Our Verdict on Options & Pricing

For merchants who give attention to technical evaluation, leveraging high-quality software program to develop profitable methods is significant. TrendSpider, which payments itself as an all-in-one platform, is a aggressive answer on this area.

Along with the necessities, like charting and backtesting, TrendSpider presents superior performance for knowledgeable customers. The platform’s excessive price and complexity, although, make it unappealing for entry-level merchants.

What Does TrendSpider Do?

TrendSpider presents itself as an all-in-one buying and selling answer, providing the whole lot from primary information retrieval to automated buying and selling bots. Whereas the claims of full buying and selling integration are exaggerated, the platform does provide a stunning variety of capabilities, particularly as soon as a person is accustomed to the interface.

TrendSpider’s internet interface presents an unlimited quantity of knowledge, so customers with a big display or a number of screens can have the best time navigating it. TrendSpider has a cell app, however it’s designed to complement the online interface by offering primary charts and up to date inventory watchlists whereas on the go.

First, we’ll overview TrendSpider’s primary features, together with these most important to technical evaluation. Subsequent, we’ll present you how you can full some widespread buying and selling duties. Later, we’ll overview TrendSpider’s superior performance and see what it presents probably the most skilled merchants.

Charting

Whereas TrendSpider permits you to draw strains and arrows so as to chart manually, merchants can have a a lot simpler time utilizing TrendSpider’s automated charting instruments. Beneath, we’ve added a easy transferring common and automatic pattern strains to our authentic chart, all with the press of two buttons.

Extra superior charting, just like the detection of candlesticks or chart patterns, may be accomplished by exploring the choices on the high of the dashboard. Every choice presents deep customization, from deciding on the colour to looking for distinctive patterns to detect.

Whereas this depth is helpful in principle, in observe, it’s tough to make the most of since there’s little rationalization for the totally different choices. That is very true for inexperienced technicians, who could also be misplaced when offered with lengthy lists of chart patterns with names like “Rickshaw Man” and “Headstone Doji”.

Information and Watchlists

TrendSpider presents a formidable quantity of pre-built watchlists, permitting customers to seek for present worth actions amongst totally different place segments rapidly. Customers can even create their very own customized watchlists. By pairing this with a real-time information feed by Benzinga, merchants can keep up-to-date on the positions that curiosity them most.

TrendSpider additionally contains scanner watchlists, which can be utilized to scan indices for particular patterns or occasions. As an example, merchants can discover all the businesses within the S&P 500 with earnings within the subsequent 7 days or these with particular quantity tendencies. This will velocity up the time it takes to seek for totally different buying and selling alternatives.

Knowledge

TrendSpider presents information entry to a reasonably broad set of devices, together with shares, ETFs, crypto, FX, and futures. Be aware that entry to most of this information requires signing alternate agreements, and entry to some (like futures) requires paying a separate alternate charge. Notably, bonds are lacking from this listing, which may make it tough for merchants to research methods that correlate bonds with different devices.

Not like different buying and selling platforms, TrendSpider additionally integrates sure various information sources. These embody info on off-exchange buying and selling volumes, social sentiment, and retail buying and selling exercise.

Most of this information may be integrated into the present chart for every instrument, though some manifest as a separate chart. There are extra difficulties in incorporating various information primarily based on the size of the timeframe. As is usually the case for TrendSpider, what appears easy on the floor hides complexity beneath.

An extra information characteristic, which continues to be in beta testing, is the Knowledge Movement feed. This can be a real-time circulate of sure information sources, reminiscent of uncommon choices exercise or insider buying and selling alerts. Whereas this characteristic would possibly show helpful to some merchants, it’s debatable whether or not additions of doubtful utility justify the rise in complexity related to their inclusion.

Backtesting

TrendSpider presents a no-code backtesting characteristic that enables merchants to see the historic efficiency of methods of curiosity. Whereas all backtesting is topic to limitations of liquidity and worth impression, TrendSpider’s Technique Tester permits the creation of pretty refined buying and selling methods with out the necessity to contact the underlying code.

As an example, right here is the results of a method that entails going lengthy USD-JPY when the final worth is bigger than the exponential transferring common indicator and promoting when the value falls under that indicator (with a 2% fallback stop-loss). 

