TrendSpider Review – Is It Worth Paying For? (2024)
TrendSpider is an advanced charting and automated AI technical analysis platform built for traders. Over my several years of trading, I have used nearly every platform available, and I believe TrendSpider is one of the best for charting. Continue reading to learn more about TrendSpider and what to consider before spending money on it.
Key Features of TrendSpider
- Real-time data included
- 16 charts per layout
- AI-powered analysis tools
- Pricing: $74-$149 per month
You can get 25% off using my discounted link and coupon code: FTW25!
Get 25% Off TrendSpider Now!TrendSpider Pros and Cons
Pros
âś“ Automated technical analysis features make charting easy
âś“ Seasonality trends help you spot which months a stock performs well
âś“ Track all markets, including stocks, ETFs, futures, crypto, and forex
âś“ Use up to 16 charts per layout, which is much higher than any competitor I have used
Cons
âś— The web-based platform can feel clunky at times, while TradingView runs a bit smoother
âś— A bit pricy when compared to competitors
Review of TrendSpider’s Charting & Indicators
When it comes to charting on TrendSpider, it provides everything a trader would want, including over 200 indicators to choose from and the ability to have up to 16 charts on one layout. TrendSpider offers a plethora of drawing tools, plus the automated features will draw trendlines for you.
The platform even has its own proprietary chart type called raindrop charts, which is essentially like a volume profile built into a candle. Another feature I like about TrendSpider is the ability to set anchor points. For example, you can set the anchor point at the lowest point on the chart so your volume by price and anchored VWAP only show you the most relevant volume data.
The only downside I have noticed about TrendSpider is the platform can feel a bit laggy at times, but it is not bad enough to be a huge burden. However, it is something to note if your computer isn’t the fastest.
TrendSpider’s Automated Technical Analysis Features
One of the best features of TrendSpider is the automated technical analysis tools. Here are all of the automated tools that TrendSpider offers:
- Fibonacci levels – automatically draws Fibonacci retracements on your chart. My experience using this tool was hit or miss. Sometimes it worked perfectly, but sometimes I would prefer it to have drawn the retracements in different spots.
- Trend lines – automatically draws several trend lines on your chart so you never miss key trends. The auto trend lines features is awesome, and it definitely catches lines that the human eye could easily miss.
- Candlestick patterns – automatically detects candlestick patterns such as Doji and hammer candles. The auto candlestick pattern recognition is hit or miss in my experience, but it doesn’t hurt to turn it on.
- Chart patterns – automatically detect triangles, head and shoulders, channels, and more. The auto chart patterns tool works well most of the time in my experience using it.
- Heatmap – detects areas of support and resistance based on historical levels. The heatmap tool is a great extension to volume by price and helps highlight key levels.
Using TrendSpider’s Scanner
Another great feature of TrendSpider is the scanner it offers, which can be prompted with a GPT condition or from a list of parameters. If you prompt the GPT parameters correctly, scanning for your exact parameters takes much less time.
For example, instead of manually adding a parameter to scan for stocks above the 200 SMA, you can simply type “above 200 SMA,” and it will add the parameter for you. In my experience, it actually works better than I expected, and I highly recommend you try it if you are looking for an easy scanner.
TrendSpider Indicators
TrendSpider allows you to use tons of indicators from basic ones like the RSI and moving average lines to the volume by price. You can add indicators to TrendSpider by clicking the indicators button at the top of any chart. From here you can search for any indicators you like. Alternatively, you can click the assistant button at the top right of the chart to add indicators by simply typing in a command like “add Ichimoku indicator.”
TrendSpider Volume by Price
The volume by price indicator, also known as the volume profile indicator on other platforms, allows you to see volume horizontally instead of vertically. This allows you to determine areas of supply and demand with ease.
Volume shelves, also known as high volume nodes, are price levels where a lot of volume has been traded. This indicates it is a significant area of support or resistance, since many traders are either long or short at that price level. You can spot a volume shelf on the chart by adding volume by price to your chart and finding the price levels with the longest horizontal bars.
TrendSpider’s AI Assistant
One of my favorite features of the TrendSpider platform is the AI assistant you can access at the top right of the platform. You can use this assistant to do anything from removing indicators from your chart to setting up advanced technical screens.
The assistant is essentially an AI chatbot built into the platform that you can prompt. For example, if you want to add the RSI indicators to your chart, instead of manually adding it, you can simply type, “add RSI indicator” and it will bring up a list of options you can choose from to complete the action.
Is TrendSpider Worth It?
While TrendSpider is a bit expensive compared to its competitors, I believe it is worth it for serious traders who want automated analysis and advanced indicators. You can also take advantage of my affiliate link to save 25% on your subscription. During the checkout process, enter the coupon code FTW25 to claim your 25% off discount! TrendSpider is incredibly innovative and offers proprietary features like raindrop charts and promptable scanners.
You can watch my full review video of TrendSpider below:
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While TrendSpider is great, I still believe that TradingView is the best overall charting software for most people due to its freemium model and much lower plan prices for premium features. However, TrendSpider does have more to offer than TradingView if you are willing to pay the price for it. I recommend you try several charting software out and decide which suits your needs the best before committing to an annual plan.
Consider reading my article about TrendSpider vs. TradingView to continue your research.
