TradingView vs. TrendSpider
Looking to take your trading to the next level through advanced technical analysis and screeners? Then it’s worth looking at popular tools like TradingView and TrendSpider. These two web-based platforms offer highly capable technical charts and a huge range of indicators.
TradingView puts you in contact with thousands of other traders to share ideas and puts a coding language for developing your own indicators at your fingertips. TrendSpider takes some of the work out of technical analysis by automating common studies like Fibonacci retracements and finding chart patterns for you.
So, how do these two technical analysis platforms stack up, and which is better for you? Let’s compare the two to find out.
About TradingView And TrendSpider
TradingView launched in 2011. Thanks in large part to the fact that many of the platform’s tools and social network are available for free, it has quickly expanded. The company recently surpassed more than one million monthly active users, and TradingView’s charts and commentary are integrated into a number of major brokerage platforms.
TrendSpider is a much younger and smaller platform. It launched in 2018 and, as of 2019, had only attracted around 4,000 users. However, the company has continued to release new features since its launch and has positioned itself as one of the most powerful and user-friendly automated charting platforms on the market.
TradingView vs. TrendSpider: Similarities
Although TradingView and TrendSpider take fundamentally different approaches to technical analysis, they have quite a lot in common.
Both TradingView and TrendSpider offer data and charts for a wide variety of markets. Both platforms cover US stocks (on the NYSE, NASDAQ, and AMEX exchanges plus the OTC markets), although only TradingView covers international exchanges. You can get delayed data for more than 50 exchanges across North America, Europe, Asia, and Africa for free, or purchase real-time data for just a few dollars per exchange.
Both platforms also offer real-time data for forex, cryptocurrencies, US commodity futures, and major global indices. TradingView also covers the bond market, which TrendSpider does not.
It’s hard to heap enough praise onto the scanners that both TradingView and TrendSpider have created. They are two of the best options available for scanning any of the markets these platforms provide data for. Both scanners are highly visual and enable you to mix and match technical indicators (that is, apply indicators on indicators), so you don’t need to deal with coding to create a complex scan.
Notably, TradingView’s screener provides significantly more parameters for screening stocks based on fundamental financial data. TrendSpider’s scanner gives you the option to scan across multiple timeframes at once as well as to run multiple different scans simultaneously.
Each of these platforms offers excellent alert capabilities, and the alerts are virtually as flexible as the screeners. You can create fully custom alert parameters using multiple indicators. Importantly, TrendSpider’s alerts can be based on chart patterns and algorithmically determined support/resistance lines thanks to the software’s automation features. That offers more flexibility compared to TradingView, although whether this is better ultimately depends on your trading strategy.
Charts are at the heart of both TradingView and TrendSpider, and both platforms offer highly advanced and intuitive charts. The charting software is very different once you get into TrendSpider’s automation features, but on the face, they offer many of the same drawing tools, interval customization options, and chart styles.
One important difference is that TrendSpider includes so-called “raindrop charts,” which you won’t find on most other trading platforms. This chart style constructs bars using a high, low, right VWAP, and left VWAP to highlight trading volume and does not use open and close prices.
Both TradingView and TrendSpider include a module for backtesting a custom trading strategy, which is enormously important, given that both of these platforms are designed to help you create your own set of indicators and alerts. TradingView offers up to 15 years of historical data, while TrendSpider comes with 20 years of historical data.
TradingView vs. TrendSpider: Differences
The shared features in TradingView and TrendSpider are excellent, but the two platforms put them to work in very different ways.
TradingView is ultimately a community of traders, and this is one of the platform’s great strengths. The platform bears some resemblance to Twitter in that any member can post trading ideas, annotated charts, or new indicators to the whole community.
The social side of the platform is very active, with a steady stream of new ideas every trading day. Helpfully, posts are categorized by whether they are ideas or indicators and are organized according to the relevant market or indicator category. So, you can easily search for posts that are relevant to your trading style rather than simply be inundated with other traders’ posts.
TrendSpider doesn’t offer any such social networking features.
