TrendSpider Review: Advanced Technical Analysis Made Easy
Understanding the Benefits of TrendSpider and it’s Powerful Charting and Analysis Features
If you join below, I may receive a commission, at no cost to you. This is a 100% honest review for a service I've used and personally enjoyed.
If you have been trading for any amount of time, then you may have heard of the charting platform TrendSpider. This platform has become the “go-to” investor insight tool for both casual and professional traders. Therefore, it is a good idea to get a full understanding of the platform. With its cutting-edge features, including automation, multi-timeframe analysis, and AI-driven insights, TrendSpider may be the investing edge you have been looking for. Today, we will review everything you need to know about this popular platform.
Overview of TrendSpider
TrendSpider is an advanced charting software platform that is designed to streamline the technical analysis process. This software is designed to help traders save time and money by automating chart analysis. Some of the most popular features found on the TrendSpider platform include automated trendline detection, dynamic alerts, multi-timeframe analysis, and an intuitive backtesting engine.
My Experience with TrendSpider
TrendSpider is a powerful charting and analysis platform. If you are an active day trader or swing trader, the technical indicators available will drastically cut down on your time setting up your charts. I also experienced a lot more consistency in my trading when using the automated indicators which also helped me speed up my analysis.
The platform also does an excellent job of keeping the whole interface very clean and clutter-free which cuts down on the distraction. Furthermore, I love the integration of the option flow feature within the platform. There are some alternatives in the market that do option flow better, but having the availability within the platform is a nice addition. Lastly, the backtesting and scanning features are great and I found myself using them a lot more than I expected.
The primary downsides I had were the lack of broker integration which means you will do your analysis on TrendSpider then carry out your action on your trading platform of choice. I also experienced relatively lackluster fundamental analysis options within the platform. This wasn’t surprising though as the tool is geared towards active traders using technical analysis.
Lastly, there aren’t any specific community features that are popular on other platforms such as Trade Ideas which can be an issue if you are looking for more support outside of TrendSpider educational content.
Overall, TrendSpider delivers a phenomenal product as a core charting, scanning, and analysis package that performs better than most competitors in this space.
TrendSpider’s Technical Analysis Features
TrendSpider offers some of the most advanced technical analysis features of any platform. These features are designed to streamline the process of analyzing charts, identifying trends, and making informed trading decisions. Below, we’ll explore some of the standout technical analysis features that make TrendSpider a powerful tool for traders.
At the heart of the TrendSpider platform is its technical analysis features. Each of these features is designed to help you analyze charts, identify trends, and make informed trading decisions. Here is a look at the five most popular and useful trading analysis features found on the platform.
1. Automated Trendline Detection
Perhaps the most popular technical analysis feature on the platform is its automated trendline detection. In traditional technical analysis, a trader would have to manually draw trendlines to discover support and resistance levels. With Automated Trendline Detection, the platform allows you to quickly automate the process and reduce the chance of human error. This is accomplished by the platform’s advanced algorithms that immediately identify trendlines on a chart. As a trader, you can now quickly identify trendlines on several different assets and stocks. Finally, Automated Trendline Detection is very useful for those working with multiple timeframes.
2. Multi-Timeframe Analysis
Another popular feature is the ability to get multi-timeframe analysis on multiple stocks. This allows you to get a more comprehensive view of the market. With this tool, you are able to get multiple timeframes on a single chart. Thus, allowing you to get a better short-term and long-term outlook on one asset or position.
As an example, you can get an analysis on a 15-minute chart within the context of daily trends. This can help you decide if the shorter timeframe is in alignment with the overall daily trend of the asset. You may find this tool useful to help you avoid any “tunnel vision” with your trading analysis.
3. Dynamic Price Alerts
Another standout feature on TrendSpider is its dynamic price alerts. Unlike static alerts, TrendSpider alerts are tied to trendlines, indicators, or other key price levels. Thus, you will have a smart entry level that evolves with the changing market.
Here is an example: if a trendline shifts to a new price action, the alert will be adjusted automatically to reflect the new level. Now, you will have a better potential entry price that reflects the changing mood of the market. This tool is ideal for those who want to take advantage of shifting opportunities in an asset.
4. Backtesting Engine
Perhaps one of the most often used tools on TrendSpider is its powerful and advanced Backtesting Engine. With this tool, you can backtest your trading ideas and strategies against decades of historical data. This will allow you to see how your trading strategies have performed in the past and whether it can handle different market environments over time.
Additionally, the backtesting engine allows you to set a strategy and then quickly backtest it against different stocks, assets and other investing instruments. You can also quickly change time frames to see how the strategy works in different market conditions.
Also of note is that the Backtesting Engine is very user-friendly and extremely customizable. You can customize backtests on specific indicators, timeframes, and market scenarios. Thus, you can avoid costly mistakes and better refine your trading strategy before opening a position.
5. Raindrop Charts
One unique tool found on TrendSpider is its Raindrop Charts feature. This tool is a simplified and unique way to visualize price action. Unlike traditional candlestick charts, Raindrop Charts give you both price action and volume-weighted average price (VWAP) in one graphic to provide you with a better idea of market sentiment. Thus, you will have a better idea of the flow of volume along with the strength of a price movement.
Ease of Use
While TrendSpider is an extremely advanced platform, we find it to be very easy to use for both new and professional traders. The platform provides lots of useful tutorials and callouts to help new platform users navigate their way around the tools. Also, the graphics are clean and crisp to help you better understand the date on each chart. Even those who have never used technical analysis, they should have no problem using TrendSpider’s charting and analysis tools.
