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If you are looking for trading software for technical analysis, you are probably wondering if TrendSpider is the best in the market right now.
So, how do you actually tell if TrendSpider is good to help you find your favorite trade setups?
Also, how do you decide if TrendSpider is the right stock trading software for you?
Lastly, are there any better alternatives?
After using and testing TrendSpider and other trading software such as Trade Ideas and TradingView, I am going to share with you my experience of using them and help you make an informed decision because it is going to waste not only your time but also a lot of your money by choosing the wrong trading software.
Is TrendSpider Good?
TrendSpider is an automatic technical analysis trading software built by traders for traders.
Here’s a list of trading tools that you can expect from TrendSpider:
- Stock Scanner
- Automated Technical Analysis
- Automated Trading
- Design and Back-test Trading Strategy
Are these tools really useful to you as a trader?
TrendSpider Stock Scanner
TrendSpider’s stock market scanner can scan any of your watchlists or indexes (e.g. S&P 500, Dow Jones Index, Nasdaq, Nasdaq Bank Index, Nasdaq Biotech Index, etc.) for trading opportunities based on your pre-defined technical conditions.
You can mix and match any technical conditions using any indicators or combination of indicators together in one scan with no programming knowledge required. (it’s all visual)
There are both technical conditions and non-technical conditions(e.g. dividends, earnings, news, etc) that you can choose from to customize your scans.
If you prefer to do multiple timeframe analyses, TrendSpider’s Stock Scanner can help you search across any timeframe, from 1-minute to 1-month, and can even combine multiple timeframes together in a single scan.
This is one of the unique features of TrendSpider.
TrendSpider also allows you to do multiple scans at the same time.
Once you have created your favorite scanners, you can use them at the same time to find good trading opportunities.
For example, below are two scans (bullish RSI Divergence and bearish RSI Divergence) running at the same time.
TrendSpider can even alert you if a particular stock in one scan appears in another scan — a great trading opportunity.
If you don’t have any scanners in mind yet, that’s okay too.
There are 70 pre-built scans to help you get started quickly.
Lastly, you can turn your scanner into a watchlist.
However, there are two drawbacks to TrendSpider’s stock scanner:
- It cannot scan the entire stock market based on your pre-defined criteria. With TrendSpider, you can only scan your watchlists or indexes
- It cannot scan continuously in real-time. With TrendSpider, you have to hit the “scan” button every time you want to refresh the results.
Currently, only Trade Ideas has a stock scanner that allows you to scan the market continuously in real-time to find your desired trade setups.
TrendSpider Smart Charts & Automated Technical Analysis
What are TrendSpider’s Smart Charts?
And how can it help with your trading?
First, let’s just pause and picture this for a short while.
What if you open a chart and all the trendlines and support & resistance levels have been drawn for you?
What about automatic Fibonacci retracement levels?
Or how does automatic breakout detection or automatic candlestick pattern recognition sound to you?
With TrendSpider’s built-in automated chart analysis algorithms, you can have all these automated for you.
So, no more squinting at charts trying to identify meaningful patterns, or trying to re-draw trendlines over and over.
Also, it allows you to spot hard-to-find patterns and trends that you might otherwise miss.
With Smart Charts, you can not only reduce mistakes and eliminate guesswork but also save a lot of time.
And this is not all.
You also get real-time market data and 20+ years of historical data. (No extra charge for data)
If you are a heavy user of technical indicators, there are hundreds of indicators and studies included in Smart Charts.
On top of that, you also get access to its powerful, proprietary visualizations such as heatmaps, Raindrop Charts, and anchored indicators.
Lastly, you can perform multiple timeframe analyses on a single chart.
This allows you to see trends that other traders will almost certainly miss without pulling up separate charts and manually comparing them.
The best part is that there is no software to download or install.
It’s 100% web-based.
With TrendSpider, you can create alerts by combining multiple conditions at which a price, a candlestick pattern, or a technical indicator is crossed or detected, without writing a single line of code!
However, you cannot create alerts on chart patterns with TrendSpider currently.
So, how do TrendSpider’s Dynamic Alerts work?
Basically, it will monitor the chart for you from the cloud and send you real-time alerts whenever your conditions (e.g. bounces, breakouts, etc) trigger via e-mail, SMS, and in-app notifications.
