One of the top software for carrying out technical analysis is TrendSpider, an all-in-one platform. TrendSpider comes with a wide range of reliable tools, including those for charting, backtesting and stock screening. It also has advanced functionality for experienced investors and easy navigation for beginners. In this TrendSpider review, we cover all you need to know about this technical analysis software.
What is TrendSpider?
Trend Spider is a stock market charting and technical analysis platform that uses a machine learning algorithm to make changes according to user inputs. The software is an excellent way to analyse data, track price movements, and make informed trades. Its machine-learning algorithm makes it easy to spot trends and make winning trades.
TrendSpider.com offers various technical indicators, multi-chart viewing layouts, a market scanner, an alert notification feature and custom settings. The stock analysis software allows investors to spot trends fast, as it combines traditional and proprietary features.
TrendSpider is a reliable stock scanning feature that uses different indicators to assess chart patterns, and you can view these in multi-chart layouts. It works for different styles of trading and is especially ideal for day traders, swing traders, active traders, general investors, early adopters and advanced traders.
Whether you want to spot intra-day stock market trends faster or make informed decisions in stock market trending, TrendSpider is a suitable choice for you. Two of the highlights of the software are the Raindrop chart and the stock scanning feature.
TrendSpider was founded in 2016 and specializes in charting and technical analysis. It is designed to empower traders with advanced tools and integrates machine learning algorithms. To learn more about the technical analysis software, read the detailed TrendSpider review below.
TrendSpider Achievements and Awards
If you’ve decided to carry out TrendSpider trading, you should keep some of their recognitions and awards in mind. These can help you understand the reputation of the software. You don’t have to depend only on the TrendSpider reviews and use testimonials online, as the software has received prestigious awards and recognitions in the industry.
TrendSpider received awards at the Benzinga Global Fintech Awards in 2021 due to its cutting-edge trading technology. As a fast-growing software, TrendSpider was ranked No. 130 as one of America’s 5,000 fastest-growing private companies in Inc Magazine in 2022. It is also the 9th fastest-growing private company in Illinois and the 8th in Chicago.
The achievements of the TrendSpider trader show the company’s commitment to customer satisfaction and innovation. It has a strong track record in the industry, so it’s suitable for traders in need of a fast-growing and tech-forward platform for trading.
How to Use TrendSpider
TrendSpider is one of the best software for automated trading and technical analysis, and it’s especially easy to use. The platform is user-centric with educational features and is easy to navigate for beginners. You simply get started by signing up and using the free trial. Then, the paid plans give you access to diverse features.
It only takes a few minutes for you to sign up on TrendSpider. Before you sign up, you can consider clicking on Explore the Product on the homepage, which will help you understand charting and analysis, trading idea generation, and all the other professional tools. This feature makes it easy to learn how the tool works and decide whether you want to register.
You can also schedule a demo, which is a one-on-one approach that will help you understand how to navigate the software before you sign up. There is also a 7-day free trial on the monthly and yearly plans, which allows a sneak peek into what it’s like to be a registered member of any of the plans.
To get started with TrendSpider.com, follow the steps below:
- Open the website and click on Sign Up Now.
- This navigates to the pricing page. There, select the plan you want and click on Get Started Now.
- Enter your personal information, email and phone number to create an account.
- With the payment options available, pay for your plan and get started with TrendSpider.
After you sign up on TrendSpider, you will get a one-on-one session with an expert who will give you information on its features. The platform is smooth and intuitive.
TrendSpider Features
When you sign up on TrendSpider, you get access to one of the best technical analysis software and tools for charting, trading bots, and more. The software is often seen as suitable for experienced traders because it is packed with different features to assist in your trading endeavour.
Charting Feature
One of the significant features to look out for is the TrendSpider charts. The software comes with reliable charting abilities, with different types of charts like line charts, bar charts, candlesticks, hollow candles, heikin ashi, and raindrop charts. Their Raindrop Charts are the most popular, providing a detailed view of price movements based on volume-weighted average price data.
Trend Spider comes with the best stock analysis tools for your charts. You can connect your charts with different indicators and activate or deactivate them as you need. This allows you to personalize your experience and easily understand market trends.
The charts work well with heatmap and trendline analysis features, so you can understand the support and resistance areas. The charting tools make it easy for you to anticipate trends and leverage technical analysis.
One of the best charts you can use is the TrendSpider Raindrop chart, which is a unique chart type. Rather than using the opening/closing date as you would expect with other chart types, it makes use of the VWAP data. Raindrop charts make use of price developments, so they are suitable for time frame analysis. It is designed with two halves, each one following the first and second half of the trading period.
The visualization strategy used with the TrendSpider Raindrop charts is highly useful, as they even display the volume profile for a particular period. It provides users with more information than line or candlestick charts. So, it’s more accurate for calculating intraday trading activity than the simpler chart types.
