TrendSpider is part of the expanding realm of automated charting software that uses advanced algorithms to eliminate the grunt work and guesswork from technical analysis. It swiftly applies classical technical analysis techniques to any securities within its extensive data sets and offers a range of automated alerts for resistance levels, breakout points, and more, as chosen by the user. As with any automated charting software, its adoption depends on the trader’s preference for manual versus automated analysis. However, for those who value automated charting, TrendSpider stands out as a leading platform.
TrendSpider is competitively priced, offering both standard and elite packages, and provides a free, no-commitment 7-day trial, extendable if needed. Let’s explore what TrendSpider can offer your day trading to determine if it is the right choice for you.
Strengths
High-quality automated charting software
Extensive data sets across widely traded assets
Useful alert system tied to most technical indicators
Good technical support
Reasonable prices and a free trial period
What Is Automated Charting Software?
Automated charting software is a new retail trading product leveraging computing power and sophisticated programming. It automates the process of technical analysis, eliminating the need for traders to manually draw trendlines and identify resistance levels. This software ensures consistency and reliability in applying technical indicators, a significant advantage over manual analysis. However, some traders view technical analysis as more art than science and prefer manual methods based on their experience.
TrendSpider’s Automated Charting
TrendSpider excels in automated charting. Its standout feature is the automatic generation of seven set time periods with all relevant technical indicators for each selected price chart. This allows traders to compare multiple charts and choose the best one for their analysis. The software intuitively generates all key technical indicators, such as trend lines, resistance levels, and breakout points, presenting them in a chart that even experienced traders would find challenging to replicate.
TrendSpider also shines with its robust alert system tied to technical indicators. Users can receive alerts for key support levels, price breakouts, and more, making it a likely feature for future charting software.
Available Markets
TrendSpider offers an impressive range of markets, covering major equity indices, forex, futures, OTC markets, ETFs, and cryptos. However, the wider range is available only to ELITE plan subscribers, with PRO plan subscribers limited to stocks, ETFs, and cryptos. ELITE subscribers also gain access to pre-market and after-hours data.
Final Thoughts
While we cannot determine if automated charting software is right for your trading needs, if you decide it is, TrendSpider is among the best options available. It offers state-of-the-art automated charting, leading alert tools, broad data sets, and competitive pricing. However, the lack of additional education and community resources may be a drawback, particularly for new traders. Therefore, new traders using TrendSpider should consider supplementing it with additional online trading resources for learning and community support.
Yorumlar