Whereas the info offered would possibly take some time for newer merchants to digest, the power to have historic information built-in right into a no-code software makes TrendSpider a really highly effective software for merchants with little coding expertise.

Scanning

TrendSpider features a sturdy scanning suite to find buying and selling alternatives primarily based on particular standards. We noticed a compartmentalized model of TrendSpider’s scanning capabilities when taking a look at watchlists, however an impartial scanning software can be utilized.

Beneath, we see the outcomes of a scan that finds shares within the S&P 500 that completed 2% or extra above their earlier shut. As you’ll see, a scrollable listing of all appropriate shares seems on the right-hand facet, permitting us to simply dive additional into one of many positions by clicking it and pulling up its respective chart.

Be aware that TrendSpider’s plans differ within the variety of outcomes allowed by every scan. Within the screenshot above, we’re restricted to only the primary 100 of the acceptable shares until we select to improve. Furthermore, we can’t make edits to the scan we ran, because it was a pattern scan supplied to us.

Now that we’ve a broad overview of the fundamental capabilities of the platform, we are able to dive in to grasp how you can use it successfully. Within the subsequent part, we’ll additional discover the way in which TrendSpider works by creating our personal customized scan and discovering patterns within the ensuing chart.

Tips on how to Use TrendSpider to Scan for Shares

One option to leverage TrendSpider’s give attention to serving technical merchants is to make use of the platform’s built-in sample scanners to filter positions for engaging alternatives rapidly. To grasp what this seems like in observe, we’ll undergo a step-by-step instance that highlights a few of the platform’s choices.

Step 1: Set Up the Scanner

To drag up TrendSpider’s market scanner, navigate to the primary dashboard of the interface. Within the high proper, click on Scanner. This may add the market scanner tab proper under no matter chart is presently lively.

You’ll see a spot to call our new technique proper subsequent to the scanner search bar. Let’s identify our technique “FinMasters Tutorial.

Now, we are able to go about including parameters to our scanner. One easy scan is to filter on the situation that the every day closing worth is bigger than the every day easy transferring common indicator, which may point out constructive momentum within the inventory. Supposing we’re solely desirous about tech firms, maybe as a result of we’re searching for high-beta alternatives, we are able to filter particularly on the Know-how sector.

Our setup will appear like the next.

Step 2: Run the Scanner, Choose a Inventory

Now that we’re prepared, we click on Scan to generate a listing of shares that meet our standards. Be aware that the full variety of positions scanned might be restricted by the plan we’ve.

Scrolling by the listing on the right-hand facet, you would possibly discover positions of curiosity as potential buying and selling alternatives. For the reason that scanner is a broad software, we’ll have to dive deeper into any particular inventory to determine whether or not the place is actionable. On the listing, Adobe (ADBE) would possibly catch our eye. It’s a massive, respected tech agency with a powerful earlier shut. Let’s click on the inventory to tug up the chart.

We are able to save our scanner for later use by clicking Save.

Step 3: Consider the Chart with Patterns and Indicators

To present ourselves extra room to work with the chart, we are able to click on Scanner once more on the highest proper to take away it from our dashboard.

Taking a look at Adobe’s chart, there won’t be any apparent patterns to the bare eye. Let’s use TrendSpider’s automated sample recognition to see if there’s something we missed.

Click on the three dots subsequent to Chrt.P. We’ll search for bullish chart patterns to see if there is likely to be constructive momentum within the inventory. Select Channel Ascending, Triangle Ascending, and Wedge Rising. Then click on apply.

Apparently, it seems there have been some constructive patterns that we missed. To replicate our preliminary scan and perceive Adobe’s worth change over time, let’s add a easy transferring common indicator to the chart. Click on the three dots subsequent to Indicators, and if it’s not added already, seek for Easy Transferring Common. Then click on Apply.

As we might anticipate, given our scan, the inventory’s current shut was above its easy transferring common. It seems the common was declining however has began to reverse across the time bullish chart patterns appeared. Whereas this would possibly point out a possibility, TrendSpider presents some extra instruments to analysis our place additional.