Automated Heatmap
As TrendSpider is a platform for automated technical analysis, it’s no surprise that it comes with a heatmap which can be added to your charts. The automated heatmap is very useful in pointing out the strong areas of support and resistance.
The automated heatmap allows you to plot support and resistance in your charts, giving an in-depth look into when you should make trades and on what platforms. This shows that TrendSpider was not just made by programmers without considering the market situation. The charts offer actionable advice that is used by technical traders.
Automated Trendline Analysis
Another feature you can add to your TrendSpider charts is the automated trendline analysis. Any technical trader analysing securities needs to draw accurate trendlines and identify the support and resistance levels. It’s difficult to manually draw trendlines, and it also comes with human error. To avoid overlooking certain patterns, you can use the automated trendline analysis.
The trendline analysis feature uses algorithms and machine learning, allowing it to automatically identify and plot trendlines. This increases precision and saves time. Automatic trendlines also offer a full view of potential trend points, even those that you might not notice.
It’s pretty easy to activate the automatic trendline feature. While on the toolbar of Trend Spider, you should click on Trends. This gives you access to different trendlines, all of which are highly accurate. The settings are also flexible, making it easy to adjust for your trading style. It is easy to select the analysis type for short and long-term trends to decide your drawing input, i.e., if the trendlines should connect the opens and closes and highs or lows, and the quality, like seeing all the trendlines or the top trendlines. You can also decide if you want the trendlines to include gaps.
After you customize the automatic trendline analysis settings, you can analyse trends based on your trading style. Whether you want a detailed look or to focus on specific trendlines, there’s something for you. The tool also comes with advanced settings. Keep in mind that while the trendline analysis is automatic, you can make manual adjustments so you still have control.
Multi Symbol View
The TrendSpider software is constantly updating its software, and one of its newer features is the multi-symbol view. The multi-symbol view allows you to look at sixteen different charts at the same time. You can customize the charts by the symbol, time frame, trading indicator and chart type.
As long as your screen is big enough, the multi-symbol view feature allows you to watch all your stocks at the same time. Professional traders will like this because they can quickly react to changes in the market and place trades.
Multi Timeframe Analysis
Another core feature that is often praised in stock chart software reviews is the TrendSpider multi-timeframe analysis. This feature allows you to add technical indicators, trend lines, and a secondary time period to a single chart.
This makes TrendSpider stand out because other platforms require you to look at multiple charts before you can view the data that you want. You can easily refresh the chart, add the newest market data, and view them in real-time.
Automated Fibonacci Retracements
Any professional trader will be impressed by the automated Fibonacci retracement feature on this service. This feature allows traders to find essential inflexion points based on Fibonacci levels. Rather than manually looking at trading charts to figure out where the points are, you can use TrendSpider to automatically find them. This feature also allows you to identify support and resistance zones for better analysis.
Candlestick Recognition Feature
The TrendSpider trade software also comes with a candlestick pattern detection feature. This recognition feature allows you to analyse candlestick patterns automatically. Since candlestick patterns and charts are easy to understand and come with a lot of details, most traders prefer them. But it’s difficult to spot the right patterns.
That’s why you should use a recognition feature to find the patterns instead. The candlestick recognition feature will automatically highlight patterns whenever they come up. This way, you can save the time needed to analyse graphs and stock prices. It’s beneficial to professional and advanced investors.
Watch Lists and News Feed
Another feature of TrendSpider.com is the watch lists and news feeds. TrendSpider comes with a wide range of pre-built watch lists, so users can find the current price movements among position segments. Although there are a lot of watch lists, you can create your own custom lists.
One of the highlights is the scanner watchlists, which are used to find particular patterns and events when scanning indices. For example, you can use the watch list to find all the S&P 500 companies with particular volume trends. TrendSpider partners with Benzinga to provide a real-time news feed. This keeps traders on the platform up to date on the positions that interest them.
Options Flow
TrendSpider also comes with an options flow feature, which is available on all subscription plans. This feature allows traders to monitor options flow with a scatter plot chart. This is fitted with widgets that show you real-time information like sweep and block trade info, time stamps, strike prices, expiration dates, and option types.
The options flow feature specifically targets retail investors. It allows them to track the movements of investors in the market by scanning large directional trades with real-time data.
Trading Bots
You can also look out for the TrendSpider trading bots when you register on the platform. Trading bots allow you to automate live trading by setting up custom strategies. The simplest process is creating a bot, which will send you a message whenever there is an entry or exit alert with your trading strategy. Once you receive the alert, you can manually execute the trades.
For more advanced settings, you can set up the bot to send requests to a URL automatically when the trading strategy has an entry or exit. Major retail brokers like Interactive Brokers allow you to execute trades automatically through webhooks.
