analysis by complementing what you usually do by hand. The algorithm allows you to complete your drawings and spur ideas you may not have thought of yet.
Features
TrendSpider already provides features that other tools don’t. Their focus is to help you with Technical Analysis by complementing what you usually do by hand. The algorithm allows you to complete your drawings and spur ideas you may not have thought of yet.
Beautiful Charts
I know so many platforms for technical analysis and fundamental research, but I frequently use TrendSpider to visualize technical analysis-related aspects and always come back to use it again. That’s because TrendSpider charts are really beautiful and you can do so many things.
Line charts, bar charts, candlestick charts, Raindrop and Heikin Ashi charts, hundreds of trading indicators, pattern recognition, a heat map, Fibonacci tools, ABCD patterns, performance graphs, earnings estimates, unusual options visualization, and so much more is there to discover and use.
Addtitional features where TrendSpider stands out:
- Automated Candlestick Pattern Recognition
- Automated Trendline Detection
- Automatic Fibonacci Retracements
- Automatic Dynamic Price Alerts
- Multi-Timeframe Analysis
With TrendSpider’s tools, the charting platform automates Technical Analysis for traders. It speeds up your research and analysis for stocks and it:
- Draws trendlines
- Supports trendline analysis
- Recognizes candlestick patterns
- Calculates and draws automated Fibonacci retracements, as well as
- Detects and highlights over 40 candlestick formations with mathematical precision.
The benefit? You’re able to remove bias and emotion from the trading equation with this automated technical analysis software. A Doji will be a Doji. A breakout will be a breakout. What’s most important, though? Speed.
Every trader knows, to profit in the market, you need to be fast. A second’s delay is the difference between a profitable opportunity and an opportunity missed.
Multi Symbol View
TrendSpider improves the trading software continuously by releasing new features and functionalities. For example, the Multi Symbol view was the most frequently requested feature and has been available since Summer 2022.
While to previous multi-time-frame feature allowed you to show up to 4 different time frames for one symbol, now users can visualize up to 16 different charts on one page. In addition, each chart can be for a specific symbol, chart type, time frame and trading indicators.
Swing traders, for example, can visualize 16 different stocks with a daily time frame to have an excellent overview of their favorite stocks. Likewise, day traders can use different intraday-time frames and indicators, while sector arbitrage traders can visualize the performance of up to 16 stocks within one sector.
Below you find an example with 9 charts with different symbols, time frames, chart types and indicators:
Raindrop Charts
Raindrop charts are a new kind of visualization, developed by TrendSpider for traders as an alternative to a classic candlestick pattern to provide an entirely new perspective when looking at a chart.
It can be used for time frame analysis, and it a great alternative to traditional setups like candlestick charts or bar charts with Bollinger Bands. Instead of standard Open, High, Low and Close prices, Trend Spider now also considers the price development and the VWAP.
Besides the tendency of the price development during a given period (red candle, green candle, Doji), you now have a volume profile included. The pro? Look at the section “F” above between 11:00 and 11:30. Yes, the candlestick itself tells you a decent story, a strong green candle closing near the high.
The raindrops tell the same story but add information about the volume profile of the period. You can see that the end of the period was characterized by heavy volume. This is a bullish sign and triggers signals in a different way than candlesticks do.
Breakouts, Dynamic Price Alerts, and Bounce Setups
TrendSpider offers automated breakout detection and alerts for all supported markets. So you will know when an asset breaks through resistance.
Breakthrough research is easy to implement, and my advice for a beginner is to use various trading signals and test them with the integrated backtesting module. You can even set up customizable watchlists with a smart alert system. Breakout, price touch, and bounce setup detection are available.
Heatmap
Furthermore, you also receive detailed information through the proprietary heatmap. Here, the program color codes current and historical order book support and resistance levels, and that’s another advantage compared to other tools.
Automated Technical Analysis with TrendSpider
TrendSpider ranks the strength of both long-term and short-term trends. Automatic trendlines are plotted on the chart. There many individual settings available. The feature is easy to use, and dynamic alerts can be used as well.
Multi Timeframe Analysis
This is pretty cool, actually. With multi-timeframe analysis, you can overlay:
- Trendlines
- Indicator values and
- Candlestick Patterns from other time frames.
Basic Chart Analysis
Do you like a specific candlestick pattern? Do you wish to plot trend lines automatically? Do you want to apply basic technical analysis on price charts? With this web-based software, all of this is possible. Now, let’s proceed with the Trend Spider review by looking at the strategy backtesting and customization options.
Market Scanning and Watchlists
TrendSpider’s market scanning is a powerful tool that allows you to find trading opportunities based on your own custom settings. This allows you to scan the market for specific conditions like price movements, indicators and chart patterns so you never miss a trade. The watchlists feature also allows you to create and manage lists of stocks, ETFs and other instruments so you can track and analyze multiple assets at once. With TrendSpider’s scanning and watchlists you can simplify your trading, stay organized and make better decisions.