Step 4: Additional Analysis with Information and Analyst Scores

Generally, charts are simply not sufficient to make a buying and selling choice. Fortunately, we are able to make the most of TrendSpider’s various information sources to conduct extra analysis.

On the right-hand facet of your display, choose each Analysts and Information. This could instantly pull up each the Adobe information feed in addition to info on current Wall Avenue rankings.

It seems like there was no main Adobe information previously a number of weeks, though we would wish to look into the insider gross sales which have taken place in case they signify a insecurity by administration or main traders. Moreover, analyst estimates on Adobe appear pretty constructive, with no suggestions to promote.

In the end, making a buying and selling choice like this can be a private selection, however this tutorial confirmed how TrendSpider might be used to intelligently inform these decisions, particularly as soon as a dealer is aware of the interface. Whereas TrendSpider makes a speciality of supporting technical evaluation, the choice information sources it presents strongly complement extra analysis.

Whereas TrendSpider lacks the power to put trades instantly contained in the platform, the subsequent part will element how you can replicate this capability with some superior options.

Superior Options

Though TrendSpider presents an excessive amount of depth to completely consider on this article, here’s a transient overview of the instruments that skilled merchants will discover notably helpful on the platform.

Chart Scripting

With TrendSpider’s code editor, merchants can create customized chart patterns and indicators in case the built-in choices are inadequate for the wants of superior customers. This software, mixed with the customized backtesting methods we reviewed earlier, creates highly effective choices for uniquely tailor-made evaluation and charting methods.

Buying and selling Bots and Alerts

Buying and selling bots are a way to start automating reside buying and selling for customized methods. At a primary degree, a person may create a bot to ship them a textual content message at any time when a method has an entry or exit alert. This is able to permit the person to go to their dealer manually and execute the mandatory trades.

As soon as a dealer is assured of their technique, they will modify the bot to ship requests to a URL by way of webhooks robotically. Most main retail brokerages, together with TD Ameritrade and Interactive Brokers, permit trades to be executed robotically by these webhooks.

Whereas TrendSpider doesn’t permit direct integration with brokerages, this methodology lets customers replicate the performance. Moreover, TrendSpider permits integration with a platform known as SignalStack to centralize webhook administration amongst a number of brokers.

Much like bots, TrendSpider presents dynamic alerts for customers to be notified of motion for primarily any indicator or pattern line. These instruments, when you be taught to make use of them, flip TrendSpider into rather more than only a charting system and partially justify the platform’s excessive worth.

Regularly Requested Questions

Listed below are some widespread questions on TrendSpider and its makes use of.

Is TrendSpider Higher Than TradingView?

Whether or not or not TrendSpider is healthier than TradingView is dependent upon the person’s expertise degree and finances. Whereas the 2 platforms are comparable when it comes to primary performance, TrendSpider is considerably dearer than TradingView. 

For skilled merchants, TrendSpider’s worth might be value it for entry to superior options like automated charting, buying and selling bots, and customized scripting. For newer merchants, the sturdy characteristic suite and cheaper price level of TradingView possible make the platform extra engaging as compared. Fortunately, each platforms provide a free trial so you may take a look at them out for your self.

Is TrendSpider Good for Day Buying and selling?

TrendSpider is an efficient software to help day buying and selling, however you can not commerce instantly by the platform. This can be a massive disadvantage to TrendSpider, and implies that the platform will not be an all-in-one answer for technical day merchants.

As compared, opponents like TradingView do permit customers to put trades by way of direct dealer integration. In the end, until you’re buying and selling at a very excessive frequency, the time it takes to enter trades to a separate platform is unlikely to be a big distinction maker in your efficiency. Nonetheless, merchants preferring an answer that bundles buying and selling with evaluation ought to look past TrendSpider.

Is TrendSpider Good for Learners?

No, TrendSpider will not be a newbie’s software. The person interface is considerably convoluted and the characteristic set is complicated, that means that new merchants can have a big studying curve as they modify to the platform. Contemplating that almost all learners will wish to give attention to the basics of buying and selling, not spend their time studying a selected platform, new merchants will possible discover higher worth in easier, extra intuitive buying and selling instruments.

