- Automated Analysis
TrendSpider is a new charting platform that offers automated analysis tools. The platform can automatically recognize patterns and draw trendlines for technical traders. The platform is packed with valuable features. Read our review to see if this platform is a good fit for you.
- What is Trendspider?
- Pricing Options for TrendSpider
- TrendSpider Platform
- TrendSpider Features Breakdown
- Trendspider Platform Differentiators
- An Ever-Improving Platform (UPDATE)
- What Type of Trader Trendspider is Best For
What is Trendspider?
TrendSpider is a relatively new fintech company launched in 2017 and based in Chicago, IL. The software was developed by veteran traders and chartists after two years of research. It’s very apparent in the intuitive nature of the functions and tools.
Trendspider.com is an automated technical analysis software platform using sophisticated machine learning algorithms to detect trends and chart patterns. This is truly a breakthrough for traders seeking dependable program that (actually) gets the patterns right! There are plenty of services and scanners that look for patterns but very few of them have succeeded in the way TrendSpider has. Trendspider combines beautiful charts with powerful automated analysis tool.
Pricing Options for TrendSpider
TrendSpider offers a seven-day free trial on all subscriptions. There are three subscriptions plans:
The PRO Trader Plan is $29.15-per month when purchased as a quarterly subscription and $24.75 when prepaid annually. This includes real-time data during market hours only for NASDAQ, NYSE and AMEX stocks, ETFs and Cryptos (over 100 pairs). It includes a free one-on-one training session with access to unlimited trend detection, multi-timeframe analysis, indicators and trendlines and look ups for the month. There are unlimited Total Alerts per month but 10-limit active alerts and 30-days max alert lifetime.
The ELITE Trader Plan is $43.85-per month when purchased as a quarterly subscription and $37.25 when prepaid annually.This includes everything in the PRO Trade Plan with the addition of pre and post-market data and OTC stocks, Forex (over 950 pairs) and delayed Futures markets. Active alerts are expanded to 20.
The Analyst Plan is $22.75-per month when purchased as a quarterly subscription and $17.65 when prepaid annually.
You can use the code DTR10Z to save 10% for the first 12 months.
Let’s start by discussing the platform itself. TrendSpider is a web-based charting platform packed with some unique features. At it’s core, it is a well-crafted charting solution with real-time charts and historical data. The platform is relatively easy to use and runs smoothly. During our tests, the platform was fast and didn’t experience any lagging.
The platform can be used to analyze stocks, currencies, and cryptocurrencies.
TrendSpider Features Breakdown
These are my favorite features of this amazing platform.
TrendSpider offers candlestick charts, hollow candles, and bar charts. I prefer candlesticks. The charts are visually appealing and offer a wide range of indicators. Honestly, the charts alone make this platform worth the price. Traders have access to real-time charts and all of the technical indicators you could need. You can choose between dark and light layouts, and customize the charts to your preferences.
The star of the TrendSpider platform is the “automated analysis.” Trendlines are one of the major components of this analysis.
Enter any ticker into the chart, choose a timeframe and TrendSpider will show you all of the relevant trendlines. It’s very interesting how the algos find different trend lines ranging from basic highs and lows to fractals with cross-directional style peaks and valleys.
You can customize the trendline settings to suit your needs. Here are the main analysis types:
- Original – This uses the original algorithm the company developed
- Enhanced – This uses the improved algorithm the company developed
- Experimental – This uses some of the new features the company is testing out
You can customize the trendlines even further by tweaking the advanced settings. Make sure to spend some time playing around with the settings if you want to get the most use out of the platform.
TrendSpider claims to find every single possible trendline on a chart and it’s evident with the conviction settings.
The conviction setting is a filter that users can choose between High, Med, Low and None. High conviction filters down to the strongest and most effective trendlines on a chart. Medium and Low settings will add more secondary and alternate trendlines. Setting it to None will show every single trendline on the chart. These settings are also aimed at the user, since more experienced chartists will want to see the hidden and secondary trendlines for their analysis. Newbies will want to stick with the High conviction setting to keep things simple.
