TrendSpider Review

I have been using TC2000 software for my charting needs for more than 10 years and I am very happy with the plethora of indicators and drawings available on the platform. Also, TC2000 now has a brokerage where you can trade stocks as well as options.

Crypto trading has become very popular and lucrative over the last few years. For some reason, TC2000 has been very slow and has not yet provided crypto coverage. I was looking at various platforms like TrendSpider, TradingView, etc that cover cryptos. On first look, none of these tools have extensive scanning, alerting, indicators, and drawing capabilities like TC2000. However, on careful evaluation of the features and pricing of the various platforms, I decided to try the basic version of TrendSpider which comes for around 40$ (35$ if you pay yearly) per month. I still have TC2000 and use it for my scanners and alerts.

My intention initially was to use the platform for crypto charts. TrendSpider has some excellent features that are so aligned with the breakout trading strategy that I use. So, today, I use TrendSpider along with TC2000 for technical analysis of the equities. Hopefully, In the future, I may upgrade to the premium version of TrendSpider when it satisfies all my charting needs.

In this post, I want to share my TrendSpider workspace setup that I use for my technical analysis

I primarily use 3 charts ( 1,2,3 charts available with multiple positions) with my daily, weekly, and hourly charts in my workspace. I love this setup as it enables me to day trade as well as swing trade. Hourly charts would show me the opportunities to day trade that I can confirm with my higher time frames such as daily and weekly. I like the way the platform is organized with workspaces and features. Since I have the basic version, I can open only one workspace at a time. The premium version of the platform allows multiple workspaces. Below are listed features that I love the most in the platform

  1. MTFA feature enables you to compare different time frames. We can have a single chart for both monthly and weekly and can visually see the support and resistances for both weekly and monthly in a single chart. An experienced trader looks at multiple time frames to manage his trades.

  2. Drawing trend lines on this platform is so easy and is also accurate. It cannot be explained but has to be experienced.

  3. The platform has a feature called trends. When you enable it, It automatically draws the trend lines for you. This is a cool feature in addition to the upper and lower trend lines that you might draw for determining the breakouts.

  4. We can also highlight breakouts. I use this feature to check if is a 2 unit ( hourly, daily, weekly) confirmation to enter the trade

  5. They have a feature called patterns that currently shows all the candlestick patterns on the chart.

  6. In TC2000 there is a feature called PCF( personal criteria formula) that can be used to create custom scanners. Similarly, TrendSpider enables you to create custom scanners using a simple language that is very easy to understand. Also, you can create a custom script using the scripts feature that can be plugged into a custom scan.

  7. They have a strategy tester feature that I have not used personally yet. I have to see how backtesting is done. I am excited about it.

  8. Love the sidebar. It is widget-based and you can plug in whatever widget you need like scanner, news, etc. Like how they have used real estate of the page.

  9. Provide support for most of the chart types like candlesticks, Heiken Ashi, Line, etc. They have also provided support for Raindrop charts that combines price with volume and shows in a single bar.

  10. Customer service is at your fingertips. They are available in normal hours and respond promptly to any technical questions you might have on the platform

So far, I have listed what I like. Some features could be improved in the platform

  1. Fibonacci - When I draw the Fibonacci retracement, the chart is not so clear and we may not see the price points at each retracement. Maybe, there is a better way to display it.

  2. Indicators - I like the way indicators can be configured. However, when we display the indicators on the chart like Ichimoku, the chart gets crowded. Most of the time, I collapse the indicators and watch them visually.

  3. Overall, MTFA is awesome. One can see the charts of a single symbol in the time frames chosen. I would like to always have an eye on $SPY and $VIX to get the pulse of the market before entering a trade. It seems not possible today to have different symbols in charts setup.

  4. Some indicators like Andrew pitchfork, Gann Fans, On Balance Volume are not available yet.

  5. Would love to see patterns such as Head and shoulders, Inverted Head and shoulders, Cup and handle automatically identified in the chart.

Overall, I like the tool and they have come a long way in a short period. And I am sure, in the future, charts will become more crisp and clear with more support for indicators.

If you like this post, you might also want to know which stage of a technical trader you are in ? Also, did you know that Breakout trading strategy is one strategy that can be used for trading cryptos, stocks, options and other derivatives and gives you the best risk reward ratio (RRR) for the trades placed.

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