TrendSpider Review
Pros
- 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
Cons
- No Automation Robotic Trading
- No Social Community
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Recommended for all traders wanting cutting edge AI, automated trend-line & candlestick pattern recognition + system backtesting all at a great price.
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 was immediately a fan and believe it has a bright future ahead. We start with an overview of some of the interesting benefits.
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 smart chart analysis for Stocks, Crypto and Forex it’s the best.
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 as this software is unlike anything I have seen before, employing artificial intelligence and massive mathematical compute power to detect trends not seen by simply looking at charts.
TrendSpider Pricing and Software
Score 10/10
Trendspider is an HTML5 application, which means it 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 complexity of the automatic calculations 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
Score 10/10
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 to not miss an opportunity.
Automated trendline detection and plotting, this does 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 time-frame analysis, which means being able to view multiple time-frame charts on a single chart with the trend-lines plotted automatically. Another great feature is the advanced plotting of support and resistance lines into a subtlely integrated chart heatmap.
Finally, Raindrop Charts, a completely unique and intuitive way to visualize volume profile or volume at price action.
Trendspider Backtesting
Score -- 6/10
Integrated back-testing of automated trend-lines, 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.
TrendSpider Ease Of Use
Score 18/20
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, but after applying a little effort you might find you cannot live without them. Still an excellent score on usability.
TrendSpider’s Unique Features
Advanced Support & Resistance Lines
The one thing that blew me away here is that the TrendSpider team has found a really 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 area of support and resistance it is more predictive.
If you do not like a trend that the AI has used you can manually delete it or fine-tune them. With this capability, you can have a complete trendline analysis on any chart in a few seconds.
Multi-Timeframe Chart Analysis
Here is where is get 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 when you get used to it, it makes a lot of sense. Instead of constantly switching timeframes and redrawing trendlines it is simplý there.
It is not just for trendlines though 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.
One thing I also really like is 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?
Watch The Video Overview
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.
Whilst 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, 4 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.
NEW: Backtesting / Strategy Tester
TrendSpider takes a different approach to backtesting. Because the platform is built from the ground up to be able to automatically detect trend-lines and Fibonacci patterns, it already has an element of backtesting built into the code.
The highest probability trend-lines 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 which 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.
TrendSpider Backtesting Video
Watch The Video Overview
New Feature -- Ichimoku Cloud
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 to test out how effective and profitable it is when backtested.
In the chart below you can see Ichimoku in action, I have plotted it on a weekly chart, but I am also using the multi-time-frame analysis to simultaneously overlay the monthly data.
This backtest on NVIDIA (Ticker: NVDA) ran in under 1 second for 5 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 large market correction was underway in November 2018. This secured a 756% win over the 4.5 year period.
I also like the way that you can instantly see the performance of the system 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 for this stock, Ichimoku on a weekly chart would not have been the best system to use.
This is the beauty of backtesting, the fact that you can test multiple technical indicators on multiple time-frames 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 -- New in 2020
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 to not only scan a specific stock but the entire market for stocks matching your technical criteria. This is a major step forward, combining AI trend detection and analysis with to ability to scan the entire stock market.
Open A TrendSpider Account Now & Get A Special Bonus
If you try Trendspider via the button above simply contact us afterward and we will send you our superb Stock Market Crash Detection Video Course & eBook worth $49- for Free. This is a system you could implement into Trenspider.
Trendspider Summary
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 in the near future to be able to see the analysis of how well any given indicator or price pattern actually works overall or for any given stock. The analysis of the probability of a successful prediction would be an amazing leap forward.
Full TrendSpider Features Data Sheet
| Vendor | |
|---|---|
| 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 |
| PC | ✔ |
| For MAC | ✔ |
| Tablets Smartpones | ✔ |
| Market Data Coverage | U.S.A. |
| Data Speed | Excellent |
| Stocks | ✔ |
| ETF | ✔ |
| Mutual Funds | |
| Options | |
| Futures | ✔ |
| Forex | ✔ |
| Bonds | |
| Trade Management | |
| Broker Integration Stocks | |
| Broker Integration Options | |
| Place Trades from Charts | |
| Live Position P&L | |
| P&L Analysis | |
| Fundamental Scanning & Screening | |
| Real Time Scanning & Filtering | |
| Fundamentals Scanning | |
| Watch Lists with Fundamentals | |
| Extended Economics Fundamentals (New) | |
| Fundamental Screening Score | |
| Technical Analysis Charts | |
| Multiple Charts Per Desktop | ✔ |
| Bar Line HLC Candlestick | ✔ |
| Point & Figure | |
| Equivolume | |
| Others | |
| Indicators | |
| Bollinger Bands | ✔ |
| Directional Movement | ✔ |
| Ichimoku Cloud | |
| MACD | ✔ |
| Momentum | ✔ |
| Money Flow | ✔ |
| Moving Averages | ✔ |
| Parabolic SAR | ✔ |
| Rate of Change | ✔ |
| Relative Strength / RSI | ✔ |
| Stochastics | ✔ |
| Custom Indicator Development | Coming soon |
| Volume | ✔ |
| Total Number of Indicators | 42 |
| Drawing Tools | |
| Fibonacci Retracement | ✔ |
| Fibonacci Time | |
| Fibonacci Fan | |
| Trend Lines | ✔ |
| Text Overlay | Coming soon |
| Pitchfork | Coming soon |
| Automated Alerts | ✔ |
| Technical Analysis Score | 10 |
| Social | |
| News Feed | |
| Real-Time News Feed | |
| Economics & Deal News | |
| Market Commentary | Via Blog |
| Community Chat | |
| Systems & Backtesting | |
| System Marketplace | |
| Create Customizable Systems | |
| Back Testing Point & Click | |
| Back Testing Programmatic | |
| Forecasting (new) | Via Automated Trendlines |
| Robotic Trading (new) | |
| Setup & Usability | |
| SW Setup | 10/10 |
| Ease of Use Score | 8/10 |
interested in grain & livestock futures only, what is cost for system information and all data.
Hi Larry. If you want to trade derivative CFD then take a look at https://www.liberatedstocktrader.com/best-cfd-trading-platforms/. If you want to see the actual market prices on commodities the take a look at https://www.liberatedstocktrader.com/interactive-brokers-review/
I hope this helps
Barry