TrendSpider Review

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
Track stocks, ETFs, crypto, and forex
16 charts per layout
Automated trendlines, Fibonacci, chart pattern recognition, and candlestick pattern recognition
Pricing: $107-$447 per month
AI-assistant, which can be easily prompted to perform any action on the platform

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TrendSpider Pros and Cons

Pros

✓ AI-powered automated analysis tools are the best available

✓ Set up advanced screens with simple text prompts

✓ Seasonality trends help you spot which months a stock performs well

✓ Track all markets, including stocks, ETFs, futures, crypto, and forex

✓ Use up to 16 charts per layout, which is much higher than any competitor I have used

Cons

✗ The web-based platform can feel clunky at times, while TradingView runs a bit smoother

✗ 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.

Benefits of Automation in Technical Analysis

Time Savings: Automated tools can analyze hundreds of charts in seconds, freeing up traders to focus on strategy and execution.
Reduced Subjectivity: Algorithmic analysis helps minimize human bias in pattern recognition.
Comprehensive Scanning: TrendSpider can continuously monitor multiple timeframes and instruments simultaneously.
Educational Value: For newer traders, these tools can help reinforce technical analysis concepts and improve pattern recognition skills.

While automated analysis tools offer powerful capabilities, it’s important to remember they should complement, not replace, a trader’s own analysis and decision-making process. The most effective approach often combines the efficiency of automation with the nuanced judgment of experienced human traders.

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.

Capabilities of the AI Trading Assistant

The AI-assistant on TrendSpider can perform a wide range of tasks, including:

Chart Modification: Users can request the addition or removal of specific indicators without navigating through menus.
Technical Screening: The AI can set up advanced technical screens based on user-defined parameters.
Information Retrieval: Traders can quickly access market data or company information through natural language queries.

Enhancing User Experience

The integration of the AI assistant significantly improves the user experience by:

Reducing Learning Curve: New users can more easily navigate the platform.
Increasing Efficiency: Experienced traders can execute tasks more quickly.

Example Interaction With the TrendSpider Assistant

For instance, a trader wanting to add a specific technical indicator to their chart could simply type a command like “add RSI indicator” into the AI assistant interface.

The system would then present a list of relevant options, allowing the user to complete the action with minimal effort.

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.

While the initial investment may seem substantial, TrendSpider’s suite of tools can potentially save hours of manual analysis time, making it a cost-effective solution for dedicated traders. The platform’s innovative features justify the premium pricing for many users.

You can watch my full review video of TrendSpider below:

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Automated Technical Analysis
16 charts per layout

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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.

TrendSpider Pricing