As we stride further into 2023, the question on the lips of many traders and investors is whether TrendSpider’s famed automated technical analysis tools are truly the real deal.
In this thorough TrendSpider review, we will spotlight TrendSpider, dissecting its multifaceted capabilities to provide you with a clear, balanced perspective.
From its innovative charting systems to its unique machine-learning features, we aim to unpack it all, leaving no stone unturned.
Our ultimate goal is to help you determine if this cutting-edge platform delivers on its promise to transform your trading strategies and expedite decision-making.
What is TrendSpider?
Established in 2016, with a diverse global presence across Russia, Ukraine, India, and the U.S., TrendSpider was birthed out of a concept that appeals to traders – a platform created by traders for traders.
This platform’s core features and customization options empower traders to proficiently analyze chart data, be it through an individual chart or the multi-view feature.
By weaving machine learning algorithms into their trading strategies, traders can reap the benefits of its customizable automated technical analysis.
Overcoming the learning curve is easier with a wealth of educational resources, including in-depth blog articles and instructional videos.
How Does TrendSpider Work?
TrendSpider’s prowess shines through its user-focused interface. It’s not merely educational but engaging and enjoyable to use.
The process of setting up an account with TrendSpider is straightforward and swift. You can establish your account in minutes and start leveraging the platform’s technical analysis tools.
As a new user, you have the bonus of a one-on-one call with a trading expert – completely free of charge. This guidance helps you grasp the functionalities of the platform’s key tools.
While you can’t have two TrendSpider tabs open simultaneously, this minor inconvenience doesn’t take away from the simplicity of getting started on TrendSpider, especially if you already have a grasp of technical analysis.
TrendSpiders Features
- Charting
One of TrendSpider’s defining features is its robust charting capabilities. It offers traditional chart types like line, candlestick, and bar charts and brings innovative charting options like the Raindrop Chart to the table. This offers a unique view of price movements using volume-weighted average price (VWAP) data.
You can layer your charts with multiple popular indicators (like Bollinger bands), toggling them on and off as needed. This functionality fosters a flexible and personalized approach to market trend comprehension.
- Raindrop Charts
TrendSpider has also introduced a unique chart type, the Raindrop Chart. Unlike traditional candlestick charts that use opening/closing dates, Raindrop Charts utilize VWAP data. This makes them an excellent tool for time frame analysis.
- Automated Trendline Analysis
The platform’s key feature, automated trend line detection, offers users control over the algorithm’s aggressiveness. This automated sequence is especially useful in spotting challenging trend lines.
- Automated Heatmap
Complementing the automated trend lines is the automated heatmap, a tool that highlights strong support and resistance areas. Together, these two tools offer invaluable assistance for executing your next trade.
- Multi Timeframe Analysis
The multi-timeframe analysis feature lets you add technical indicators and trend lines to a secondary period on a single chart – a functionality typically unavailable in other software options.
- Multi Symbol View
This feature, introduced in the summer of 2022, expands upon the multi-time-frame feature, enabling users to view four different time frames for a single symbol. You won’t find this feature in even great alternatives like TraderSync.
- Automated Fibonacci Retracements
Advanced traders will appreciate the automated Fibonacci retracements feature, which automatically identifies important inflection points based on Fibonacci levels.
- Trading On-the-Go with TrendSpider Mobile Apps
The ability to make swift decisions is paramount in a world that never switches off. With TrendSpider’s native Android and iPhone apps, automated technical analysis is at your fingertips.
- Trading Strategy Backtesting
Active traders will find the backtesting feature invaluable as it provides a post-trade performance analysis of potential trade strategies.
- Candlestick Pattern Detection
The candlestick recognition functionality of TrendSpider is a game-changer, enabling automatic discernment of candlestick patterns.
Now, most traders like you rely on candlestick charts to guide their trading decisions. Yet, identifying the right patterns can sometimes feel like finding a needle in a haystack.
TrendSpider comes with an extensive list of different candlestick patterns. You select your preferred ones, which’ll be highlighted whenever they appear.
Plans & Pricing
TrendSpider, a highly-regarded analysis tool, has recently revamped its pricing scheme. It offers simplified, transparent pricing options with monthly and annual subscriptions.
The monthly subscriptions start from $39 for Premium, $79 for Elite, and $129 for Advanced. Annual subscriptions offer 16%-15% savings compared to monthly plans.
Who is TrendSpider Best For?
TrendSpider is a perfect fit for traders who want real-time data and alerts in a contemporary trading tool. It offers automated charting and technical indicators like exponential averages, making navigating easy. Dynamic price action alerts further enhance its usability.
TrendSpider can run fully automated or customized to augment your existing skillset. You can even use it traditionally, manually adding your trendlines and indicators.
PROS
- Automated trendline analysis
- User-friendly interface
- Swift analysis for price action
- 7-day free trial period
- Monthly subscription option
- Mobile App for Apple and Google
CONS
- Difficulty in viewing multiple charts
- Occasional slow-loading charts
Is TrendSpider the Right Choice for You?
TrendSpider shines as a robust technical analysis platform, harnessing the power of the latest technology. The learning algorithm and dynamic price alerts work harmoniously to save valuable analysis time.
Although beginners might find it challenging to fully utilize all innovative features, the “TrendSpider University” learning center offers comprehensive guides.
Given its reasonable pricing and solid analysis tools, TrendSpider could be the perfect addition to your day or swing trading strategy.
