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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 For Technical Analysis
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 a 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.
Its 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 Market 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 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 Elite Plan or Master Plan.
If you need more alerts and more results per scan, then 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?
If you are a part-time swing trader or an investor who needs a reliable and advanced charting tool, then I will recommend TradingView .
It has a FREE plan that you can try out.
If you are a full-time 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 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.