I have been using TrendSpider for over two years to automate my stock chart technical analysis and for its excellent Candlestick pattern recognition. In this review, I share the results of my testing.
TrendSpider Review Summary
TrendSpider saves you time performing technical analysis as it automates trendline and pattern recognition and analyzes multiple indicators & timeframes on the same stock chart. There is no live trading, news, or fundamental screening. But for automated intelligent chart analysis for Stocks, Crypto and Forex, it’s the best.
- TrendSpider Pricing & Software
- Market Scanning
- Technical Analysis & Charting
- Pattern & Trendline Automation
- Innovation in Technical Analysis
- Ease of Use
User Review( votes)
Recommended for all traders wanting cutting edge AI, automated trendline & candlestick pattern recognition, + system backtesting, all at a great price.
- Automated Trend Line Detection
- Automatic Multi-Time-Frame Analysis
- Simple & Powerful Backtesting
- Real-time Exchange Data Included in Price
- Automatic Fibonacci Trend Detection
- Stocks, ETFs, Forex, Crypto, Indices & Futures
- Auto Candlestick Recognition
- AI Integrated Pattern Recognition
- Excellent Charts & Indicator Selection
- No Automated Robotic Trading
- No Social Community
The new kid on the block, Trendspider, is doing something very different and innovative to separate itself from the crowded stock chart analysis software market. It solves the problem of too much time spent doing analysis, drawing trendlines, tweaking indicators, and analyzing timeframes.
I am a huge fan and believe it has a bright future ahead. We start with an overview of some of the exciting benefits.
What is TrendSpider?
TrendSpider is a fast-growing company lead and founded by Dan Ushman. The company was set up in 2016 with the mission to create a unique service that automates and improves the labor of technical analysis of stock charts. In 2018 I awarded TrendSpider and Dan Ushman an innovation award. Unlike anything I have seen before, this software employs artificial intelligence and massive mathematical compute power to detect trends not seen by merely looking at charts.
TrendSpider Pricing & Software ★★★★★
Trendspider is an HTML5 application that works on any connected device, requires zero installation, zero data stream, or data download configuration.
This appeals to me a lot because, with a single click, you are up and running. Also, considering the automatic calculations’ complexity, the application runs swiftly, taking just a few seconds to complete an entire analysis.
TrendSpider has an excellent price point starting at $11 per month, which includes real-time data. They have also expanded to cover Forex, Crypto, ETFs, and Futures, which means you can apply the stunning Auto Trend-lines and Multi Time-Frame Analysis on many different markets.
The platform needs zero installation and zero data feed configuration. The system runs on all platforms, from smartphones to PCs. Finally, I have tested the customer support and confirm it is excellent, and you have a human to chat with whenever you like.
TrendSpider Pricing: Yearly Prices
For me, the Elite Trade Plan is the best choice at $69 per month or $47 per month paid yearly. It has everything the PRO plan has and, in addition, includes after-hours and pre-market data, OTC, Forex, and Futures data. Even more importantly, you get 75 Dynamic Alerts and Backtesting. Backtesting is the hidden power in this software suite, and you will find out in the testing later in this article.
Considering you get real-time data, the pricing is very competitive, in fact, considerably lower than other charting software vendors.
TrendSpider Technical Analysis ★★★★★
Packed full of innovative technical analysis tools means that TrendSpider is catapulted to the top of this list. If you are a serious market analyst, then TrendSpider will help you do the job quicker, with better quality, and help you not to miss an opportunity.
TrendSpider’s automated trendline detection and plotting do a better job than a human can; using algorithms, the system can detect thousands of trends-lines and flag the most important ones with the highest backtested probability of success.
The multi-timeframe analysis means being able to view multiple timeframe charts on a single chart with the trendlines plotted automatically. Another great feature is the advanced plotting of support and resistance lines into a subtlely integrated chart heatmap.
Finally, Raindrop Charts are a wholly unique and intuitive way to visualize volume profile or volume at price action.
Advanced Support & Resistance Lines
The one thing that blew me away here is that the TrendSpider team has found an elegant way to take the masses of computed data and overlay it onto a single chart.
Using the drop-down selector “S/R Trends” enables a kind of heat map, which shows the hundreds of potential trendlines, and the darker red the area, the more touches and concentration of trendlines there are. See the chart below for reference.
Automated Trendline Detection
The automated trendline detection saves a lot of time for traders, speeds up trade preparation in the morning, and improves accuracy. The TrendSpider algorithm uses mathematics to correlate all the bars on a chart and then draw the lines. It highlights the touches at peaks and troughs in a price trend.
