Our Verdict on Options & Pricing

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

Along with the necessities, like charting and backtesting, TrendSpider affords superior performance for knowledgeable customers. The platform’s excessive value 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 every little thing from primary knowledge retrieval to automated buying and selling bots. Whereas the claims of full buying and selling integration are exaggerated, the platform does provide a shocking variety of capabilities, particularly as soon as a person is accustomed to the interface.

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

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

Charting

Whereas TrendSpider means that you can draw traces and arrows with a purpose to chart manually, merchants can have a a lot simpler time utilizing TrendSpider’s automated charting instruments. Under, we’ve added a easy shifting common and automatic development traces to our unique chart, all with the clicking of two buttons.

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

Whereas this depth is beneficial in idea, in follow, it’s troublesome to make the most of since there may be little clarification for the totally different choices. That is very true for inexperienced technicians, who could also be misplaced when introduced with lengthy lists of chart patterns with names like “Rickshaw Man” and “Headstone Doji”.

Information and Watchlists

TrendSpider affords a formidable quantity of pre-built watchlists, permitting customers to seek for present value actions amongst totally different place segments rapidly. Customers also can 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 consists of scanner watchlists, which can be utilized to scan indices for particular patterns or occasions. As an illustration, merchants can discover all the businesses within the S&P 500 with earnings within the subsequent 7 days or these with particular quantity traits. This could velocity up the time it takes to seek for totally different buying and selling alternatives.

Knowledge

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

In contrast to different buying and selling platforms, TrendSpider additionally integrates sure various knowledge sources. These embody info on off-exchange buying and selling volumes, social sentiment, and retail buying and selling exercise.

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

A further knowledge function, which remains to be in beta testing, is the Knowledge Move feed. This can be a real-time move of sure knowledge sources, resembling uncommon choices exercise or insider buying and selling alerts. Whereas this function may 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 affords a no-code backtesting function that permits merchants to see the historic efficiency of methods of curiosity. Whereas all backtesting is topic to limitations of liquidity and value affect, 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 illustration, right here is the results of a technique that entails going lengthy USD-JPY when the final value is larger than the exponential shifting common indicator and promoting when the value falls under that indicator (with a 2% fallback stop-loss). 

Whereas the information introduced may take some time for newer merchants to digest, the flexibility to have historic knowledge built-in right into a no-code device makes TrendSpider a really highly effective device for merchants with little coding expertise.

Scanning

TrendSpider features a sturdy scanning suite to find buying and selling alternatives based mostly on particular standards. We noticed a compartmentalized model of TrendSpider’s scanning capabilities when watchlists, however an unbiased scanning device may also be utilized.

Under, 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 appropriate shares except 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 have now a broad overview of the essential capabilities of the platform, we are able to dive in to know the way to use it successfully. Within the subsequent part, we’ll additional discover the best way TrendSpider works by creating our personal customized scan and discovering patterns within the ensuing chart.

The way to Use TrendSpider to Scan for Shares

One strategy 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 enticing alternatives rapidly. To grasp what this appears like in follow, we’ll undergo a step-by-step instance that highlights among 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. It will add the market scanner tab proper under no matter chart is presently energetic.

You’ll see a spot to call our new technique proper subsequent to the scanner search bar. Let’s title 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 value is larger than the every day easy shifting common indicator, which might point out optimistic momentum within the inventory. Supposing we’re solely concerned with tech corporations, maybe as a result of we’re on the lookout for high-beta alternatives, we are able to filter particularly on the Expertise 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 overall variety of positions scanned may very well be restricted by the plan we have now.

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

We will 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 may not 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 perhaps optimistic momentum within the inventory. Select Channel Ascending, Triangle Ascending, and Wedge Rising. Then click on apply.

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

As we might count on, given our scan, the inventory’s latest shut was above its easy shifting common. It seems the common was declining however has began to reverse across the time bullish chart patterns appeared. Whereas this may point out a chance, TrendSpider affords some extra instruments to analysis our place additional.

Step 4: Additional Analysis with Information and Analyst Scores

Typically, charts are simply not sufficient to make a buying and selling choice. Fortunately, we are able to make the most of TrendSpider’s various knowledge 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 latest Wall Avenue scores.

It appears 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 characterize a insecurity by administration or main traders. Moreover, analyst estimates on Adobe appear pretty optimistic, with no suggestions to promote.

In the end, making a buying and selling choice like this can be a private alternative, however this tutorial confirmed how TrendSpider may very well be used to intelligently inform these decisions, particularly as soon as a dealer is acquainted with the interface. Whereas TrendSpider focuses on supporting technical evaluation, the choice knowledge sources it affords strongly complement extra analysis.

