One of the virtues of technology is its ability to make us smarter. Technologies are mediators – and as Peter-Paul Verbeek writes, “they mediate the relation between humans and their world”. So, our contact with all things is mediated via these often discreet artifacts surrounding us.
Just think: our sensorial contact with the economic market is shaped by the computer, by phones, and all the other communicative gadgets close at hand. While stock picking is more accessible than ever, are we becoming estranged from the companies we choose to invest our hard earned cash in?
A technical analysis tool like TrendSpider brings us back into contact with the economic landscape. No longer do we need to make picks in the dark, or base them on vague recommendations from leading stock picking services; TrendSpider gives us the extra intelligence to make informed trades.
A small software company originating in Chicago, TrendSpider has made waves in the industry by being the first fully automated technical analysis software for day traders. Thanks to machine learning algorithms that conform to each individual user’s habits, this is the kind of powerful technology that transforms worlds.
And we don’t mean to sound overly dramatic. Day trading is a hot pursuit, but it is not without its pitfalls; often we base our moves on hunches and inner feeling, without hard data to back them up. TrendSpider allows you to turn these hunches into fully educated guesses.
Also, this platform is not only for serious, emotionally invested traders – TrendSpider has a wonderfully simple interface that is reminiscent of the best and most popular mobile applications.
For anyone who wants to spot trends faster, or chart a mood happening amidst a given market or sector, TrendSpider is a great choice. There are many competent charting services out there, like TradingView, or even industry stalwart Charles Schwab’s trader platform, but TrendSpider takes things a few steps further.
Let’s look at some of TrendSpider’s more significant features.
- Charts: we’ll be upfront about this: TrendSpider does not offer a great array of charts. They are conveniently browser-based, but with just three bar types offered, pickings are slim. The shining feature of TrendSpider’s charts is that they allow for custom overlays. Users are able to overlay their charts with popular indicators that can be turned off and on at will.
- Automated Analysis: this is the platform’s core, flagship feature: as an algorithm that builds itself around your stock habits, this is the kind of powerful intelligence earlier alluded to. We compare it to a second consciousness that rids itself of all those pesky human emotions; with the cold, calculated edge only machines possess, this tool can help you exploit holes and patterns in the market.
- Multi Timeframe Analysis: considered another “core” feature of TrendSpider, multi timeframe analysis enables the user to add technical indicators and trend lines to a secondary timeframe. This is especially useful as it allows one to simply refresh a single chart to add the latest market data streaming in.
- Watch Lists: users of TrendSpider can create watch lists that cover a variety of different markets. Lists are organized under a “themed” heading, and TrendSpider’s algorithmic wizardry will analyze all stocks that fall under said category. What’s more, parameters can be set so that you will get notifications when certain thresholds are reached – just another way to keep your head in the game.
- Candlestick Pattern Detection: candlestick graphs are the preferred chart type of stock professionals the world over, and for good reason. Candlestick charts show the user possible price movements based on past patterns. As you probably know, everything in the world of trading is essentially a guess, but candlestick charts crunch historical data to give you the best possible
Drawbacks of TrendSpider
Like most things in this world of ours, TrendSpider does have its deficiencies. As there are a number of great stock analysis platforms out there, it’s worth considering the pros and cons of each so as to pick the best possible service for you.
- Charts (or lack thereof): compared to many of its competitors, TrendSpider lacks the sheer number of charts one has come to expect from such services. What’s more, viewing multiple charts at once is cumbersome, and sometimes downright awkward.
- Slow Loading Times: though TrendSpider comes packed with a simple and powerful interface, overall the software tends to load a tad slowly. This becomes especially apparent when trying to boot up multiple charts.
The Bottom Line
Aside from some minor technical issues, TrendSpider is an incredibly powerful piece of technology that can be married to your day trading endeavors.
TrendSpider’s selling point, at least as far as we are concerned, is its algorithmic nature, an intelligence that melds itself to each and every user. This means that you get the info when you need it, about the companies that you covet. This makes TrendSpider feel like a personalized tool.
Not only technical analysis software, TrendSpider becomes something like an extra set of eyes: one can never know too much about this fickle, strange market that undergirds the world. Minimize losses and take your stock game vertical and beyond – that can be your new motto.