- 0.1 Key Features:
- 0.2 Automated Charting:
- 0.3 Alerts:
- 0.4 Strategy Tester:
- 0.5 Asset Insights and Fundamental Data:
- 0.6 Learning Resources:
- 0.7 Pros and Cons:
- 0.8 Final Thoughts:
- 0.9 ABOUT THE AUTHOR
- 1 DISCLAIMER
TrendSpider is a new type of charting, technical analysis and trading platform built by traders, for traders. It’s a unique set of integrated tools designed to help you find, plan, and time your trades with greater efficiency and precision.
- Smart Charts & Automated Analysis
- Market Scanning / Smart Watchlists
- Analyst Ratings, Seasonality and Benzinga® News in Asset Insights
- Earnings, Dividends, and Splits data
- Backtesting with Strategy Tester
- Dynamic & Multi-Factor Alerts
TrendSpider is more than just charts. It’s a complete toolkit that has everything you need to be a smarter, faster, more efficient technical trader. Keep reading for a deep dive into all the features they offer:
TrendSpider supports a wide range of chart styles, including their proprietary Raindrop Charts™:
- Line Charts
- Japanese Candlesticks
- Hollow Candlesticks
- Traditional Price Bars
- Heiken Ashi
- Raindrop Charts™
What are Raindrop Charts™? Unlike traditional candlesticks, Raindrops do not have open or close prices. They are constructed from a high, low, left VWAP, and right VWAP. The first half (left side) of the Raindrop represents the first half of the trading period, and the second half (right side) represents the second half of the trading period. The width of each side represents the amount of trading volume that occurred at each price level. The dashes are the VWAP for the respective period. Read more about Raindrop Charts on TrendSpider’s white paper:
Another unique feature TrendSpider traders enjoy is the Multi-Timeframe Analysis feature. With this button enabled traders can combine data from multiple time frames onto a single chart. Want to put the Daily RSI or 50 MA on a 1-hour chart? You can do that by enabling the MTFA button in your top toolbar!
TrendSpider’s automated technical analysis technology is designed to help traders guess and stress less. Smart Charts analyze and watch themselves using powerful, cloud-based algorithms and machine learning – giving you time to breathe and let your trades manage themselves! Automated technical analysis tools can be generated on any time frame from 1min up to monthly charts and include:
- Automated trendline detection
- Automatic Fibonacci
- Automated Anchoring for VWAP and Volume by Price
- Breakout detection
- Candlestick pattern recognition
- Support and Resistance detection via Heatmaps
Replace or complement subjective manual analysis with objective automated analysis to save time, reduce the potential for errors, and improve the quality of your trading decisions.
Market Scanner / Dynamic Watch Lists:
TrendSpider’s Dynamic Watchlists allow for Market Scanner results to be directly imported into a watchlist. By defining your own technical conditions or choosing one of more than 30 built in scans, the Market Scanner allows traders to automatically scour the market for the best trading opportunities and organize them in a clean watchlist. Best of all, the Market Scanner is all visual – no programming knowledge is required to create scans! TrendSpider can even alert you if a symbol in one scan appears in another scan. By using the Market Scanner, traders can develop Dynamic Watch Lists that automatically self-populate with charts matching your specific trading criteria. Watchlists can also be shared with other TrendSpider users and imported right into their account on the platform.
Many pre-built scans are included with a TrendSpider account to help you get started quickly, including:
- MACD Cross Scanners
- Golden Cross/Death Cross Scanner
- Intraday Volume Rush Scanners
- RSI Breakout and Breakdown Scanners
- TTM Squeeze Breakout and Breakdown Scanners
- Blue Raindrop ( learn more link: https://trendspider.com/raindrops?_go=romain-48 ) Scanners
- Ichimoku Cloud Scanners
- Alligator Hustle Scanners
- Anchored VWAP Scanners
- Volume Shelf Scanners and many more…
Almost all premium charting platforms provide alerts, but TrendSpider provides an incredible range of functionality with various alert types. Traders can have the alerts be highly specific, such as alerting when the stock price bounces off a trendline, crosses up over VWAP or a Moving Average, or multi-factor alerts built from candlestick patterns and indicators.
(1) Multi Factor Alerts
TrendSpider’s Multi factor alerts will monitor the chart for you — from the cloud — and let you know the moment something your technical criteria is met. Simply program in your specific signal and wait for the ideal conditions to enter! Say goodbye to sitting in front of the computer all day long monitoring for your strategy conditions to give you the green light. For example, a trader can set up an alert to trigger when the 50 EMA crosses up the 200 EMA, and RSI for the Daily timeframe is above 40.
Back link here: https://trendspider.com/blog/trendspider-user-guide-creating-powerful-alerts-with-conditional-criteria/?_go=romain-48
(2) Dynamic Alerts
Almost all charting platforms on the market utilize the popular binary criteria (only activate the alert if a certain price threshold is crossed). TrendSpider has innovated the alert space by offering alert triggers on diagonal and horizontal lines with three different trigger types!
Dynamic Alert Triggers
- Break Through – Fires when a candlestick breaches through a line and closes
- Touch – Fires when a candlestick touches a line, then retraces and closes
- Bounce -Formation of 2 candlesticks: Touch + next candle retraces even more and closes
For each of these alerts triggers, traders can customize what time frame the trigger window fires within which is a really helpful feature for precision entries and exits. With greater customization freedom, we believe TrendSpider has blown the competition out of the water with impressive versatility and functionality that makes sense.
