TrendSpider is an automated trading platform in which traders can implement their strategies with technical analysis and get notified at certain, pre-set trigger points. Using complex algorithms, TrendSpider has a wide variety of securities amongst several asset classes making it one of the top charting platforms in the fintech industry.
TrendSpider is part of the growing trend in automated charting software that is employing sophisticated algorithms to take the grunt work and guess work out of the application of technical analysis.
Not only does TrendSpider quickly apply classical technical analysis techniques to any securities covered under its broad data sets, but it also offers a range of automated alerts tied to resistance levels, breakout points and so on as selected by the user.
As with any such automated charting software, most day traders will either embrace it or ignore it depending on their attachment to manually performing technical analysis.
That said, for day traders who do believe in the power of automated charting, TrendSpider offers one of the top platforms in the industry.
TrendSpider is available at very competitive rates for both its standard and elite package, and also offers a free, no-commitment 5 day trial.
Let’s delve a little deeper into what TrendSpider has to offer your day trading to see if it is the right choice for you.
• Top quality automated charting software.
• Wide range of data sets available across most widely traded assets.
• Useful alert system tied to most technical indicators.
• Good customer support for the technical aspects of the software.
• Very reasonable prices and a free trial period.
• Only useful for day traders who want to automate some or all of their chart analysis. Definitely not for everyone.
• Little to no broader education or community resources.
• PRO Trader Plan – $32.50/month (25% discount for yearly subscription)
• ELITE Trader Plan – $48.92 (25% discount for yearly subscription)
What Is Automated Charting Software?
Automated charting software is a relatively new retail trading product that has emerged from the growing power of computing and the sophistication of software programmers.
This software takes the general process that a day trader would follow when applying technical analysis to a price chart, and simply automates the process so that day traders no longer need to manually draw trendlines, identify resistance levels and so on.
Beyond the obvious efficiency advantage, automatic charting software also offers day traders reliability through ensuring that the application of technical indicators follows the exact same set of rules every single time, which means that they can base their analysis and decision-making on indicators with a consistency that would be impossible to match through the mechanical placement of indicators.
However, this is also the main drawback for many day traders who dislike the idea of automated charting software. To these day traders, the application of technical indicators to a chart is more art than science, and they often ‘feel out’ the appropriate time periods and areas to apply technical indicators based on the implicit knowledge and experience gained from years of trading.
The value of automated charting software is ultimately up to each individual day trader to decide. That said, let’s quickly look at how TrendSpider’s automated charting software holds up against the competition.
TrendSpider’s Automated Charting
So how does TrendSpider’s automated charting software stand when compared to its competitors?
In a few simple words: very well.
The feature that immediately stands out in TrendSpider’s charting program is the automatic generation of 7 set time periods with all the attendant technical indicators for each selected price chart.
This means that instead of trying to choose the right time period for each analysis, the day trader can compare 7 fully generated charts, and then choose the best chart or charts for the occasion.
The other obvious plus to TrendSpider’s charting program is the comfortable and intuitive generation of all the key technical indicators used in technical analysis.
Trend lines, resistance levels, breakout points and more: all the standard indicators that any day trader will rely upon are automatically generated and displayed in a chart that even the most experienced day traders would be challenged to reproduce.
Where TrendSpider really stands out from the competition, however, is in its robust alert system tied to its generated technical indicators. Want know know when a key support level has been breached? Done. Want to get an alert when a price breakout is forming? Easy. The alert system is so handy and easy-to-use that it will likely be a feature of all charting software going forward.
TrendSpider is also an industry leader in the range of data sets available for analysis. Not only does it have the major equity indices, it also features forex, futures, OTC markets, ETFs and cryptos. However, the wider range of data sets are only available to ELITE plan subscribers, with PRO plan subscribers only having access to stocks, ETFs and cryptos.
In addition, ELITE plan subscribers have access to pre-market and after-hours data sets.
TrendSpider’s customer service feels a little threadbare compared to some of its competitors. While TrendSpider does offer a scheduled tutorial for the technical aspects of its software use, there isn’t the robust community of support that retail traders have come to expect as an extension of most products and services.
Education and Community Resources
This is the one area where TrendSpider really falls behind much of the competition.
These days it is almost expected that most product and service providers will offer a wide range of additional education and community resources to support day traders on a daily basis as they make use of what the company has to offer.
Unfortunately TrendSpider has little to offer its customers in this area.
While it is not our place to suggest whether an automated charting software package is the right choice for your trading needs, if you decide that it is, you won’t be able to find much better than TrendSpider in the current marketplace.
From state-of-the-art automated charting and market-leading alert tools to broad data sets and great prices, TrendSpider is a comprehensive package designed by someone who really understands what day traders need from an automated charting software.
The few drawbacks to TrendSpider are small, though the lack of additional education and community resources is likely to be felt most by its biggest potential customer base: new traders.
Therefore, it is recommended that newer day traders looking to use TrendSpider supplement its use with one or more additional online trading resources geared toward learning and providing a community.