TrendSpider Introduction: A New Charting Platform For Stock Traders
As you might know, I’m a big fan of FinViz for finding breakout trade ideas. But one area this scanning tool comes up a little short is charting. So…
I’m always on the lookout for new charting tools to make it easier to plan and manage trades. And that’s why I’m excited to tell you about TrendSpider, a new kind of online charting platform you’re going to love.
In this detailed review you’ll get a complete walk through of all the great features TrendSpider offers. Because…
Whether you’re a longer-term position trader or an intraday scalper working off 1-minute candlesticks, TrendSpider has something for you. Plus, as you’ll see below, there are some really unique features that make this charting platform stand out head and shoulders above the others.
To get started…
Let’s first look at the core charting features of TrendSpider so you can see how it stacks up compared to other charting tools. And after that, I’ll show you some of the innovative ways TrendSpider really stands out from the crowd.
To help you navigate this article, here’s a quick table of contents so you know what to expect. Feel free to jump ahead to whatever’s of interest:
- Key TrendSpider Features
- TrendSpider Automated Analysis
- TrendSpider Raindrop Candles
- TrendSpider Multi-TimeFrame Analysis
- TrendSpider Alerts
- TrendSpider Strategy Tester
- Concluding Thoughts on TrendSpider
The main thing you want to see in a charting platform is just that, the charts! So let’s start with some of the key features you’d expect from your charting provider.
Because as you can see, the main charts look good: The charts are clean, and easy to read. And although I’ve chosen the light theme, you can also update your display preferences to have a dark background or the classic blue. Everything else like grid lines, cross-hairs and log settings can also be tweaked to meet your liking.
Critically, from the main panel you can quickly and easily update your charts to suit your preferences. And all updates happen in real time, too!
TrendSpider also does a good job making use of your entire screen. Because in addition to the main charting pane, you can see the right hand side of the screen is put to good use with a section for watchlists, notes and alerts: This makes it easy to keep tabs on multiple ideas at once, all while keeping your attention focused on a single chart. And the intuitive toggle makes it easy to organize your sidebar to your liking so you can make the most of your screen real estate.
Speaking of screen space, another great feature for those of you with multiple or big trading monitors is the way you can arrange your TrendSpider canvas to have 2, 3 or 4 charts.
Just hit the drop-down menu beside your ticker and you can update your display to show you more and more charts: How you use this screen space is up to you. Personally, I like to look at the same chart across multiple timeframes. So for example above I’ve got the SPY daily chart in my main pane, and then the weekly and monthly charts below to give me a sense of the larger trends.
Another approach would be to plot different indicators on each of the charts, so for example you could have drawings on one chart, and Bollinger bands or RSI oscillators on another. And speaking of indicators…
One of the other neat features is once you add an indicator to your chart, it shows up in the top left corner. You can easily toggle indicators on and off by just clicking their name in the top left. As you can see above, the indicator with a grey icon (instead of green) is hidden from the chart. I really like this detail because just by clicking that “D” you can easily flip between different indicators for different situations, without overcrowding your chart.
That underlines a broader point about TrendSpider: the whole thing feels designed to save you time and make it as easy as possible to make quick trading decisions when prices are moving.
Further, TrendSpider charts are responsive to screen size, so if you prefer to browse charts on your iPad, this site should work out just fine. It also loads quickly and has a ton of historical data for those of you that like long-term charts.
In fact, time-frame coverage is another strength of TrendSpider. They have 1-minute candles all the way up to 1-month candles (and everything in between!) Plus their buffet of indicators is extremely deep, and chances are whatever you’re using, they’ve got.
For US traders, the real-time market data provided is pretty much everything you need. And it’s not just stocks they cover… So given the ease of use of these charts, how fast they load, and the huge depth historical data, I can’t help but recommend this affiliate of mine. And we haven’t even gotten to the good stuff yet!
TrendSpider Premier Charting Features:
As I was saying, what really sets TrendSpider apart is the fantastic offering of features that go WAY beyond what you’d expect from any traditional charting platform. The great thing is…
When you first create an account with TrendSpider, they have an easy and intuitive tutorial to get you trained on the platform in a matter of minutes. So the whole thing is designed to help you capitalize on these features.
TrendSpider Automated Analysis:
As you might expect from the name, TrendSpider is focused on trends. And to that end, they have some fantastic tools to help you identify trend-based opportunities. The best part? It’s all automated!
So first up, let’s look at the automated trend lines feature that TrendSpider offers. You just click the “Trends” button on the chart (highlighted in green below). Then the trend lines pop up! Plus, depending on what you prefer, you can easily toggle the trend lines based on their relative prominence. This can help you identify key trends without your chart getting too cluttered (you can see the drop-down for this setting above).
Or if you want, you can see all the smaller trendlines which may help with shorter-term trading. And the great thing about these automated features is the way they apply to all different time frames.
The same goes for the automated heat-map features that can overlay support and resistance levels for you with the click of a button. Take a look at the chart below, where just by clicking the “Heatmap” button I’m able to quickly see key levels of interest: For me, this feature is super convenient, especially when trying to time an entry on a shorter-term chart. It can really help you gauge expectations for where a bounce or potential resistance might pop up.
