TrendSpider vs TradingView
TrendSpider vs TradingView – Which one is the best online platform when it comes to providing traders with the analysis tools they need? TrendSpider and TradingView are two of the most widely used websites for traders who want a top-flight stock screener and advanced charting tools for technical analysis.
The two platforms have a lot of similar features, but each has its own unique features as well. In this comparative review,
I’ll note the distinctive capabilities that each platform offers. Hopefully, that information, along with a rundown on the pricing for each service, will help you decide which one best serves your personal needs as a trader. I also list the best discounts and free trial offers.
TrendSpider is relatively new compared to other online trading tools platforms such as TradingView or Trade Ideas. Like other similar programs, it offers several features, but its primary focus is on providing fast and efficient technical analysis through its charting software.
TrendSpider provides both fundamental and technical data and analysis for financial assets in multiple markets – including stocks, ETFs, futures, forex, and cryptocurrencies. However, its main emphasis lies decidedly on the technical analysis side of the equation.
Following is a description of the primary features that TrendSpider offers.
TrendSpider’s stock scanner is nothing if not extremely versatile in its capabilities. First, it offers scans of various financial assets beyond just stocks. You can even scan the cryptocurrency market.
Second, there are many pre-loaded scans that you can customize and use, or you can choose to create the most detailed, complex scans that you want, applying multiple technical and/or fundamental filters. In addition, your scans can simultaneously look across multiple time frames. For example, in the same scan, you can look at the relationship between the hourly 50-period moving average (MA) and the daily 100-period MA.
Both scans and watchlists of specified securities can be saved so that you can pull them up instantly whenever you use TrendSpider. You can set alerts on a security with multiple criteria. For example, you can receive an alert if the price crosses a specified moving average AND if a certain candlestick pattern emerges in price action.
TrendSpider’s main mission is to provide the best and easiest technical analysis imaginable – and it’s difficult to assert that any other trading platform has done a better job. It offers traders a wide range of chart types – including candlestick, Heiken Ashi, and its proprietary “Raindrop” charts that are specially designed to reflect the ongoing relationship between price action, trading volume, and market sentiment.
The charting program comes pre-loaded with plenty of technical indicators and drawing tools, all of which are customizable.
Like its screener, TrendSpider charts can generate trading alerts you specify and also tell you when alerts occur simultaneously on more than one timeframe.
An excellent visual the platform offers is its “Smart Checklists.”
It works as follows:
- You designate multiple indicators, fundamental or technical, that you want to check – anything from candlestick patterns to dividends.
- A security checklist shows every specified condition as either green (met) or red (not met).
Automated Technical Analysis
Where TrendSpider really shines is with its unique automated technical analysis tools. Algorithms generated by artificial intelligence (A.I.) programs can continually monitor and adjust technical indicators such as trendlines and Fibonacci retracement levels as a stock’s price action changes things.
TrendSpider Smart Charts can be set up to alert you to technical breakouts, specific candlestick patterns, and more. The platform can probably lay claim to offering the most advanced technical analysis available anywhere.
Multi Timeframe Analysis
Another unique TrendSpider feature is the ability to apply technical analysis indications across multiple timeframes and show them to you on a single chart. I don’t know of any other web-based charting program that offers such a pre-build multi timeframe analysis capability. For example, on a single chart, you can view current Fibonacci retracement levels as applied to the hourly timeframe and as applied to the daily timeframe.
TrendSpider also provides 20+ years of historical data for backtesting trading strategies, heat maps, and real-time data from the stock, forex, and cryptocurrency markets. (Commodity futures and index prices are provided on a delayed data basis.)
The platform’s “Insights” tool provides a wealth of news and information, including Benzinga news, analyst recommendations, insider stock market trades, seasonality factors, and information about recent earnings, dividends, and stock split information.
TrendSpider offers traders a choice of three paid subscription levels, as follows:
- The Master level, $97 monthly, offers all the platform’s features
- The Elite level, $65 monthly, only differs from the Master level in things such as how many alerts and scans can be used simultaneously
- The $33 a month Premium level lacks futures and indices data, backtesting capability, multi-factor and multi-timeframe alerts, some fundamental data feeds, and some support options
TrendSpider Free Trial and Discount
Tradingview vs TrendSpider: Who is TrendSpider best for?
TrendSpider is best suited for technical traders who want to take advantage of the platform’s ability to integrate automated technical analysis of multiple technical and fundamental indicators that can be simultaneously applied across multiple timeframes. It will also appeal to traders who trade several financial markets, rather than just stocks alone.