Manual Trendline Tuning
Each trendline is color coded to the underlying formula that can be accessed under the Trends tab. The formulas can be modified and refined manually through the Manual Tuning Mode option, which will then enable the algos to apply automatically moving forward. This is a boon to non-programmers as intuitive machine learning algos learn with each piece of data and input. You can also right click on a trendline to remove it if you don’t believe it is helpful in your analysis.
Earlier this year, TrendSpider also added the functionality to create your own trendlines and set alerts for breaks of these lines.
TrendSpider’s automatic analysis can also recognize different candlestick patterns on a chart. You can choose from a long list of candlestick patterns, and the platform will automatically highlight these patterns on the chart.
I found this to be particularly useful to see how certain stocks behaved relative to certain candlestick pattern. For example, if you want to see how a stock usually reacts the day after forming a hammer candle, you can highlight all of the hammers on the chart and analyze the historical data
While the pattern recognition tool doesn’t account for lead-in trends, I found the actual pattern identification to be very accurate.
Automatic Fibonacci Retracements
This is one of the breakthrough features of TrendSpider. Fibonacci-based chartists will tell you the problem with plotting Fibonacci lines (fibs) is determining where the high and low points should be. Based on those high/low price points is where the whole crux of other harmonic and Elliott Wave patterns depends on. Doing this by hand effectively is a trial and error process that can take much time. TrendSpider’s smart algos automatically find the most relevant peak to trough levels to calculate and plot the most effective fibs. I’ve doubled checked and found the algos to be very precise in finding the critical inflection points.
Indicators and Multi-Time Frames
Over 40 indicators including moving averages, Bollinger Bands, parabolic SAR, RSI, MACD and stochastics can be added to the upper or lower chart to add price and momentum-based triggers. The Multi-Timeframe Analysis enables comparing and overlaying analysis in a linear multi-time frame analysis like an MRI versus an x-ray exam. Multi-time frames provide is the best market intelligence to enhance price action interpretation.
This is truly one of the most powerful and convenient features of the platform. The ability to plot tools from one chart timeframe onto another saves a lot of time you’d normally spend clicking between charts. For example, you can plot a 200-week moving average on a daily chart, carry trendlines from one timeframe to another, and utilize technical indicators across multiple timeframes.
Users can create watch lists or use the Smart watch lists for the various markets covered under the selected subscription plan. Users can create any number of watch lists quickly by theme and then have TrendSpider instantly analyze stocks on the list or scan for potential patterns. Real-time data enables real time plotting and automated alerts when triggers update. I’m constantly amazed how it finds ‘hidden’ trendlines beyond the obvious. When using the None setting, you can evaluate each potential trendline and select the most compelling ones to remain on the chart by right-click and selecting the ‘Lock’ tab.
You can set price or indicator-based Alerts directly on the charts. The Alerts can be as specific as the number of times a stock price bounces off a trendline or at specific price levels and so forth. It is important to keep the Alerts selective, so you aren’t constantly getting pinged with SMS, e-mail or text alerts all day long.
Most platforms have alerting capabilities, but TrendSpider takes this feature to another level with two unique features.
1. You can set dynamic alerts
Whereas static price alerts will alert you when a stock hits a certain price, a dynamic alert will alert you based on a stock’s price action relative to a dynamic price area. For example, you can set alert an alert for when a stock breaks below a specific trendline or is approaching it’s 200-day moving average.
2. You can define different alert triggers
Most alert systems follow binary criteria (i.e. alert when a stock hits $20). TrendSpider offers three different trigger types:
- Break Through
This allows you to take your alerts to the next level. For example, you could set an alert for a stock breaking through a trendline or using the trendline as support/resistance. The differentiation in these triggers can help traders use alerts more effectively.
On top of that, you can also choose the sensitivity of the alert. This can be used to tailor your alerts to your personal strategy. For example, you could set a trendline break through alert to have a sensitivity of $0.10 or $0.50. Whereas an intraday trader may prefer the $0.10 sensitivity, a swing trader is likely to prefer a less sensitive system.