As a technical analyst, this is how you are supposed to do it; the more times a price touches the trend line and reverses, the stronger the trend. Therefore, if a price breaks through a strong support and resistance area, it is more predictive.
If you do not like a trend that the AI has used, you can manually delete it or fine-tune it. With this capability, you can have a complete trendline analysis on any chart in a few seconds.
Multi-Timeframe Chart Analysis
Here is where it gets even more interesting, the Multi-Timeframe Analysis can be used to super-impose trendlines or indicators from different timeframes onto a single chart. It may seem a little complex at first, but it makes a lot of sense when you get used to it. Instead of continually switching timeframes and redrawing trendlines, it is simplý there.
It is not just for trendlines; you can use it with the array of 42 stock chart indicators to ensure you do not miss anything. Dan Ushman, the company founder, uses it in his trading, especially with indicators like Bollinger Bands and with trendlines that help expose things other traders miss when they are focused on one timeframe or one indicator at a time.
I also really like the price indicator analysis; you can let the application plot, name, and highlight your Japanese Candlestick patterns of choice. Want to find Evening Doji Stars, Hammers, or Engulfing Patterns? Just turn on the pattern recognition; it is that easy.
How Does Automatic Trendline Detection work in TrendSpider?
Multi-Timeframe Analysis and Auto Trendlines
To show the power of the software, I set up two charts. The top pane showing the 60 minutes versus the daily chart, and in the bottom pane the daily versus the weekly chart for Netflix (Ticker: NFLX). The first thing that grabbed my attention is that you can immediately see that the shorter-term trend for Netflix is an ascending triangle. This is a continuation pattern, so we would expect the price to break out of the triangle upwards. Trendspider nailed the trendlines perfectly on this.
While reviewing the lower pane, you can see the trend for the last year, and Netflix is still in a solid uptrend on both the daily and weekly timeframes, four timeframes compared in seconds.
Japanese Candlestick Pattern Recognition
As I mentioned previously, Trendspider is designed to do the hard work for you; if you want to use candlesticks correctly, you need to know a few things.
- Learn hundreds of single and multiple candlestick formations.
- Understand if they are bullish or bearish.
- Learn for how many bars they are valid.
Learning this can take years, or you can simply use Automatic Candlestick recognition.
Here I have selected a Candlestick chart, then:
- Clicked Patterns
- Search for Hammer, select Hammer and Inverted Hammer
- Search for Doji and select Doji, Doji Star, and Evening Doji Star
These are enough to start with and are very powerful Candlestick reversal signs. On the chart, you can see the annotated Candlestick Pattern DJ for Doji, etc. Now you do not need to spend months learning every pattern, nor do you need to spend hours on a chart trying to locate the patterns; it is all seamlessly done for you.
Dynamic Price Alerts
Dynamic price alerts on indicators and trendlines free you up from the need of staring at charts waiting for them to set up and help you avoid emotional traps like trading out of boredom rather than choosing the exact time to trade. The alarms can be configured on indicator or trendline breakthroughs, bounces, or touches on any timeframe. The trade alarms can be sent to email or SMS for your phone.
Trendspider Backtesting ★★★★✩
TrendSpider has fully automated AI-driven trendlines, Fibonacci & Multi-timeframe analysis on stocks, Forex, Crypto & Futures. Add to that a robust backtesting engine, and you have a great technical analysis platform.
TrendSpider takes a different approach to backtesting. Because the platform is built from the ground up to detect trendlines and Fibonacci patterns automatically, it already has an element of backtesting built into the heart of the code. The highest probability trendlines are automatically flagged, and you can adjust the sensitivity of the algorithm that controls the detection to show more or fewer lines.
Adding to this, they have implemented a strategy tester that allows you to freely type what you want to test, and it will do the coding for you. It is a slick and simple implementation that had me up and running in minutes. One of the elements I really like is the ability to adjust your backtest conditions on the fly, and the “Price Behaviour Explorer” and “System Performance Chart” automatically update. You can jump into coding if you want to, but the key here is that you do not HAVE to.
Integrated backtesting of automated trendlines, showing win-rate, profitability, and drawdown is a new addition and warmly welcome; the team is finally propelling TrendSpider into one of the leading technical analysis packages in the industry. Adding to this, they have implemented a strategy tester that allows you to type what you want to test freely, and it will do the coding for you.
It is a smooth and straightforward implementation that had me up and running in minutes. One of the elements I like is the ability to adjust your backtest conditions on the fly, and the “Price Behaviour Explorer” and “System Performance Chart” automatically update. You can jump into coding if you want to, but the key here is that you do not HAVE to.