TradingView advertises itself as being a platform, “Where the world charts, chats, and trades”, while TrendSpider touts its automated technical analysis capabilities. TradingView stands out among similar market trading tools by virtue of its social network that connects traders from around the world.
Like TrendSpider, TradingView offers real time data and analysis of multiple financial markets, including stocks, bonds, futures, and cryptocurrencies.
TradingView’s charting software, which has been available since 2011, offers ease of use and tools of technical analysis that makes it good enough that many brokerage firms are willing to pay to license it. The website boasts that it has more than one million users every month.
Following is a brief description of the key features that TradingView offers.
TradingView Stock Scanner
TradingView offers an easy-to-use scanner that can be applied to the stock, forex, and cryptocurrency markets. In addition, it offers traders the ability to specify multiple screening filters, both fundamental and technical. TradingView provides a somewhat larger number of fundamental factors and financial ratios than TrendSpider does, but it lacks TrendSpider’s ability to simultaneously integrate screening factors over multiple time frames.
The TradingView Community
The TradingView community enables traders to communicate with hundreds of thousands of other traders online. Investors can obtain or share anything from general thoughts on the financial markets to trading ideas to detailed trading strategies. In addition, some community members share custom indicators that they have designed. The indicators can easily be added to TradingView’s charting software.
Charting and Technical Indicators
TradingView’s charting program – which includes real-time price data on stocks (including international stock markets), forex, and cryptocurrencies – is very user-friendly. It also has many more built-in technical analysis tools than most similar trading tools websites. It includes the ability to use several different types of charts, including Kagi and Renko charts, to monitor spreads between securities, and to customize charts to any timeframe desired.
It does not, however, have the same automated technical analysis features that TrendSpider offers.
On the other hand, one TradingView feature that TrendSpider lacks is broker integration – the ability to connect directly to one or more brokerage firms and place trades through its charting program. Automated trading connections to a handful of stock, forex, and futures brokers are available with TradingView.
As with the scanner, the charting program enables traders to set up trade alerts.
TradingView offers plenty of newsfeeds, and traders can customize the feeds to get the information most relevant to their investments. It has backtesting capability with 15 years’ worth of price data. There are good visual heatmaps available for both the stock market and the crypto market. TradingView also provides bond market information – something not available through TrendSpider.
TradingView shares with TrendSpider the flexibility provided by having a mobile app in addition to its online platform.
Visitors to TradingView can use the scanner for free but with limited capabilities. They can also access some of the social networks.
There are three paid subscription levels, which mainly differ in the number of indicators or alerts that traders can use, as follows:
- Pro, $14.95 per month
- Pro+, $29.95 per month
- Premium, $59.95 per month
TradingView Free Trial and Discount
TradingView offers a free trial and exclusive discounts during the free trial period. Click here to start the free trial. The closer you come during the free trial period, the higher the discounted offer gets.
TradingView vs TrendSpider: Who is TradingView best for?
TradingView is ideal for traders who want access to data from multiple financial markets, plenty of financial news, and an easy-to-use and easy-to-customize screener and charting platform, all at a modest price. It’s also an excellent choice for traders who want to be able to place trades directly from their charting tool. Finally, if you’re a “social trader”, then TradingView is the place to be with its extensive trading community feature.
TrendSpider vs TradingView: Conclusion
So, how do you choose between TradingView vs TrendSpider? It’s really a question of what you personally need and want in the way of trading tools. I encourage you to explore both websites in depth before making a decision.
There are two primary TradingView vs TrendSpider distinguishing features that may guide your choice:
- Automated Technical Analysis – If TrendSpider’s A.I.-driven chart-based automation features and the ability to simultaneously view multiple technical indicators across multiple timeframe charts is your dream charting program, then TrendSpider will make you feel at home.
- Social Networking – On the other hand, if an important part of your trading strategy relies on getting inputs from other traders and staying on top of the hottest social media trades, then only TradingView offers what you’re looking for.
Related: TradingView vs Finviz
How do I backtest my favorite trading strategy?
You can backtest simple trading strategies with out-of-the-box backtesting tools by entering your variables in a pre-configured interface. More complex trading strategies are coded in programming languages like C# and Python.
What is the most cost effective way to test tools?
The free trial offers the most cost-effective way of testing trading tools like TrendSpider and TradingView. In addition, the provided promo codes save you money when signing up for a paid plan.