So, there’s no need to sit in front of a computer all day trying to monitor the charts.
Strategy Tester is TrendSpider‘s chart-based backtesting tool.
It has an intuitive, web-based, easy-to-use, 100% visual interface.
You can combine indicators, price action, volume, and time-based conditions to build custom strategies with no coding required.
Then, you can see how your strategies (both long and short strategies) perform by backtesting on any timeframe, from 1-minute to monthly with over 20+ years of historical market data.
TrendSpider also provides you with quick, visual access to non-technical trading right on your charts.
- Analyst Actions (i.e. you can see analyst recommendations with Analyst Action Stacking visualizations)
- Benzinga® News ( i.e. Benzinga® News Headlines is integrated into your charts on the side-bar)
- Price Seasonality (i.e. you can easily spot the historical likelihood that an asset may appreciate or depreciate in price during a specific month of the year)
If you are a serious technical trader, then you should definitely try out TrendSpider’s Automated Technical Analysis
Technology. It not only helps you save tons of time but also helps make sure you never miss any of your trade setups.
Start Your TrendSpider’s 7-day FREE Trial
So, how much does TrendSpider cost?
TrendSpider has three different types of plans and offers both monthly and annual payment options.
Its cheapest plan is its Premium Plan which costs about $39/month (or $33/month if billed annually).
The next tier is its Elite Plan which costs about $69/month (or $57/month if billed annually).
Its most expensive plan is its Master Plan which costs about $119/month (or $97/month if billed annually).
So, what is the key difference between these plans?
For the cheapest Premium Plan, you only get real-time market data for US stocks, ETFs, forex, and crypto.
But, with both Elite Plan and Master Plan, you will also get market data for futures, indices, and pre-market & after-hours.
In terms of features, you get charting, automated analysis, and dynamic alerts to intraday scans with the cheapest Premium Plan, except backtesting, multi-timeframe alerts, and multi-factor alerts.
With both Elite Plan and Master Plan, you will get all the features including backtesting, multi-timeframe alerts, and multi-factor alerts.
On top of that, you will also have up to 200 alerts (vs 25 with Premium Plan), up to 200 results per scan (vs 25 with Premium Plan), and a scanner timeframe of 1 minute and up (vs 1 hour and up with Premium Plan).
Also, with the Premium Plan, you don’t get analyst rating data and asset seasonality.
Lastly, in terms of customer support, you only get chat support and email support with Premium Plan while you can have phone support and priority service with Elite Plan and Master Plan.
Now, which plan is right for you?
The Premium Plan is best for you if you are an active trader with a day job.
If you are a full-time professional trader, I will recommend that you go with either TrendSpider’s Elite Plan or Master Plan.
If you need more alerts and more results per scan, then TrendSpider‘s Master Plan is the right option for you.
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TrendSpider Vs TradingView
Now, let’s look at a few TrendSpider alternatives.
TradingView is probably one of the most popular charting software in the market right now.
So, which one is better, TrendSpider or TradingView?
The key difference between TrendSpider and TradingView is that TrendSpider is a technical analysis software that can help you scan the market for your trade setups and also automate technical analysis for you.
On the other hand, TradingView is a very easy-to-use charting tool that comes with a stock screener.
In other words, you have to manually analyze the charts and manually do your technical analysis with TradingView.
In terms of other features, TradingView offers significantly more market data (all the major stock markets in the world, forex, futures, bonds, crypto, etc) than TrendSpider (only US stocks, currency, crypto, indices, and futures)
Also, TradingView has more technical indicators, fundamental screeners, broker integration, and a social trading community while TrendSpider does not have that.
So, which one is the right trading software for you, TrendSpider or TradingView?
If you are a trader who trades the international markets and does swing trading or position trading, then I will recommend TradingView.
It even has a FREE plan that you can try out.
If you are a full-time day trader who trades US stocks, currencies, and crypto, then you can try TrendSpider out to see if it is a good fit for you.
Right now, you can claim a FREE 7-day trial to test drive TrendSpider at absolutely zero risks.
However, if you need a real-time stock scanner that scans the market continuously for your favorite trade setups, then Trade Ideas would be a better choice than TrendSpider.
TrendSpider Vs Trade Ideas
Now, let’s compare TrendSpider with Trade Ideas.