The TrendSpider platform provides over 100 indicators. Their list of indicators includes commonly used indicators such as RSI, MACD, and Moving Averages, lesser-known indicators like Gap Snake, Stochastic RSI, and Williams %R, and even influencer designed indicators such as Ripster’s MA Cloud and Steve Burns’ MA Ribbon. With numerous indicators to try out and backtest, traders will be able to find their edge and perfect their strategy.
Here are TrendSpider user’s favorite and most frequently used indicators:
TrendSpider frequently releases blogs and case studies on their website and social media accounts showing users how to use indicators. Oftentimes, they bring in expert traders who specialize in using specific indicators to discuss their strategy with a TrendSpider team member, such as this video about the TTM Squeeze indicator with trader and TrendSpider partner Peter Hegedus.
They also provide blog posts on their website that highlight indicators in specific case studies, such as this case study of $SPY using the Anchored Volume by Price indicator and Seasonality tool.
The TrendSpider Strategy Tester makes it easy to backtest trading strategies. The Strategy Tester is designed to solve to related problems:
- Determining how your strategy behaved in a given market with given parameters. By understanding this behavior, it’s easier to find an appropriate market for an existing strategy or choose from a list of well-known strategies.
- Optimizing strategy through backtesting. This is an exploratory process. For example, you might experiment with entry conditions without worrying about exits. The Strategy explorer offers a very powerful way for learning about price behavior for your positions.
TrendSpider blog about creating strategies: https://help.trendspider.com/articles/accessing-and-using-the-strategy-tester?_go=romain-48
The Strategy Tester can be used for both long and short strategies, and you can either define your own custom entry and exit conditions, or use built-in or saved scripts. Strategy results can be easily visualized in the results window to analyze. The Strategy Tester provides in-depth analytical data to help you assess the performance of your strategies including the Price Behavior Explorer (illustrates how the market behaved while you were in a position), Performance Chart (provides a birds-eye view of backtesting results over time and compares the strategy with buy-and-hold results), Position Contribution Chart (shows the percentage of winners versus losers along with the count), and Position Return Distribution Chart (shows the distribution of returns to help you see the average loss, return, gain, as well as where different trades fell along the spectrum).
Asset Insights and Fundamental Data:
TrendSpider makes it easy to understand the context behind the charts with Asset Insights. Users can combine technical and fundamental analysis in a seamless way with Asset Insights, a set of tools that provide quick, visual access to non-technical trading right on your charts. With tools including Analyst Actions and Ratings, Insider Trades, Splits & Reverse Splits, Earnings Report data, Dividends data, Price Seasonality, and even Benzinga® News Headlines, traders can make use of non-technical data integrated directly into your charts on the side-bar.
This makes it easy to visualize the relationship between non-technical data and price action. Using the Price Seasonality tool, you can easily spot the historical likelihood that an asset may appreciate or depreciate in price during a specific month of the year.
Through the Analyst Estimates tool, you can quickly correlate analyst actions against price action to see who is worth listening to, who is worth ignoring, and who is worth opposing.
Get visibility into corporate events and actions like earnings releases, dividends, splits, and reverse splits right on your chart with the click of a button. Traders can see how price reacts to various events and plan trades accordingly.
See what corporate executives, founders, senior executives, major owners (including early investors) are doing with their shares so you can inform your own decisions with theirs. There is no easier way to visualize this data than TrendSpider’s new Insider Trading widget.
It’s obvious that TrendSpider is a highly accurate system thanks to its built-in scanning and automation capabilities, but without the knowledge needed to trade successfully, one may have a hard time making sense of all the features of the system and how to apply them to trade successfully. Luckily, you don’t have to make any wild guesses when using TrendSpider. They provide lots of learning materials on their site through blogs, demo videos, and one on one training.
TrendSpider University is a collection of educational resources and services designed to help you become an expert user. From videos introducing technical charts to discussing indicators, trendlines, and patterns, TrendSpider University helps users learn the fundamentals of charting and discusses how the TrendSpider platform can help you find an edge in your trading. In addition to all the content on the website, blogs, YouTube, TrendSpider University, etc., they offer free 1 on 1 training and specialized webinar classes for both basic and advanced training.
TrendSpider often hosts webinars and other educational content on YouTube, Twitter, and other social media, as well as hosting a weekly show called the Stock Trading Pit. With segments with expert traders covering a wide variety of topics such as Talking with Traders, Broad Market charts, The Watchlist, and Chart Requests, every trader no matter how experienced can learn from watching their shows.
Pros and Cons:
- Extensive use of machine learning
- Highly user-friendly interface
- High-quality alerts
- A wide range of customization options
- High-quality scanning and identification potential
- Highly accurate candlestick and trendline identification
- Enhanced ability for trendline spotting and price interpretation
- Excellent customer support
- They’re yet to become popular unlike their competitors
- More effort needs to be placed in the production of additional learning materials
In our view, the software is well made, and their charts are among the best that we’ve came across so far. It’s only a matter of time and these guys will take over the markets. Watch this space.
ABOUT THE AUTHOR
Romain is an independent trader and investor specializing in financial market analysis and trading systems. He worked as a professional long/short equity trader for a trading firm in New York and has a passion for building mechanical trading strategies. He has been in the industry since 2008.
This post expresses the opinions of the writer and is for information, entertainment purposes only. Romain is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk.) Please read the Full Disclaimer