TrendSpider Options Flow
In early 2022, TrendSpider released the brand new Options Flow feature. The community strongly requested it, and TrendSpider now officially included the real-time Options Flow scanner within the platform. Tracking unusual options flow is now possible since TrendSpider measures.
It tracks large directional options trades like block trades and options sweeps, which can indicate a massive directional bet from institutional investors. The details include information about the trade size, expiration date, strike price, and conveniently visualize the results within a widget.
The unusual options scatterplot chart visualizes the current options trading behavior in a unique way and makes it easy to spot unusual options trades. This is an ideal way to track unusual options and follow the big money.
TrendSpider Trading Strategies Backtesting
TrendSpider’s backtesting framework is an exciting feature to perform backtests. You can backtest on timeframes from 1-minute and daily to monthly charts. This can be done with confidence in many financial markets and assets.
Keep in mind that it does only the basics. More advanced backtests are available via NinjaTrader. But in NinjaTrader, you have to write code in C#.
You can also backtest your trading strategies at high speed via Trade Ideas without any coding knowledge. Trade Ideas’ backtest engine acts on tick data and is faster than many other tools I know.
Anyway, having a backtesting tool makes TrendSpider even more exciting. It is included in all packages. But the TrendsSpider Standard package includes only ten tests per month! I plan to test this feature more intensively in the next few weeks and will update the review accordingly.
Other TrendSpider Features
- Enterprise-grade speed and reliability with automated charting features
- Fully customizable analysis rules that can be tailored to your specific trading style
- Smart and custom watchlists so you never miss a trading opportunity
- Customizable interface themes with different graphics and visual templates
- Sync dynamic alerts using email or SMS notifications
- Highly customizable charts and alters
- Multi time frame features
- Technical analysis with trend lines, support and resistance, and technical patterns
- Quiet hours when you don’t want to be bothered with price alerts
The charting platform also offers sensitivity control for trendline and indicator alerts using dedicated data sets and filters. When moving averages cross or other technical analysis based things are triggered, you can get notified about it with an alert.
Here, you can select how close an asset price needs to get to a selected indicator before you receive a price alert. It’s a valuable tool because trendlines often don’t appear as they do in a general sense. While visual patterns are similar, they don’t precisely mirror the pattern you’re trying to spot.
Plans | Costs | Pricing
The TrendSpider pricing and plans are structured by the subscription tier and the duration you want to pay for upfront.
The three tiers are Standard, Premium, and Enhanced. All plans let you access all features and functionalities, but the higher the plan you choose, the higher the limits. For example, the Standard Plan lets you use 5 workspaces, the Premium Plan 10 workplaces, and the Enhanced Plan 15 workspaces open at the same time.
In most cases, the Standard plan is a good choice to start with. Upgrading at a later time is always possible.
- The Standard plan costs $89 month-by-month, $246 quarter-by-quarter, or $708 yearly.
- The Premium plan costs $149 month-by-month, $411 quarter-by-quarter, or $1,188 yearly.
- The Enhanced plan costs $199 month-by-month, $546 quarter-by-quarter, or $1,596 yearly.
Free Trial | Coupon Code
TrendSpider Coupon
Here you can apply the coupon code DAY15 for a 15% discount on your subscription. The coupon code works on all plans (Enhanced, Premium and Standard). It also works on all payment types (monthly, quarterly, yearly). The code even works, if you apply it when subscribing to the TrendSpider trial. The discount is always for the first period. So, if you subscibe for the monthly plan, the discount is for the first month, if you subcribe to the annual plan, the discount works for the entire first year.
Test TrendSpider for Free
TrendSpider stopped offering a 7-day free trial. However, they newly introduced a paid trial for only $29, where you can test the entire platform for 14 days, which is great, especially, since you can test all Plans for $19 (Standard Plan), $29 (Premium Plan) or $39 Enhanced Plan).
Who is TrendSpider Best For?
TrendSpider’s software is best for traders looking for real time data and alerts within a modern trading tool. Automated charting and technical indicators like exponential averages make it easy to work with it. Dynamic price action alerts are easy to use.
You can choose to run the program fully automated and let its algorithms make decisions for you. You can also customize the settings and give yourself full control while the program enhances your skillset in the background. You can also use TrendSpider the traditional way.
As a charting tool where you insert your trendlines and indicators yourself, keep in mind that even fully automated trading of stocks needs a trader sitting in front of the trading computer at any time when an alert comes in. And you should never trade black box strategies. The automated trendline, Fibonacci retracements, and candlestick identification can save you time. Other reviews about TrendSpider are also positive on this, and they are listed on their website.
Conclusion
TrendSpider is a great stock analysis software and charting platform for traders and investors. Their highest plan is surely not for everyone because of the price tag. However, the lower priced tiers are absolutely sufficient fro retail traders, so it’s worth it considering those.
What I like a lot about TrendSpider is that they improve their plantform continiously by adding new features, improving existing features by listening to their customers.
Rating: ★★★★★