In this TrendSpider review we will discuss why this charting platform is the future of technical analysis. As a matter of fact, the future of charting for “retail” traders is here! It doesn’t matter if you’re trading stocks, cryptocurrency, futures or Forex. TrendSpider has your back.
Here is a great discount exclusive for our members. Bullish Bears members get to use code BULLBEAR20 which is valid for 20% off any plan for a year. The coupon applies to first 12 months of service, renewals after 12 months are at normal prices. It’s a great deal for a platform this jam packed with usefulness!
Table of Contents
- TrendSpider Review Introduction
- Automated Fibonacci Retracements or Draw Your Own
- Automatic Candlestick Pattern Detection
- Frequently Asked Questions
TrendSpider Review Introduction
Why all the cheering you ask? First off, because the automated, computer generated drawing of trend lines will allow the beginner or advanced trader to identify support and resistance faster.
Secondly because the charting tool helps you time entries and exits into trades more effectively. Thirdly because it makes trading simpler and easier, and its the best multi-time frame analysis tool on the market. Fourth, you get dynamic alerts – that means being alerted when a stock hits a moving average!
In today’s busy world a tool like TrendSpider is much appreciated. And out of the box, its programmed very well. Like anything it can be tuned to your style of trading, so play around with it and experiment and see what results you get.
Truly, if you’ve been trading long enough, you’ve figured out that trading is all about finding your edge. With TrendSpider you’ll have an edge over other traders who are not using algorithms for trading.
Makes Trading Easier
You know the old saying of aim small, miss small. Subsequently, being off on a trend line by even a small amount can make the difference on if your entry or exit is profitable.
It’s sometimes the difference between a win and a loss! They are one of the best stock trading companies on the market.
It does exactly what its programmed to do. And out of the box, its programmed very well. Like anything it can be tuned to your style of trading, so play around with it and experiment and see what results you get.
Therefore, there are a million reasons at any one point where you might make a mistake with your charting, or an occasional error when setting your alerts using your ThinkorSwim broker.
Here’s the thing about machines. They do what they are programmed. TrendSpider uses math with a level of consistency not possible by human traders.
Hence why computers that trade or otherwise known as high frequency trading (HFT’s) computers are so widely used today. Some of these HFT computers use a degree of the technology that TrendSpider brings to you at a fraction of the cost.
Multi-Time Frame Analysis
As a rule, the best way to figure out how to use Trend Spider is to dive in and start playing with it. The main feature and curb appeal is the multi-time frame analysis.
Below is an example of comparing a daily and weekly chart. You can split your screen into 4 separate charts. Meaning 2 time frames per chart window, for a total of 8 time frames!
To begin with, being able to compare two time frames at once saves time, and adds confidence to your analysis. Also it adds accuracy to your trading plan.
As a result, trading your daily swing trade setup becomes a lot easier when you know there is “room to run” according to the weekly charts trend lines as well as where different time frame moving averages lurk on your shorter time frame charts.
Here is an example of a TrendSpider chart of $CMG. Note the daily trend lines are highlighted solid. The weekly trend lines are dotted to make them distinguishable.
Comparing the two and setting alerts for when a candlestick touches the trend line you are eyeballing is the name of the game. Check out a list of the top trading companies.
Automated Fibonacci Retracements or Draw Your Own
Another key feature is automatic Fibonacci retracements. This is another great time saver that uses the proper analysis for the time frame you are viewing.
In general, I use Fibonacci retracements for both day trading and swing trading. I find their mechanical levels of support and resistance to act as magnets for price. You can also now manually draw Fibonacci levels.
Consequently, I have found the automation is superior in that there is no guesswork on what peak or low to draw the fib lines to. The platform does it for you, effectively removing all the bias and potential error.
Weekly Fibonacci retracement of $CMG
Automatic Candlestick Pattern Detection
By the way, as you guys may already know, we are big candlestick pattern traders. Generally we are often discussing candlestick patterns on our live streams. We even created an entire free candlestick course for traders to learn this very important part of trading.
Additionally what we love about TrendSpider is there ability to recognize over 50 different candlestick patterns (and counting).
In order to use this feature simply click and select which candlestick pattern you are looking for and it will be highlighted so you can easily find it on the chart. Check out our stock trading tools page.