Both are artificial intelligence trading software that helps you scan the stock market for profitable trade setups.
So, are there any major differences between TrendSpider and Trade Ideas?
Yes, there are quite a few.
Let’s first compare TrendSpider and Trade Ideas’ stock scanners.
The key difference between them is that Trade Ideas has a more powerful stock scanner that can scan the entire market in real time continuously based on your pre-defined filters and alerts, while TrendSpider’s stock scanner does not auto-refresh.
For example, Trade Ideas has a “Top List Window” that shows you all the stocks based on your pre-defined filters.
As a day trader, you might want to trade stocks that are liquid and have a high trading volume, and you might want to trade a stock that is within a specific price range (e.g. above $5 and below $70).
Or do you want to know what stocks gap up or down in pre-market hours?
Or do you want to know what stocks are up in the last 60 minutes?
There are many filters that you can use to customize your own “Top List”.
These “Top Lists” are automatically updated for you.
In addition, there is a car racing feature now to show you which stock on the Top List has the highest momentum.
There is also another very cool scanning tool called” Alert Window” that you can use to help you identify your favorite trade setups.
Basically, its “Alert Window” is a tool for designing and monitoring a specific strategy.
For the Alert Window, an event must occur for the stocks to show up in the window.
For example, Let’s say you want to see what stocks have made a new intra-day high, you can create an alert for this event.
If you want to see what stocks are forming a double top or double bottom, you can create an alert for that event as well.
So, only stocks that meet the criteria for this alert (i.e. have made a new intra-day high) will show up in the Alert Window.
There are a large number of alert events that you can choose from inside Trade Ideas Platforms.
Here are just a few examples:
- % down for the day
- % up for the day
- 75% pullback from high
- 25% pullback from high
- crossed above 200 day moving average
- crossed below 200 day moving average
- Double top
- Double bottom
Trade Ideas‘ Alert Window will be very useful if you already have a profitable trading strategy or trade setup.
So, I think that Trade Ideas is more suitable for day traders.
Now, here’s the downside of Trade Ideas.
You might get overwhelmed by too many trade ideas and over-trade.
It also takes you quite a while to learn how to use Trade Ideas’ trading software.
In terms of charting tools, TrendSpider offers advanced charting tools and can also automate most of the technical analysis for you.
On the other hand, Trade Ideas has decently good charting tools, but it does offer automated pattern recognition in its” Alert Window” which helps you auto-detect pre-defined chart patterns.
So, if you still need advanced charting tools (e.g. drawing trendlines and custom indicators) to perform your technical analysis, then TrendSpider might be a better option.
Another major difference between Trade Ideas and TrendSpider is that Trade Ideas offers A.I.-powered robo-advisement- Holly A.I.
Holly A.I. is a Trade-Ideas built-in trading robot.
It runs about 50 AI trading strategies.
There are over a million trade scenarios being run by Holly AI overnight.
In the end, five to eight trading strategies with the highest win rate will be displayed in the Trade Ideas A.I. Strategies Window before the market opens.
What’s more, it also shows you exactly when to enter and when to exit.
Basically, it gives you a complete trading plan.
If you are into auto-trading, you can do that through Trade Ideas Brokerage Plus.
Lastly, in terms of pricing, Trade Ideas is much more expensive than TrendSpider.
Trade Ideas offers two types of plans:
- Trade Ideas Premium ($7.50/Day or $228/Month)
- Trade Ideas Standard ($3.90/Day or $118/Month)
On the other hand, TrendSpider‘s cheapest plan is its Premium Plan which costs about $1.10/Day (or $33/month if billed annually).
The next tier is TrendSpider’s Elite Plan which costs about $2.30/day (or $57/month if billed annually).
So, which trading software is better for you?
Personally, I recommend Trade Ideas for day traders because its real-time stock scanner is the best right now.
But, if you prefer to use advanced charting to perform technical analysis and find trade setups, then I recommend TrendSpider.
If you want everything (e.g. stock scanning, trading strategy, trading) automated, then Trade Ideas is a better option.
Finally, I highly recommend that you should really try out both to get a feel of how each one works before making your decision.
Currently, you can get a FREE 7-day trial to test drive TrendSpider at absolutely zero risks.
Create A Free Trade Ideas Account Now!