Trendspider Platform Differentiators
TrendSpider is amazingly effective and accurate with its identification and scanning abilities. This is as much a learning platform for even the most sophisticated technicians as the machine learning algos spot trendlines literally invisible to the naked eye.
We expect big things from TrendSpider. The platform launched in early 2018 after 2 years of testing, and the team is still adding new features regularly. You can tell this is a company that is trying to innovate in this space. Quite frankly, the charting alone is worth the monthly fee, but subscribers get access to a full suite of proprietary analysis tools.
An Ever-Improving Platform (UPDATE)
We don’t usually revisit reviews a few months after posting them, but we felt it was necessary for TrendSpider. TrendSpider is one of the most actively developed platforms we’ve seen in awhile, and the team continues to add new features. Here are a few of our favorite features that were added in the past few months.
Faster Data Feeds – Always a plus…
New charting features – The platform now features monthly candlesticks, volume moving averages, and advanced customization for existing technical indicators.
Ability to create custom trendlines – While the automated trendlines are effective, it’s helpful to be able to draw your own as well. You can also set alerts for the trendlines you draw yourself.
Multi-Factor Alerts – TrendSpider added the functionality to set alerts using a variety of indicators. For example, you could create an alert for a trendline break with higher volume and and overbought RSI. There’s a lot of potential here for traders who now how to take advantage of this feature.
Fibonacci Alerts – You can now set alerts on Fibonacci levels. In light of all of these new alert types, TrendSpider increased the alert limits per account from 50 to 100.
Support/Resistance Heatmaps – You can now extend support/resistance heatmaps across the full chart. This is beneficial for two reasons. First, the heatmap function itself helps traders recognize price areas of interest instead of getting caught up in the minutia of fixed price support/resistance levels. Second, this feature helps traders recognize historical support/resistance levels that may be relevant in the future.
Strategy Backtester – TrendSpider recently introduced a strategy backtester that can be used to test strategies using a variety of entry/exit criteria. The tool allows traders to set specific entry and exit conditions to see how a trading strategy would have performed in the past. I’ve used a few backtesters and my favorite part about this one is the visualization. TrendSpider’s backtester shows the hypothetical entries and exits directly on the chart which makes it easier to visualize the strategy. You can also use some unique backtesting criteria that you won’t find in other platforms, such as entries/exits based on candlestick patterns (i.e. hammer)
Raindrop Charts – Raindrop charts are a unique chart type that use VWAP data instead of the open/close data you’ll find in traditional candlesticks and bar charts. The left side of the rain drop represents VWAP from the first half of the trading period and the right side represents VWAP for the second half of the trading period. This new chart type paints a better picture of intraday trading activity.
We’ve been impressed with the rate at which TrendSpider continues to release innovative new features. These aren’t small bug fixes or marginal improvements – they significantly increase the value of the platform. Test out all of these new features with a 7-day free trial.
What Type of Trader Trendspider is Best For
TrendSpider caters to technical analysts and chartists. . It is a great learning tool that can enhance technical analysis skill sets and train the eyes to spot pattern not considered before. It an also save traders a lot of time when drawing lines and performing technical analysis.
We recommend this tool for traders who are familiar with charts and have a foundation in technical analysis. This is not a trading “system” that tells you where to buy and sell. It is a unique tool that adds a new layer of depth to the charting experience.
TrendSpider is a tool that will greatly augment a trader’s ability to thoroughly analyze an interpret stock’s price action from multiple angles to parlay that market intelligence into action through trades.
- Very accurate trendline and candlestick identification
- Customizable and flexible configurations
- Effective automated Fibonacci retracements with precise high/lows
- Conviction settings are great for newbies to learn and pros to use
- Good customer support with one-on-one session scheduling available
- Dynamic alerts give you more eyes on the markets watching for triggers
- Enhances price interpretation with trendline spotting (every trendline!)
- Learning curve may be steep for newbies without some background in technical analysis
- Relatively new product so features are still being refined and added