TrendSpider Review 2019 – How Powerful is this Software?

TrendSpider Reviewed

Investors who swear by technical analysis don’t usually pay too much attention to the fundamentals of a company. Their main focus is a particular stock’s price and trading volume as they try to predict which way a stock may move next based on trends it is exhibiting at any given time.

Enter TrendSpider

Started in 2016, TrendSpider is a charting platform and automated technical analysis system that is seeing increasing levels of popularity within the investor community. Its robust software helps a trader evaluate the technicals of a company quickly and with mathematical precision using different variables. TrendSpider’s automated charting platform is designed to accompany the charting and analysis an average trader may do by hand, albeit a lot quicker and with far greater accuracy. In addition, TrendSpider’s AI-powered system detects trend lines instantaneously and automatically, including finding hidden ones that you may otherwise have missed.

To be clear, TrendSpider is not a proprietary trading system. It is a platform that allows investors to plan their trades ahead of time using a very high level of customization to incorporate any preferences or variables in price or volume that you think are relevant to your analysis. And depending on your preferences, you can generate charts using bar charts, candlestick charts, hollow candles, heatmaps, and so on. TrendSpider then shows you the trends that can be identified in a particular asset you are looking to trade, be it stocks, forex, cryptocurrencies, futures, ETFs, etc. TrendSpider’s multi-frame setup allows you to compare different stocks or a particular stock with a broader index simultaneously through trend lines and indicator values. The company’s ‘Elite’ plan offers you the most options and the full power contained in this platform (at the highest price, obviously), followed by its ‘Pro’ plan, and then its ‘Standard’ plan, which is its most basic offering.

Crunching charts can be time-consuming, not to mention that you need the knowledge and experience required to draw correct conclusions and make profitable trades off your technical assessments. This is why TrendSpider’s charting software and automated technical analysis system is powerful and effective as it helps you identify trends quickly, which will help you time your trades better, rather than spotting a trend too late or missing it altogether. Removing the human element in analyzing a number of charts, in order to recognize patterns, lowers your chances of making mistakes. In turn, that saves you precious time to be able to focus more on trading and less on drawing trend lines (that by the way, you may or may not do correctly).

A really cool aspect of TrendSpider’s platform is its alerts feature. Obviously, they aren’t the only system out there that offers alerts to a customer’s phone or email. What’s different though with TrendSpider is that its alerts aren’t generic, but can be tweaked to very specific scenarios where you foresee buying/selling opportunities. For instance, when a stock you are tracking touches a support or resistance level that you are planning to act on, as well as other stipulations being fulfilled, you will be notified. It is TrendSpider’s attempt to reflect how a human may react to seeing something – not just a stock hitting particular price target or a 50/200-day moving average, but also matching other factors that might be relevant to your trading strategy.

TrendSpider also offers backtesting, which can be an effective way to fine-tune your trading strategy. The company’s ‘Standard’ plan comes with up to ten monthly backtests, while it’s Elite’ plan offers unlimited monthly backtests. The software’s backtesting tool allows you to test any trading strategy against historical data, which is then programmed into an alert, will notify you when these same conditions arise again and allow you to be able to take advantage of this potentially lucrative opportunity the next time around.

A couple of areas that I found were lacking with TrendSpider were that there is no community chatroom nor news service linked with this platform. It’s true that not every trading software offers a social aspect or news service. And perhaps TrendSpider is still just aiming to be focused specifically on technical analysis. But most traders have found great value in being able to connect with each other through chat forums. At the same time, an integration with a reputable news service is handy to analyze drivers behind stock moves in conjunction with the results of any technical analysis. It would be good for the company to explore these options for their software.

Perhaps what drives a lot of the innovation behind TrendSpider is that it is trading software designed by traders, for traders. As such, many of the platform’s features complement what any trader’s routine and strategy would look like. If nothing else, it is worth signing up for the company’s 7-day free trial and seeing if the company’s offering is a good fit for you. My bet is that you will like what you see.

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