Day Trading Made Easy
Above we have shown how TrendSpider works for swing trading, but using TrendSpider for day trading strategies is fantastic as well. Next take a look at the $SPY chart below.
For example you can see how using a 5 minute time frame against the daily time frame chart allowed for a couple of good long and short entries. I am constantly looking at daily levels of support and resistance to intra-day trade.
Another key point of this trendspider review is to talk about the trade alerts. Right click a trend line and it will bring up some interesting choices. You can set the alert to email and text you when a trend line is hit, or even set alerts for moving averages.
That way, the Trend Spider platform is always watching and ready to alert you to the perfect entry or exit on your trade.
Likewise we like that you can set it for breakthrough, touch or bounce, AND on a specific time frame candle. (Usually we select all 3 for the alert choices so its foolproof)
Trendline Alerts That Watch Multiple Types Of Price Movements
For example, it might be an hourly or daily chart you are watching, but if a FIVE minute candle touches your trend line you’ll get the alert.
Also you can adjust the sensitivity of the trade alert. So if it gets within, say .10 cents of your trend line, you’ll get the alert (sometimes nice to get an early warning!).
Fill in the Alert name, the description, and don’t forget to set the duration for how long you want the alert active (from 1 to 30 days)
How to Set Multi Factor Alerts
So, if you’ve been a trader long enough, you realize that successful trades happen when a confluence of factors are taking place. Well, within the TrendSpider platform we now have multi-factor alerts. These allow you to customize a few different criteria for your alert to fire off.
First, go to the alert section of TS and select the + sign to create the alert. Secondly, you can select your conditions. This is where you can really use the alert system to mirror your style of trading.
Do you want an alert when daily RSI is oversold, a 5 minute candle forms a tweezer bottom, and a hourly candle forms off the 8 SMA Daily? Within .15 cents? You can do that! It doesn’t matter if you’d like to be alerted when price is over a moving average on your favorite forex chart, this system has you covered.
TrendSpider’s market scanner allows you to use premade scanning settings or build your own to find the specific patterns and plays you love.
Check the example below. I scanned for Alligator bearish setups and the two symbols populated to the lower right. Clicking on them brings up the chart and allows you to set alerts on VERY specific criteria that is YOUR style to trade. Be sure to check this out!
Rain Drop Candles Are an Industry First
What are Rain drop candles, you might ask? TrendSpider invented a human-friendly volume profile candle chart that helps traders focus on actual market sentiment rather than just abstract prices.
Rain drop Charts are a new kind of financial chart that abstracts away arbitrary constructs, such as open and close prices, and focuses on changes in market sentiment. Rather than conveying price changes, Raindrop Charts incorporate volume to validate price movements and provide deeper insights.
This is what makes it a powerful alternative to traditional candlestick charts that focus exclusively on price and require additional overlays to analyze volume. This concept makes it very different and, like everything TrendSpider does..makes it easier!
In a Raindrop Chart, each bar, known as a Raindrop, covers a fixed period of time and consists of the high, low, along with left and right means.
The left mean is the mean price, weighted by volume, for the first half of the period, and the right mean is the mean price, weighted by volume, for the second half of the period.
Pattern and Indicator Scanner and Alerts in One?
Just when you thought it couldn’t get any better…it did. Trendspider now has a “market scanner” that will find a combination of stock patterns and indicators for traders to locate the exact setup that they prefer to trade in way less time.
Want a bullish candlestick setup, with oversold levels, and above the 200 DMA? You can do that!
Want to get really creative? Scan for multiple things on multiple time frame charts! So scan for an hourly bull flag and a daily hammer stick. You can get really creative here. So get started and start playing with this feature now!
Frequently Asked Questions
- Essential - 7 days free, then $384.00 paid yearly. $35.00 per month
- Elite - 7 days free, then $780.00 paid yearly. $65.00 per month
- Elite Plus - 7 days free, then $1,620.00 paid yearly. $135.00 per month
The pricing changes from time to time, most often because of huge upgrades. That is why we recommend you get the best price you can now. Always refer back to Trendspider for current pricing. Also, for Bullish Bears members we do have a special discount code.
Here is an exclusive discount for our community: BULLBEAR20 - 20% off plans. The coupon applies to first 12 months of service, renewals after 12 months are at normal prices. If you guys go for the yearly, using the above coupon, you save more.