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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 a trading software is good or not for technical analysis?
Also, how do you decide if TrendSpider the right stock trading software for you?
Lastly, are there any better alternatives?
In this detailed TrendSpider review, I am going to help you answer all the questions above 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.
How To Choose The Right Trading Software
So, how do you actually choose the right trading software for technical analysis?
There are a few factors that you should consider.
Factor #1: Features
So, one of the most important things to look at is the software features.
Here are the essential software features in trading software:
- Charting (e.g. chart types, different timeframe, technical indicators, custom indicators, drawing tools, multiple-timeframe analysis, etc)
- Scanner (e.g. can you create your own scan using any combination of indicators without any coding? can it scan multiple timeframe at the same time? can it scan the market automatically and continuously in real-time?)
- Alerts ( e.g. can you get real-time alerts whenever your technical conditions are triggered?)
- BackTester (e.g. can you customize your trading strategy without coding and backtest it with years of historical market data?)
- Fundamental data (e.g. does it provide fundamental data such as stock financials, analyst rating, company news, insider transaction, etc)
Factor #2: Pricing
How much does it cost?
Is the pricing competitive when compared with other similar trading software?
Is it within your budget?
Also, is there a free trial?
You should never pay for trading software without trying it for free first.
Factor #3: Customer Reviews
It’s a MUST to check the reviews of anything you are planning to buy.
This is because you will never read any potential issues or drawbacks on the company’s official website. (yes, it’s all pros and no cons)
The only way to get the full picture is to read the feedback and review from the software users.
What are they saying about this trading software?
Do they find it useful and recommend it?
Factor #4: Customer Support
How is customer support?
Do you have real-time chat support in case you need help with the trading software?
Is there a phone number to call for urgent matters?
Is TrendSpider Good?
TrendSpider is an automatic technical analysis trading software built by traders for traders.
Its unique set of trading tools can help you find better trade setups faster.
Now, let’s take a look at each one of its powerful tools and how you can use it to help you trade better.
TrendSpider Stock Scanner
Its stock market scanner can automatically scan the market for the best trading opportunities based on your pre-defined technical conditions.
The best part is that 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)
How cool is that!
If you are like me and prefer to do multiple timeframe analysis, you are going to love this.
TrendSpider’s Stock Scanner can 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 most unique features of TrendSpider.
Now, can you do multiple scans at the same time?
Yes, TrendSpider can do that for you.
Once you have created your favorite scanners, you can use them at the same time to find good trading opportunities.
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, it’s okay too.
There are 20 pre-built scans to help you get started quickly.
Lastly, you can turn your scanner into a dynamic watchlist that is automatically refreshed and kept up-to-date.
With Stock Market Scanner, you’ll never miss out on your ideal trading setup again.
So, what is 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-drawing 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 analysis 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 powerful alerts by combining any technical indicator, chart pattern, or drawing across multiple timeframes, without writing a single line of code!
All you need to do is to right-click on any indicator or trend line.
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 and 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, chart patterns, 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 which 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, dynamic alerts to intraday scan 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), scanner timeframe with 1 minute and up (vs 1 hour and up with Premium Plan).
Also, with 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?
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.
Start Your TrendSpider’s 7-day FREE Trial
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 an artificial intelligence technical analysis software that can help you scan the market for your trade setups automatically and continuously and also automate technical analysis for you.
On the other hand, TradingView is just a very easy-to-use charting tool that comes with 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 as well as 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 an active trader who relies on technical indicators to make most of your trading decisions, then I will recommend TradingView.
It even has a FREE plan that you can try out.
If you are a full-time day trader that trades US stocks, currencies, and crypto, then I would recommend TrendSpider to you.
This is because automated charting software is the future of trading.
If you don’t want to miss trading opportunities, you need to take advantage of this technology to help you find your trade setups faster.
Just imagine that other traders are doing it with the help of an automatic scanner and instant alerts while you still manually monitor the market and charts by yourself and cannot take your eyes off the screen at all times.
Would you be able to find profitable trade setups as fast as them?
Right now, you can claim a FREE 7-day trial to test drive TrendSpider at absolutely zero risks.
TrendSpider Vs Trade Ideas
Now, let’s compare TrendSpider with Trade Ideas.
Both are artificial intelligence trading software that automatically 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 scanner.
For TrendSpider, you can mix-and-match any technical conditions using any indicators or combination of indicators together in one scan with no programming knowledge required.
Also, you can combine multiple timeframes together in a single scan.
Lastly, you can turn your TrendSpider scanner into a dynamic watch list that is automatically refreshed and kept up-to-date.
Now, what about Trade Ideas?
Trade Ideas has a “Top List Window” that shows you all the stocks based on your pre-defined filters.
It’s basically a dynamic watch list that refreshes every 30 seconds.
As a day trader, you might want to trade stocks that are liquid and have a high trading volume, and also you might want to trade a stock that is within a specific price range (e.g. above $5 and below $70).
Or you want to know what stocks gap up or down in pre-market hours?
Or you want to know what stocks are up in the last 60 mins?
There are many filters that you can use to customize your own “Top List”.
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 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.
Or 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, which one is a better stock scanner?
Well, I would say both Trade Ideas and TrendSpider are quite good, but Trade Ideas is more sophisticated with automated trading functionality.
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 does not have a very advanced charting tool, but it does offer automated pattern recognition in its” Alert Window” where it helps you auto-detect pre-defined chart patterns.
So, if you still need advanced charting tools 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 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 open.
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 think both trading software is great for day traders.
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 to even 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.
For Trade Ideas, you can open a free Demo account using this link here.