And by the way, this is just one of the many heatmaps available. TrendSpider provides a classic volume-by-price overlay, as well as additional visualizations for price patters projections and depth of market.
But you know what? It doesn’t stop there!
Next up, I want to show you their automated pattern detection. And if you’re a price action trader, this kind of candlestick discovery tool can help you find opportunities faster and easier.
Again it’s super easy to use, just click the “Patterns” button on the chart. From there, you can easily search for your favourite candlestick patterns and select them to be highlighted on the chart.
I find this to be especially helpful when you’re trying to buy the dip. A well-placed hammer candlestick can be exactly the confirmation you need – and TrendSpider is there to help you find it! Speaking of candlesticks though, I should also tell you about the proprietary “Raindrop” candlesticks these guys have on offer.
TrendSpider Raindrop Candles – A New Twist On an Old Idea:
One of the great tools I’ve learned about since using TrendSpider is a new type of candlestick they’ve created. It’s a really neat idea and I think you’ll find it to offer very unique insights.
So, just like most other charting platforms not only do they have a variety of chart-type settings (including Heikin Ashi candles) to choose from. But the Raindrop is what I want to show you today.
Here’s how you select it: Now I’ve got to warn you, the first time I turned these candlesticks on I thought my chart had turned into a watercolour painting!
But once you get used to them, I think you’ll find them to offer a very unique advantage! And the good thing is, TrendSpider does warn you this is a new feature when you turn these charts on for the first time! But once you get the hang of it, these charts are great. As explained in the screenshot above, the candles themselves represent the volume throughout the trading session.
These candles aren’t available for weekly or monthly charts yet, but the daily time frame is where I find them to be most useful. So…
Here’s a zoomed in view of SPY as an example. Take a look and then I’ll explain what you’re seeing: Crazy, right? It’s a unique view, but it’s actually super smart by the good folks from TrendSpider. I was lucky enough to have a quick call with them where they explained how it works for me.
But to summarize:
- Each candle is divided in half, for the morning session and the evening session.
- The body of the candle is related to the volume – so the fatter parts of the candle are where the most volume was traded (relatively to the rest of the session).
- The dash on each side of the candle is the volume-weighted average price (VWAP) for that half of the candle and the middle line is the VWAP for the day.
Pretty cool, isn’t it? These candles reveal much more information about what’s actually happening throughout the trading session. It can help you see the strength of trend building blocks, right as they’re taking shape!
And you might be wondering, what’s with the blue (purple?) candles in the chart above? Great question.
This is another awesome automated feature from TrendSpider. These Blue Doji candles tend to cluster around support and resistance levels. That means they can inform you to potential areas of action on the charts you’re looking at.
If you want to learn more, TrendSpider has a great article on how to use blue candles. This chart from that link should give you an idea of why they might be worth your attention:
By the way, if you want to learn more about why these Raindrop candles work in general, here’s a link to a whitepaper on the topic so you can dive deeper into the theory behind the candles.
But whether you use these candlesticks or not, one thing should be clear: TrendSpider is rapidly innovating on the traditional charting provider!
After all, the company is only a couple years old but they’ve built some powerful features that can help you speed up your trading.
And that’s not all folks!
Since I do most of my trading from weekly charts, I spend a lot of time flipping between daily and weekly timeframes. I use the latter for identifying trade opportunities, and the former for timing entries and exits.
TrendSpider Multi-TimeFrame Analysis Tool:
Okay, I hope you’re starting to see how TrendSpider is a charting platform that stands out above the rest. And the best part is, this multi-timeframe tool might be the coolest feature yet.
So as I was explaining, this “MTFA” feature allows you to plot indicators from different timeframes on the same chart. The most common example is probably moving averages.
On the chart above, you can see “Daily vs. Weekly” in the very top left corner. Then, you’ll see beside all of the indicators there is a “D” and a “W.”
This is exactly what you think it is – it allows you to toggle on and off different indicators for different time frames. All on the same chart!
In the example I’m using, I’ve selected both weekly and daily views for the 50 and 200-period moving average. You can see the thin blue line is the 200-day moving average, which tracks closely with the 50-week moving average (dashed orange lines).
Underneath it all, the 200-week moving average is continuing to trend higher (after serving as the turnaround point in the December 2018 selloff).
As a long-term trend follower, I find this tool really helpful. But even if you were day trading or swing trading on lower timeframes, understanding where the daily 20-day moving average shows up on your 30-minute swing trading chart can help you be more aware of indicators that could have an impact on your lower-timeframe trading plans.
I can’t think of any other charting platforms that do this so well. And it’s one of the big reasons I like to use TrendSpider more than StockCharts.com or TradingView. They really help you save time switching between chart timeframes.
And actually, I think that goes for TrendSpider as a whole. The user experience throughout the charting platform is very good. The indicators are all easy to toggle on and off, so you can quickly customize your chart without having to reload it.
Further, the drawing tools work well and are fast and friendly. You can quickly mark-up your charts and as long as you’re signed in to your TrendSpider account, all of the drawings will persist. This can really help you save time over many weeks and months of trading.