With that being mentioned, some learners wish to select a feature-rich platform to be taught, in order that they will make the most of its full performance additional down the road. For most of these customers, TrendSpider might be a great possibility, particularly if these customers finally wish to leverage automated instruments. To assist learners get began, TrendSpider does provide documentation and academic assets that information customers by the platform.

Can I Use TrendSpider for Free?

Whereas TrendSpider presents a seven-day free trial, you could pay to make use of the platform after this era. Not like different buying and selling evaluation software program, TrendSpider has no free tier, with the most cost effective degree being $35/month when paid yearly. TrendSpider does say which you could electronic mail them to request an extension of your free trial for those who want extra time to decide, although.

Plans and Pricing

TrendSpider’s free trial lasts for seven days, though they are saying customers can electronic mail help to ask for an prolonged trial. TrendSpider presents three plans of various worth and high quality, that are summarized within the desk under.

Beneath are the options that TrendSpider presents with all plans.

Important

The Important plan is probably the most restricted of the three. The scanning outcomes, one in all TrendSpider’s most helpful instruments, are restricted to only 25. Solely two simultaneous workspaces are allowed, which might be tough to handle given the cluttered nature of the interface. Furthermore, there is no such thing as a entry to a lot of the various information that TrendSpider presents, together with insider buying and selling or social sentiment.

Lastly, and most critically, the Important plan doesn’t embody multi-factor alerts or buying and selling bots. This may restrict the primary utility of TrendSpider, which is the power to automate complicated buying and selling processes. For many customers, the Important plan is unlikely to be definitely worth the worth.

Elite

The Elite plan, which presents as much as 4 workspaces, six buying and selling bots, and multi-factor alerts, opens entry to way more of TrendSpider’s platform. Importantly, this tier contains all the choice information TrendSpider has to supply. The largest limitation is that scanning outcomes are restricted to 100.

Nonetheless, that is possible going to be the most effective plan for many customers. It presents entry to TrendSpider’s complexity at lower than half the value of the Elite Plus plan. Moreover, the Elite tier permits customers to entry precedence help choices, which might be important if an necessary buying and selling technique breaks down.

Elite Plus

The Elite Plus plan improves on the Elite plan by providing as much as 50 bots, the biggest backtesting depth, and limitless scanner outcomes. TrendSpider presents free 1-on-1 coaching at this degree to assist merchants perceive the platform and use it most successfully.

Whereas this tier clearly improves on the options supplied within the Elite plan, it comes at a excessive worth, which is unlikely to be value it for anybody besides skilled merchants or these working notably sophisticated buying and selling methods.

Is TrendSpider Price It?

TrendSpider is a fancy software that has each positives and negatives.

For superior customers, the power to create customized indicators and join buying and selling bots with webhooks will show helpful (though direct dealer integration could be much more helpful). Automated pattern-finding in charts and superior inventory screening instruments ought to velocity up the time it takes to guage alternatives.

On the similar time, customers pay for this complexity each within the worth and within the time it should take to be taught the platform. TrendSpider’s interface is missing, and lots of the superior options are hidden behind a number of layers of choices. Whereas TrendSpider does provide a stable quantity of documentation and academic assets, this nonetheless creates a barrier for brand spanking new customers to get began.

TrendSpider is costly, particularly in contrast with TradingView, one of many largest software program platforms within the technical evaluation area. You may learn our overview of TradingView right here, which highlights its superior worth level.

Inexperienced merchants are unlikely to search out TrendSpider’s worth definitely worth the worth. For superior customers, spending the time essential to be taught the platform by way of TrendSpider’s free trial is simply prone to be value it if one of many superior options might be a selected difference-maker to your buying and selling technique.

Verdict

Whereas TrendSpider has its drawbacks, together with a poor person interface and lack of direct dealer integration, the automated sample recognition when charting and a powerful capability for personalisation may make it the correct software for superior merchants.

Though its excessive worth and complexity will probably be off-putting to newer merchants, the wealth of accessible information and no-code backtesting choices may nonetheless present inexperienced customers worth. With a free trial and no cost so long as customers cancel earlier than the billing interval begins, merchants searching for a software program platform targeted on technical evaluation could be smart to spend a while exploring TrendSpider.