However, TrendSpider does not directly integrate with trading brokers. But, the webhooks simplify the functionality. It also integrates with SignalStack, a platform that allows you to manage all your brokers in one place. TrendSpider trading happens automatically thanks to the robots.
Dynamic Price Alerts
Dynamic price alerts are also offered by TrendSpider.com. You can set dynamic price alerts on trendlines and indicators when using the software. This saves you time and energy, so you don’t have to constantly look at your charts, which can be boring when nothing is happening.
You can set the price alerts on an indicator or place it on trendline breakthroughs, touches, or bounces. When you take advantage of these tools, you can take full advantage of the charts and predict movements in the stock market.
Trendspider
There are different advantages to subscribing to TrendSpider, but you also have to keep the downsides in mind before you commit.
- Pros
- Includes automated trendline analysis and heatmap.
- Quick analysis for price action.
- The interface is easy to navigate and sign up.
- There is a 7-day free trial period.
- The downloadable mobile app is available for Apple and Android devices.
- Offers options for monthly and yearly subscriptions.
- Covers a wide range of securities.
- Simple and powerful backtesting tool.
- AI-integrated features.
- Cons
- Loading multiple charts is slow.
- There is no direct broker integration.
- The interface is complicated for beginners.
Using the TrendSpider Stock Scanner
You can especially benefit from using the TrendSpider scanner when you register on this platform. The software comes with a market scanner, which allows you to scan a specific stock or scan the entire market for stocks based on a particular criterion. It combines technical analysis with AI trend detection to scan the entire stock market. It’s pretty easy to use the TrendSpider stock scanner.
Step 1: Set It Up
To get started with the TrendSpider scanner, you can head to the main dashboard and click on Scanner. This option is located in the top right corner. This will open a market scanner under your active chart. You might also consider naming your strategy so that the Scanner works better.
Step 2: Define Your Criteria
Now that you’ve opened the TrendSpider scanner, you can select different prices, indicators, and pattern conditions to customize the Scanner, or you can use a pre-set system. There is also a multi-timeframe feature which allows you to set your conditions across different variations.
After setting the conditions, you can apply them to watch lists of different sectors, market cap groups and indices. Keep in mind that your subscription plan will determine the number of results that you get.
Step 3: Run the Scanner
The next step is to run the Scanner. After setting all the parameters, you can click on Scan. The Scanner will bring out a list of stocks that meet the criteria you previously specified. You can look through the list and find the stocks that you’re interested in investing in.
Step 4: Use Chart Analysis and News
When using Trend Spider, it’s recommended to use their chart analysis and news features along with the market scanner. After finding stocks with the Scanner, you can use the tools for finding patterns and indicators. Some patterns might stand out, while others need a pattern recognition tool.
You can also supplement the charts with extra data. TrendSpider can help you get news and Wall Street ratings for the stock that you have chosen.
TrendSpider Backtesting Feature
One of the ways that TrendSpider stands out in automated technical analysis is the backtesting feature. Backtesting is one of the most valuable tools for active traders because it allows them to test their potential trade strategies and see how they would work after they are executed. It’s available on the higher plans.
Although the backtesting feature on TrendSpider is relatively basic compared to other platforms, it is still capable. It’s accessible to beginners and does not require coding. There are different backtesting functions available on the TrendSpider trading platform, including instant strategy testing, intraday backtesting, monthly backtests and long-term backtesting.
In addition, AI powers the backtesting feature, so the artificial intelligence does the coding for you. With this, you can test your strategies within minutes. There is also backtesting of automated trendlines, probability, win rate and drawdown.
TrendSpider Mobile App
The TrendSpider app is a great way for you to access your accounts, watch lists, charts and alerts from your mobile device. The companion app is easy to download on Google Play and App Store and is designed to work with the web-based version of TrendSpider.
It’s important to note that the TrendSpider app can work on any connected device, requiring no installation or data download configuration. Once you install it and sign in, you can easily access your charts. The web-based platform and the app can also work together, so you can continue from where you stopped.
On Google Play, the TrendSpider app has a 4.6 rating from 204 votes. It has fewer reviews on the App Store, which is 7, with a 4.3 rating. The mobile app comes with a user-friendly split screen, with the charts in the top half and the watch list at the bottom half.
You can customize the look and feel of the app by opening the web-based platform on your computer. Then, go to the settings and customize your Mobile Workspace. This allows you to add and remove indicator options, change the colours of the charts, and customize automated analysis. Whatever you change reflects in the app automatically.
Trend Spider Pricing
When you read TrendSpider reviews, most of the positive reviews are on the ease of payment and pricing. TrendSpider offers instant access once you pay, and it’s easy to get started because there’s only one plan. The plan gives you access to all the quality technical analysis tools, research tools and automated trading software. You will get all the tools for charts and analysis, market data, trade timing and execution, strategy development and backtesting, trade timing and execution, trading idea generation, speciality tools and customer support.