Whereas TrendSpider lacks the flexibility to position trades immediately contained in the platform, the subsequent part will element the way to replicate this capacity with some superior options.

Superior Options

Though TrendSpider affords an excessive amount of depth to totally consider on this article, here’s a temporary overview of the instruments that skilled merchants will discover significantly 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 device, mixed with the customized backtesting methods we reviewed earlier, creates highly effective choices for uniquely tailor-made evaluation and charting strategies.

Buying and selling Bots and Alerts

Buying and selling bots are a technique to start automating stay buying and selling for customized methods. At a primary stage, a person might create a bot to ship them a textual content message each time a technique has an entry or exit alert. This may permit the person to go to their dealer manually and execute the required trades.

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

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

Just like bots, TrendSpider affords dynamic alerts for customers to be notified of motion for basically any indicator or development line. These instruments, when you study to make use of them, flip TrendSpider into far more than only a charting system and partially justify the platform’s excessive value.

Ceaselessly 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 determined by the person’s expertise stage and price range. Whereas the 2 platforms are comparable by way of primary performance, TrendSpider is considerably costlier than TradingView. 

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

Is TrendSpider Good for Day Buying and selling?

TrendSpider is an efficient device to help day buying and selling, however you can not commerce immediately by the platform. This can be a massive downside to TrendSpider, and signifies that the platform is just not an all-in-one answer for technical day merchants.

Compared, opponents like TradingView do permit customers to position trades through direct dealer integration. In the end, except you might be buying and selling at a very excessive frequency, the time it takes to enter trades to a separate platform is unlikely to be a major 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 Rookies?

No, TrendSpider is just not a newbie’s device. The person interface is considerably convoluted and the function set is advanced, which means that new merchants can have a major studying curve as they regulate to the platform. Contemplating that almost all newbies will wish to give attention to the basics of buying and selling, not spend their time studying a selected platform, new merchants will doubtless discover higher worth in easier, extra intuitive buying and selling instruments.

With that being mentioned, some newbies wish to select a feature-rich platform to study, in order that they’ll make the most of its full performance additional down the road. For most of these customers, TrendSpider may very well be a very good choice, particularly if these customers finally wish to leverage automated instruments. To assist newbies get began, TrendSpider does provide documentation and academic assets that information customers by the platform.

Can I Use TrendSpider for Free?

Whereas TrendSpider affords a seven-day free trial, you could pay to make use of the platform after this era. In contrast to different buying and selling evaluation software program, TrendSpider has no free tier, with the most cost effective stage being $35/month when paid yearly. TrendSpider does say that you may electronic mail them to request an extension of your free trial in case you 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 affords three plans of various value and high quality, that are summarized within the desk under.

Under are the options that TrendSpider affords with all plans.

Important

The Important plan is essentially the most restricted of the three. The scanning outcomes, one in every of TrendSpider’s most helpful instruments, are restricted to only 25. Solely two simultaneous workspaces are allowed, which might be troublesome to handle given the cluttered nature of the interface. Furthermore, there is no such thing as a entry to a lot of the various knowledge that TrendSpider affords, 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. It will restrict the primary utility of TrendSpider, which is the flexibility to automate advanced buying and selling processes. For many customers, the Important plan is unlikely to be well worth the value.

Elite

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

Nonetheless, that is doubtless going to be the very best plan for many customers. It affords 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 may very well be crucial if an essential 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 affords free 1-on-1 coaching at this stage to assist merchants perceive the platform and use it most successfully.

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

Is TrendSpider Value It?

TrendSpider is a posh device that has each positives and negatives.

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

On the similar time, customers pay for this complexity each within the value and within the time it’s going to take to study the platform. TrendSpider’s interface is missing, and most 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 new customers to get began.

TrendSpider is costly, particularly in contrast with TradingView, one of many largest software program platforms within the technical evaluation house. You’ll be able to learn our assessment of TradingView right here, which highlights its superior value level.

Inexperienced merchants are unlikely to seek out TrendSpider’s value well worth the worth. For superior customers, spending the time essential to study the platform through TrendSpider’s free trial is just more likely to be price it if one of many superior options may very well be a specific difference-maker in 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 might make it the proper device for superior merchants.

Though its excessive value and complexity can be off-putting to newer merchants, the wealth of accessible knowledge and no-code backtesting choices might nonetheless present inexperienced customers worth. With a free trial and no cost so long as customers cancel earlier than the billing interval begins, merchants on the lookout for a software program platform centered on technical evaluation can be sensible to spend a while exploring TrendSpider.