TrendSpider Review – Does Automated Analysis Really Work?

What is TrendSpider?

TrendSpider takes automatic technical analysis to the next level thanks to a machine learning algorithm that adapts according to user inputs. The automated analysis includes self-drawing trendlines rated according to the algorithm’s confidence in them, automated Fibonacci retracements, and rapid identification of common candlestick patterns. Multiple options for manual input allow this platform to cater to both beginning and experienced traders, while the well-organized user interface makes the charting and analysis features extremely accessible.

TrendSpider Pricing Options

TrendSpider is available in three service tiers, all of which offer a seven-day free trial.

The most basic platform level, Analyst, costs $22.75 per month or $213 per year. This level offers all of TrendSpider’s automated analysis features, but is best for long-term investors since stock data is delayed by 15 minutes and there are no alert functions available.

The Pro level costs $29.15 per month or $297 per year and provides the benefits of real-time streaming data and up to 15 active alerts at any time. Pro users also get access to cryptocurrency exchanges and additional support and training from TrendSpider.

The Elite level costs $43.85 per month or $447 per year and adds access to forex and OTC US stock data, as well as pre-market and after-hours price data. Elite users can also have up to 25 alerts active at any time.

TrendSpider Features

Charts

TrendSpider is a relatively lightweight browser-based charting platform with far less customizability on the charts themselves compared to other software options. There are only three bar types available – candlesticks, bars, and hollow candles – and timeframes are limited to intraday minute intervals and daily and weekly charts. Although it is possible to manually zoom in and out on charts, there is no option to set the overall time length of the charting window.

However, TrendSpider’s charts do offer the ability to overlay a variety of popular technical indicators, which are intuitively easy to toggle on or off thanks to the on-chart display of all the indicators that have been activated. All indicators can be customized and color-coded to keep charts readable as the number of lines added increases.

TrendSpider does offer multi-chart viewing layouts, although viewing more than one chart at a time can be difficult without a large screen since the charts are typically quite busy once automated trendline analysis is applied.

Overall, I really like the charts within TrendSpider. They were comparable to TradingView with added features that we will discuss next.

Automated Trendline Analysis

The most important feature of the platform is automated trendline analysis, which is extremely robust and both accurate and easy to use in TrendSpider compared to other automated analysis software.

Automated trendline analysis can be toggled on or off for any chart and there are multiple options for setting the aggressiveness of the algorithm used for finding trendlines. The algorithm does a surprisingly good job of finding trendlines that are otherwise difficult to spot, although it is worth inspecting any trendlines before trading on them to measure confidence in them.

By default, TrendSpider only displays a handful of the highest confidence trendlines – although there are settings to display more or all lines, doing so places so many lines that the chart is cluttered beyond usefulness. More helpful for adjusting trendlines is the manual algorithm adjustment panel, which allows users to manage some of the default variables used to identify high and low points and line validity. However, beginning users should be careful in adjusting these values as they can dramatically alter the automated analysis. Within this panel, users can also adjust the slope or give a custom title to any displayed trendline.

During trading hours, trendline analysis is frozen on a chart after it is initially loaded to prevent trendlines from constantly changing. A simple refresh button allows the automated trendlines to be reanalyzed as new data comes in.

Multi-timeframe Analysis

One of the most unique and useful features of TrendSpider is the multi-timeframe analysis, which allows technical indicators and trendlines for a secondary timeframe on a single chart. For example, in the chart below with a primary hourly timeframe and secondary daily timeframe, the chart displays hourly candlesticks but has technical indicator overlays and trendlines drawn for both hourly and daily timeframes. Secondary timeframe trendlines are displayed as dotted lines and there are accent options and on/off toggle switches to make one timeframe or the other more or less visible during analysis.

This option is useful for seeing how trendlines and technical indicators (e.g. moving averages) from longer timeframes are playing out during intraday trading.

Automated Fibonacci Retracements

One of TrendSpider’s best features for advanced traders is the ability to automatically find the important inflection points in a stock’s price data on which to base Fibonacci retracements. While this can be extremely difficult to get right with manual analysis, TrendSpider largely does a very good job of placing Fibonacci retracements to identify potential support and resistance zones.

Chart Highlights

TrendSpider also offers the option to automatically recognize and highlight chart patterns and breakouts. The algorithm allows users to select which candlestick patterns should be identified and is extremely accurate when finding even three-candlestick patterns, although the identification is based on the pattern rather than its placement at the end of a trend. While this might initially seem useful mostly to inexperienced traders who need help recognizing candlestick patterns, it can be extremely helpful for seeing how a particular stock has reacted in response to a single pattern type throughout its trading history.

Dynamic Alerts

An extremely useful feature of TrendSpider for active traders is the alerts, which are based on trendline breakthroughs and technical indicator values rather than simply price data and offer users an easy to use interface for customizing alerts. For example, for a trendline or moving average alert, the alert can be set to trigger at not only a breakthrough, but also a touch or a bounce with varying sensitivity.

Watchlists

TrendSpider has a simple watchlist panel, to which users can add their own custom watchlists that display price data next to the main chart window.

Ease of Use

TrendSpider is a browser-based platform and offers relatively little in the way of customizing the overall layout. However, it does support multi-chart viewing layouts, although a large screen or simply using two screens for separate browser windows is recommended for viewing multiple charts simultaneously.

How TrendSpider Stands Out

Compared to other automated technical analysis software, TrendSpider is both more accurate and easier to use. While TrendSpider may not replace your existing charting software given the limited chart options, the automated trendline and Fibonacci retracement features are extremely useful for informing trades. Experienced users will also appreciate the ability to manually tweak the algorithm to better define trendlines. In addition, the multi-timeframe analysis is relatively unique and can be helpful for monitoring support and resistance zones across multiple short timeframes when day trading. The dynamic alerts are also a major advantage for TrendSpider, as they allow alerts based on predicted support and resistance zones and adapt as trendlines and indicators change.

Should You Try TrendSpider?

TrendSpider is best for day traders who don’t mind giving up the work of plotting trendlines to an automated algorithm. While there is the ability to manually alter trendlines, most traders who prefer this manual adjustment will simply want to set their own lines from the start. The timelines available on the charts, as well as the multi-timeframe analysis feature, make TrendSpider much more useful for traders working on minute to hour scales than for those working on day to month time scales. However, the ease of use of TrendSpider’s automated analysis tools makes it suitable for both beginner and advanced day traders.

Pros

• Highly accurate automated trendline analysis and Fibonacci retracements with ability to make manual adjustments
• Multi-timeframe analysis for visualizing support and resistance bands across multiple time scales on a single chart
• Dynamic alerts are based on trendlines and technical indicators rather than price
• Highlights candlestick patterns and breakouts for rapid analysis of historical price action
• Simple to use interface is friendly to both beginner and experienced technical analysts

Cons

• Charts are limited to primarily intra-day timescales
• Viewing multiple charts with trendlines and indicators plotted can be difficult
• Charts often load slowly due to automated analysis being applied before loading candlesticks