Available Learning Resources
TrendSpider has one of the widest libraries of educational content of any platform. We found a higher-than-average number of tutorials for each charting tool. Also, TrendSpider holds regular webinars that provide valuable insights on how to better use the platform. Finally, TrendSpider offers a live support team via chat to help new and experienced users better navigate the platform or troubleshoot any issues. One point to note is that TrendSpider does not offer any community features such as chatrooms.
Pricing
TrendSpider offers multiple price tiers that are ideal for any type of trader. Whether you are a beginner or a professional trader, TrendSpider offers a membership pricing tier that should be ideal for you if you want to leverage their unique technical analysis tools. It is worth noting that TrendSpider does not offer a free tier of their platform due to the “premium” nature of their product. As of this writing, there are three pricing tiers offered:
Pricing Tiers:
Standard:
This is the basic plan which provides all the tools needed for the beginner trader.
Enhanced:
The Elite plan provides all the essential tools for experienced traders who are working on multiple time frames with several different assets and positions.
Advanced:
For professional traders, this tier offers all of TrendSpider’s tools, including priority support and additional integrations.
Monthly Plans:
- Standard: $107
- Enhanced: $197
- Advanced: $447
Yearly Plans:
- Standard: $642 ($53.50/month)
- Enhanced: $1,182 ($98.50/month)
- Advanced: $2,682 ($223.50/month)
Performance
We found that TrendSpider’s charting tools are fast and smooth, which is ideal for people who want to get quick analysis results. All the tools are very responsive and there is minimal downtime. This is especially important for those doing analysis during market hours.
Customer Support
TrendSpider offers chat, phone, and email support for all platform tiers. If you are on the Advanced tier, you get priority access to support including live support over the phone. Chat is ideal if you are having technical issues or if you have questions about the status of your membership.
Pros and Cons
TrendSpider, like any other platform, has its pros and cons. Here is what you should consider before committing to the platform.
Pros:
- Automation: TrendSpider is a time saver thanks to its trendline detection and dynamic alerts. Also, unique features like Raindrop Charts are particularly useful since they combine multiple points of data in one graphic.
- User-Friendly Interface: While the platform has many advanced features, it has been designed to be extremely easy to understand. Also, the graphics are clean to help prevent eye fatigue.
- Comprehensive Backtesting: TrendSpider offers decades of historical data on its powerful backtesting engine.
Cons:
- Cost: TrendSpider is one of the most expensive technical analysis platforms and may not be ideal for new traders.
- Learning Curve: Also, new users will need to spend some time understanding the unique features of the platform in order to take full advantage of what is available.
- Limited Customization: Compared to other platforms, TrendSpider is limited when it comes to its customization tools.
Conclusion — Is TrendSpider Worth it?
TrendSpider is one of the most powerful and advanced technical analysis platforms that is also easy to use for experienced traders. With its unique features and powerful backtesting engine, just about any trader will be able to make quicker, better-informed trading decisions. Also, the platform is well-designed and backed by one of the best support teams in the industry. If you are looking for a powerful and dynamic technical analysis tool, then TrendSpider should be at the top of your list.
TrendSpider Alternatives
- TradingView — One of the best charting platforms on the market. I use TradingView regularly and have highly enjoyed the overall experience.
- Scanz — Another popular option that is primarily used by day traders and swing traders. The platform features a pro scanner, easy scanner, news scanner, charting, as well as breakout signals. They offer a free trial, but the monthly pricing is higher than most similar services.
- Finviz — There is a free version of the platform which does a nice job of providing great value at no cost. Overall, Finviz is a great option for swing traders looking for both fundamental and technical options for scans, but if you want to get at some of the more powerful tools such as backtesting and advanced charting you will need to sign-up for their Finviz*Elite service. Pricing is very reasonable though at $39.50/month OR $299.50/year ($24.96/month).
Frequently Asked Questions
Is TrendSpider suitable for beginners?
Yes, TrendSpider offers an entry-tier pricing level for new traders. While it may take some time for a beginner trader to understand the full aspect of the available tools, the platform is designed to be easy to use and the company offers excellent customer service support.
Is TrendSpider or TradingView better?
Both platforms offer very robust analysis tools to support your trading journey. TrendSpider offers a lot more from an analytical perspective and really excels at automating charting patterns, but TrendSpider doesn’t offer any direct broker integration. On the flip side, TradingView offers some nice community features, great fundamental screening, and direct broker integration. Ultimately the decision comes down to experience level, budget, and trading style.
How does TrendSpider compare to other charting software?
TrendSpider offers several unique features and allows for quick technical analysis compared to other platforms. Also, the platform’s AI-driven insights offer a unique advantage not found on many other competitors.
Can I backtest strategies on TrendSpider?
Yes, TrendSpider offers one of the most powerful backtesting engines in the industry. On many assets, the platform’s historical data goes back decades.
What are Raindrop Charts?
Raindrop Charts are a unique feature on TrendSpider that combines price action with volume-weighted average price (VWAP). This chart is designed to replace candlestick charts by allowing the trader to get two data points within one graphic.
Is there a mobile app for TrendSpider?
Yes, TrendSpider recently introduced their “reimagined” mobile app that lets you monitor charts, customize your analysis, track your watchlist, and stay on top of your trades on the go. That being said, TrendSpider is better to use on a desktop due to its high level of onscreen data and robust charting graphics.