The plans come with a first-year introductory price discount but go back to the original price when you reach the second year. With the monthly plan, you pay $123.67 per month for the first year and $149 per month after that, giving you full access to all the TrendSpider features. Then, there is a yearly plan, which helps you save 56% off the monthly price. You will pay $65.72 per month annually, but after the first year, you pay $149 per month.
The one-year discount is available for new customers alone. You can also look out for discounts when using TrendSpider. Some of these discounts offer free TrendSpider futures data and one-on-one training.
TrendSpider Reviews from Real People
Before you register, it’s important to check out online TrendSpider reviews from different users. Since TrendSpider is a popular app, it’s not surprising that it has gained positive reviews. It is also an accredited business under the Better Business Bureau.
On TrustPilot, TrendSpider has a 2.9 rating from 17 reviews. It has also received positive reviews from reputable review platforms in the trading industry. For instance, it has a 4.0 rating on Benzinga, while the Warrior Trading review is 4.6. There is also a 4.5 rating on DayTradingz, Liberated Stock Trader and CaptainAltcoin. Then, on Day Trade, it is 4.3 out of 5.
TrendSpider vs TradingView
Most people compare TrendSpider and TradingView, both of which are robust trading tools. On the one hand, TrendSpider offers an advanced automated technical analysis platform with chart pattern recognition and no-code backtesting, but there’s no broker integration. On the other hand, TradingView offers direct broker integration, fundamental information screening and a vibrant community platform. So, whichever you choose depends on the experience level and budget of the user.
The two trading platforms have similar basic features, although TrendSpider is more expensive. If you’re an experienced trader, then you can consider TrendSpider because it comes with more advanced features like custom scripting, automated charting and trading bots. Then, newer traders can benefit from the lower price and robust features of TradingView. Both platforms come with a free trial, so you can test them before choosing one.
TrendSpider for Beginners and Experienced Traders
TrendSpider comes with a wide range of features and complex algorithms, which makes it appear intimidating to beginners. But, it’s able to assist you from being a beginner trader, early adopter, or experienced trader. The design of the TrendSpider app and web-based software can support different traders.
Beginners get access to extensive news and terminologies, market trends, and chart patterns. The platform offers candlestick pattern detection features and automated trendline analysis to simplify the process. Novices can also use TrendSpider University, which offers guides, video lessons and tutorials. There is a free one-on-one call with a trading expert, too, making it easy to understand the software.
For early adopters, TrendSpider offers real-time analysis, automated heatmap analysis and dynamic alerts, all of which provide accurate market insights. One of the highlights is the TrendSpider Raindrop chart, which offers accurate intraday trading activity and automation so you can focus on your trades.
TrendSpider is also suitable for advanced traders. Advanced traders and technical analysts have access to a wide range of features to push their strategy forward. The Multi Symbol View feature is available for tracking about sixteen charts at the same time, while the automated Fibonacci retracements identify important inflexion points. Analysts can also use the backtesting feature to check potential trading strategies.
Is TrendSpider Worth It?
With this complete review in mind, you might be wondering, is TrendSpider worth it? While it depends on your specific needs, it’s important to note that TrendSpider is an amazing trading analysis software that meets the needs of all traders. It offers consistency in your analysis and accurate charting tools, helping you save time with the manual processes of trading.
It is a reliable technical analysis software that combines new technology with trading knowledge, making it a good fit for traders regardless of their experience level. The software helps traders find a good opportunity and make actionable choices.
Final Verdict of TrendSpider
TrendSpider uses machine learning algorithms and dynamic price alerts, both of which help you automatically carry out analysis and immediately receive alerts when you need to buy or sell a stock. When the automated trading feature comes in, you can see that TrendSpider even cuts down the time from analysis to trading.
Beginners are overwhelmed by TrendSpider sometimes, because of the many features. But the learning centre and demo mode make it easy to understand how it works. With a single plan, you get access to all the TrendSpider features. In general, TrendSpider is a good assistant for your trading strategy.
FAQ
TrendSpider is a legitimate company that won many awards and is even accredited by the Better Business Bureau. It uses proprietary software that is trusted by thousands of traders.
The TrendSpider scanner is accurate and effective at identifying particular stocks, futures and options based on your needs. As long as you set the parameters, you get accurate results when you scan. The machine learning algorithms also allow you to find trendlines that are not easily visible when checking manually.
TrendSpider is for powerful technical analysis, including robust automation tools to speed up the grunt work and easily find charting patterns. It helps you take advantage of the market.
TrendSpider is suitable for day trading, although it does not support direct integration. So, it’s not an all-in-one solution for day traders. Instead, it’s a good way to analyze the markets and find opportunities for profit.
You can use TrendSpider for free, but this is only possible with the free trial, which lasts for seven days. After the free trial, you have to sign up with the paid plans.