TrendSpider Backtesting Video
Ichimoku Cloud Analysis
It seems like every few weeks, the TrendSpider team is releasing new functionality, and the latest is the Ichimoku Cloud indicator. As a certified technical analyst, I have studied and like Ichimoku, and so was interested in testing out how effective and profitable it is when backtested.
In the chart below, I can see Ichimoku in action. I have plotted it on a weekly chart, but I am also using the multi-time-frame analysis to overlay the monthly data simultaneously.
This backtest on NVIDIA (Ticker: NVDA) ran in under 1 second for five years of data ranging back to January 2014. The timing was good as the system entry point came in January 2015 and exited as the significant market correction was underway in November 2018. This secured a 756% win over the 4.5 years.
I also like how you can instantly see the system’s performance versus a Buy & Hold strategy. In this instance, simply holding the stock over the entire period would have yielded 1,188%. So, in the blink of an eye, you can see that Ichimoku on a weekly chart would not have been the best system to use for this stock.
This is the beauty of backtesting, the fact that you can test multiple technical indicators on multiple timeframes and see which works best.
Here is how I implemented the TrendSpider Ichimoku backtest.
- Select Strategy Tester
- Entry Condition: Weekly Price Close Greater than Weekly Ichimoku Senkou B
- Exit Condition: Weekly Price Close Less than Weekly Ichimoku Senkou B
With TrendSpider backtesting is a breeze.
TrendSpider Market Scanner ★★★★✩
TrendSpider is developing new features at breakneck speed, but this one is big. The latest innovation from the TrendSpider team is the “Market Scanner.” This enables you not only to scan a specific stock but the entire market for stocks matching your technical criteria. This is a significant step forward, combining AI trend detection and analysis with to ability to scan the whole stock market.
TrendSpider Ease Of Use ★★★★✩
TrendSpider’s innovations mean you will need a little time to understand what they are telling you. For example, seeing hourly, daily, weekly trend lines plotted on the same chart might be confusing at first. However, after applying a little effort, you might find you cannot live without them—still an excellent score on usability.
TrendSpider vs. TradingView vs. MetaStock vs. TC2000
What are good alternatives for TrendSpider? If you trade outside the US markets, then TradingView or MetaStock are good choices. For real-time news and superior backtesting, MetaStock is the best choice. If you want broker integration and trading from charts, then TradingView and TC2000 are good options. But for stock chart analysis and automation, TrendSpider rules.
|Charting Software Comparison|
|Pricing: Best Plan||$97||$50||$99||$90|
|Social Trading Community||X||✔||X||X|
|Multi Timeframe Analysis||✔||X||X||X|
|Real-Time News Feed||X||X||✔||X|
|Read Review||Read Review||Read Review||Read Review|
|Visit TrendSpider||Visit TradingView||Visit MetaStock||Visit TC2000|
We have focused on what is unique about Trendspider; it is designed for a specific purpose, taking the guesswork and painstaking hours of analysis away from traders. But what do you not get? Well, you do not get fundamental scanning & filtering, trading from charts, or broker integration. There is no social aspect at the moment and no news service. But it is not designed for these things; it is designed for fast, effective machine-driven technical analysis.
I see a bright future for TrendSpider. For example, I expect soon to see the analysis of how well any given indicator or price pattern works overall or for any given stock. The study of the probability of a successful prediction would be a fantastic leap forward.
Full TrendSpider Features Data Sheet
|Pricing & Software|
|$ Monthly End of Day Data||N/A|
|$ Monthly Real Time Data||$24.75 -$37.25|
|Software Only Fee||N/A|
|Customizable Data Feeds|
|Customer Service & Education||Excellent|
|Market Data Coverage||U.S.A.|
|Broker Integration Stocks|
|Broker Integration Options|
|Place Trades from Charts|
|Live Position P&L|
|Fundamental Scanning & Screening|
|Real Time Scanning & Filtering|
|Watch Lists with Fundamentals|
|Extended Economics Fundamentals (New)|
|Fundamental Screening Score|
|Technical Analysis Charts|
|Multiple Charts Per Desktop||✔|
|Bar Line HLC Candlestick||✔|
|Point & Figure|
|Rate of Change||✔|
|Relative Strength / RSI||✔|
|Custom Indicator Development||Coming soon|
|Total Number of Indicators||42|
|Text Overlay||Coming soon|
|Technical Analysis Score||10|
|Real-Time News Feed|
|Economics & Deal News|
|Market Commentary||Via Blog|
|Systems & Backtesting|
|Create Customizable Systems|
|Back Testing Point & Click|
|Back Testing Programmatic|
|Forecasting (new)||Via Automated Trendlines|
|Robotic Trading (new)|
|Setup & Usability|
|Ease of Use Score||8/10|