Another strength of TradingView is in its breadth of indicators. The software ships with hundreds of premade technical studies, and you can find thousands more by searching through indicator posts from other traders. TradingView uses Pine script, a fairly intuitive coding language, to enable traders to build their own studies from scratch or to create more complex trading signals. Any premade or user-generated indicator on TradingView can be opened in the Pine script editor and fully customized.
TrendSpider has hundreds of technical studies, including many of the same ones that are native to TradingView. Most of the parameters for these indicators can be modified, and you can create trading signals that combine multiple studies. However, you won’t get access to the underlying code in TrendSpider to get into deeper customization.
Where TrendSpider excels is in its chart-based automation features. This platform doesn’t just allow you to draw on charts – it will draw on them for you. You can, for example, have TrendSpider automatically suggest Fibonacci retracements on a chart using an AI-based algorithm. Or the software can use AI to identify potential areas of support and resistance on a chart. TrendSpider can even identify candlestick patterns.
Having this automated analysis is nice for annotating a single chart, but it really comes into play when you start building screeners and alerts. You can screen for stocks with a specific candlestick pattern, for example, or have an alert trigger when a stock breaks above its next resistance line (and, say, a volume threshold or another indicator is also met). This opens up possibilities for trading and identifying opportunities that simply aren’t possible with most other trading platforms.
TradingView vs. TrendSpider: Pricing Options
On the whole, TradingView is somewhat cheaper than TrendSpider. However, TradingView’s plans are highly complex, as they alter everything from how many indicators you can access to how many charts you can have on a single screen. We won’t dive into all of the details here, so make sure to review the plan options carefully.
TradingView offers a free option that’s surprisingly robust. You can access most community posts and the scanner, but you do lose out on advanced indicator customization, and you’ll find that your options for overlaying indicators on charts are somewhat limited. Paid plans start at $155.40 per year and range up to $599.40 per year and vary in how many indicators you can overlay on a chart, how many alerts you can set up, whether you can use indicators on indicators, and more. Also, note that international exchange data costs extra (prices vary widely).
TrendSpider starts at $396 per year, although this plan doesn’t include futures or indices data, backtesting, or complex alerts. For these features, you’ll need an Elite subscription for $684 per year. A Master subscription, for $1164 per year, extends the lifespan of your alerts and gives you more results per scan.
Which Service Is Better?
TradingView and TrendSpider are both extremely powerful trading platforms with a huge range of features to offer. At the end of the day, it’s hard to go wrong with either of these software options.
Ultimately, which is better for you comes down to how you approach trading. If you rely primarily on technical studies and want the option to create your own highly complex indicators, then TradingView is the better option. TradingView is also the better option if you want to trade international stocks or bonds, since TrendSpider doesn’t offer data for these assets.
If you rely on chart patterns and visual analyses like Fibonacci retracements, then TrendSpider is the better service. While TrendSpider is pricier, the added cost is reasonable, considering that it’s one of the only platforms that offers reliable AI-based chart annotation.
TradingView And TrendSpider Alternatives
TradingView and TrendSpider are at the top of the market when it comes to technical analysis software. However, if you’re looking for a cheaper alternative, it may be worth considering Thinkorswim. This comprehensive trading platform is free with a TD Ameritrade brokerage account and includes real-time data for US stocks, bonds, futures, forex, and commodities.
Thinkorswim easily matches most of TradingView’s charting and backtesting capabilities, and like TradingView, it gives users access to a code editor for creating custom technical studies. Thinkorswim doesn’t have a baked-in community, but there is a strong online community of users who frequently post code for new indicators. The downside is that Thinkorswim isn’t nearly as visually appealing, and the platform has a steeper learning curve to access the same features. Notably, Thinkorswim doesn’t replicate TrendSpider’s automated chart annotation features, which remain relatively unique.
So, Thinkorswim could be a low-cost alternative for TradingView, but not for TrendSpider.
Conclusions For TradingView vs. TrendSpider
TradingView and TrendSpider are two of the top platforms for advanced technical analysis. TradingView offers a social network and virtually unlimited customization of indicators. TrendSpider integrates automated chart annotation with screeners and alerts to give traders more flexibility in spotting opportunities. Both platforms cover a wide range of markets and come with critical features like backtesting, so either can benefit experienced traders.