Now I know you’ve already learned a lot about what TrendSpider has to offer. But the simple truth is, this is more than just a charting platform. So there’s a few more features – a powerful alert engine and a strategy testing tool – that I want to show you before we wrap this up.
TrendSpider Automated Alerts:
Your broker might offer trading alerts, but I’m willing to bet you they aren’t nearly as powerful or intelligent as the ones you can get from TrendSpider.
Seriously! These are NOT your average trading alerts. So to get started, click the “Create alert” button in the top right corner of your screen, and you’ll be presented with a couple different options: These are both very easy to use, but let’s start with the indicator or trendline alert because it’s probably the one you’re familiar with.
Basically when price crosses an indicator or trendline, you’ll get alerted. Of course, TrendSpider gives you even more control than this.
The easiest way to set these up is just right-click on a trendline, drawing or indicator and then select “create an alert” – like so: Easy, right? Well, this is where things get really interesting.
Because with TrendSpider, you can actually define the exact interaction with what triggers your alert. Just take a look at the next screen:
First up, I think the triggers section at the top of the pop-up is the most interesting feature and really sets these alerts apart. How does it work? Well…
You can trigger the alert based on a break-through of your indicator line, on the first touch of your indicator line, or a bounce off of it (which can be really useful for buying dips or taking profits).
This kind of intelligent distinction between the type of alert can really help you tune out the noise and help you find signals that work well for your style.
Plus, you can also adjust the sensitivity to your trendline depending how often you want to be alerted. And the ability to determine on what time frame you want the signal to be confirmed is also really helpful.
Overall, TrendSpider alerts are the most helpful I’ve been able to find in my trading career. And you can choose to be notified by on-screen pop up, email or text message alert which makes staying on top of your trading positions easy even if you’re not in front of your screens.
So just to finish up this section on alerts, I also want to touch on the multi-factor alerts, which further allow you to customize your opportunity set.
When you click on this option from the create alert dropdown menu, you’re able to stack as many indicators and conditions as you like to help define your alerts.
And to make it even easier for you, TrendSpider also provides a bunch of pre-built alerts. Just click “Load From Template” to get started. Once you do this, you’ll see a huge variety of alert-triggers that you’re sure to find interesting. There are alerts based on all kinds of things including indicators, price movement and volume (above is but one example).
And the great thing is, these work across all kinds of different time-frames so whether you’re a day trader or a position trader, you can make this platform work for you.
TrendSpider Trading Strategy Tester:
One of the things I’ve been saying throughout this review is that TrendSpider is more than just a charting platform. And that’s exemplified perfectly by the Strategy Tester tool they’ve created.
Because now not only can you find trading ideas and program alerts based on them, you can also backtest their efficacy right from within your charting platform. So let me show you how this works.
By hitting the “Strategy Tester” button in the top right of your screen, you can open up the backtesting pane beneath your main charting window. As you can see, the strategy tester allows you to pick your timeframe and analysis depth, as well as specifying your entry and exit conditions.
Using the Maximize toggle you can expand the strategy tester to your entire screen.Then just press “Test” to see your results: In this very simple example, I’ve decided to buy hammer candlesticks when price is above the 50-day moving average. Then I exit after 10 candles.
This is just a simple idea to show you how it works, but you can test anything you can think! There’s also an option to display these results on the screen, so you can easily visualize your results.
In this case, my results pale in comparison to a buy-and-hold approach, but I was able to generate an average return of 0.39% per trade, as simulated over the last 27 years. And once you do set up a backtest, you can also get alerted about the next time it happens in the market with the click of a button!
As you can imagine, the best part about this tool is you don’t have to guess if your idea has a chance of working out or not. By looking at recent instances, you can get a sense for whether your indicators of interest have panned out for the stock or ETF in your crosshairs.
I’m telling you, the good people at TrendSpider have your back!
So by now, you should be getting the idea that not only is TrendSpider a best in class charting platform; but, it’s also designed to help you find opportunity and make money acting on it.
So is Trend Spider Worth It?
The good news is, TrendSpider Offers a free trial so you can see if this is the right tool for you. And after that, there are a variety of different options for as little as $11/month. If you ask me, it’s a great deal for a great tool.
As a trader, you can be focused on saving money or you can be focused on making money. This was a bit of a mind-shift for me; and I’m still judicious in my spending. But paying for premium tools can help you save time, and improve your ability to focus on the right opportunities.
I suggest you give the free trial a spin and take the time to learn how to use the alerts, heatmaps and strategy tester. If you give it a fair shot, I think you’ll find their offering to be of interest.
So at the end of the day, I really don’t have much but good things to say about TrendSpider. I’m a proud affiliate and I guess my only hope would be that they keep improving over time and ideally start to integrate with brokers so we can trade directly from these charts!
Okay, well what are you waiting for? If you haven’t already, I highly encourage you to give TrendSpider a try. You can use this link to get started and I’ll get a small tip for your sign-up (at no cost to you!)… So if you found this review helpful I’d appreciate the support! Check out TrendSpider today.