TradingView vs. TrendSpider – Which Tool Should You Use?

TradingView vs. TrendSpider

Trying to take your buying and selling to the subsequent degree by superior technical evaluation and screeners? Then it’s price well-liked instruments like TradingView and TrendSpider. These two web-based platforms provide extremely succesful technical charts and an enormous vary of indicators.

TradingView lets you share concepts with hundreds of different merchants and develop your individual indicators utilizing an easy-to-learn coding language. TrendSpider takes a number of the work out of technical evaluation by automating widespread research like Fibonacci retracements and discovering chart patterns for you.

So, how do these two technical evaluation platforms stack up, and which is best for you? Let’s examine the 2 to search out out.

About TradingView and TrendSpider

TradingView launched in 2011. Thanks largely to the truth that most of the platform’s instruments and social community can be found free of charge, it expanded rapidly. The corporate now has greater than 50 million energetic customers and is the most-visited investing web site on-line. As well as, TradingView’s charts and commentary are built-in into many main brokerage platforms.

TrendSpider is a more moderen and far smaller platform. It launched in 2018 and has solely attracted round 4,000 customers. Nevertheless, the corporate has continued to launch new options since its launch and has positioned itself as some of the highly effective and user-friendly automated charting platforms available on the market.

TradingView vs. TrendSpider: Similarities

Though TradingView and TrendSpider take basically completely different approaches to technical evaluation, they’ve quite a bit in widespread.

Markets

Each TradingView and TrendSpider provide knowledge and charts for all kinds of markets. Each platforms cowl US shares (NYSE, NASDAQ, and AMEX exchanges, plus OTC markets), though solely TradingView covers worldwide exchanges. You will get delayed knowledge for greater than 50 exchanges throughout North America, Europe, Asia, and Africa free of charge, or buy real-time knowledge for only a few {dollars} per alternate.

Each platforms additionally provide real-time knowledge for foreign exchange, cryptocurrencies, US commodity futures, and main world indices. TradingView additionally covers the bond market, which TrendSpider doesn’t.

Scanners

It’s exhausting to heap sufficient reward onto the scanners that each TradingView and TrendSpider have created. They’re two of one of the best choices obtainable for scanning any of the markets these platforms cowl. Each scanners are extremely visible and allow you to combine and match technical indicators (that’s, apply indicators on indicators). So, you don’t have to take care of coding to create a fancy scan.

Notably, TradingView’s screener supplies considerably extra parameters for screening shares based mostly on elementary monetary knowledge. TrendSpider’s scanner provides you the choice to scan throughout a number of timeframes without delay in addition to to run a number of completely different scans concurrently.

Alerts

Every of those platforms affords glorious alert capabilities, and the alerts are nearly as versatile because the screeners. You possibly can create totally customized alert parameters utilizing a number of indicators. Importantly, TrendSpider’s alerts may be based mostly on chart patterns and algorithmically decided help/resistance traces due to the software program’s automation options. That provides extra flexibility in comparison with TradingView, though whether or not that is higher finally relies on your buying and selling technique.

Technical Charts

Charts are on the coronary heart of each TradingView and TrendSpider, and each platforms provide extremely superior and intuitive charts. The charting software program could be very completely different when you get into TrendSpider’s automation options, however on the face, they provide most of the identical drawing instruments, interval customization choices, and chart kinds.

TrendSpider contains so-called “raindrop charts,” that are comparatively distinctive. This chart fashion constructs bars utilizing a excessive, low, proper VWAP, and left VWAP to spotlight buying and selling quantity and doesn’t use open and shut costs. TradingView customers have developed an open-source script to create comparable raindrop charts in that platform, which highlights the potential of TradingView’s social community.

Backtesting

Each TradingView and TrendSpider embody a module for backtesting customized buying and selling methods. That’s enormously necessary contemplating that each of those platforms are designed that can assist you create your individual units of indicators and alerts. TradingView affords as much as 15 years of historic knowledge, whereas TrendSpider comes with 20 years of historic knowledge.

Buying and selling Bots

Each TradingView and TrendSpider help automated buying and selling utilizing bots. In TradingView, you may create a bot utilizing the script editor, which sends purchase and promote directions to your dealer or crypto alternate. There are various free and paid bots obtainable for TradingView – one other advantage of the platform’s social community and big consumer base.

In TrendSpider, you may create bots utilizing any of the platform’s indicators or automated technical analyses. The method is sort of the identical as for creating alerts. You possibly can combine with any platform that helps webhooks, so it’s attainable to ship orders to nearly any brokerage.

TradingView vs. TrendSpider: Variations

The shared options in TradingView and TrendSpider are glorious, however the two platforms put them to work in very alternative ways. 

Buying and selling Neighborhood

TradingView is finally a neighborhood of merchants, and this is among the platform’s nice strengths. The platform bears some resemblance to Twitter in that any member can put up buying and selling concepts, annotated charts, or new indicators to the entire neighborhood.

The social aspect of the platform could be very energetic, with a gradual stream of latest concepts each buying and selling day. Helpfully, posts are categorized by whether or not they’re concepts or indicators and are organized in keeping with the related market or indicator class. So, you may simply seek for posts which are related to your buying and selling fashion relatively than merely be inundated with different merchants’ posts.

TrendSpider doesn’t provide any comparable social networking options. 

Customized Technical Indicators

One other power of TradingView is in its breadth of indicators. The software program ships with lots of of premade technical research, and you could find hundreds extra by looking by indicator posts from different merchants.

TradingView makes use of Pine script, a reasonably intuitive coding language, to allow merchants to construct their very own research from scratch or to create extra advanced buying and selling alerts. Any premade or user-generated indicator on TradingView may be opened within the Pine script editor and totally personalized.

When you have an thought for a brand new indicator, it’s price trying to find it on TradingView earlier than you create it from scratch. There’s likelihood somebody has made one thing comparable, and you’ll modify the indicator’s Pine script to higher fit your buying and selling technique.

TrendSpider has lots of of technical research, together with most of the identical ones which are native to TradingView. A lot of the parameters for these indicators may be modified, and you’ll create buying and selling alerts that mix a number of research. Nevertheless, you gained’t get entry to the underlying code in TrendSpider to get into deeper customization.

Automated Technical Evaluation

The place TrendSpider excels is in its chart-based automation options. This platform doesn’t simply will let you draw on charts – it should draw on them for you. You possibly can, for instance, have TrendSpider robotically recommend Fibonacci retracements on a chart utilizing an AI-powered algorithm. Or the software program can use AI to establish potential areas of help and resistance on a chart. TrendSpider may even establish candlestick patterns. 

Having this automated evaluation is good for annotating a single chart, nevertheless it’s potential actually exhibits whenever you begin constructing screeners and alerts. You possibly can display for shares with a particular candlestick sample, for instance, or have an alert set off when a inventory breaks above its subsequent resistance line (you can too set a quantity threshold or one other indicator for this alert). This opens up methods to establish buying and selling alternatives that merely aren’t attainable with most different buying and selling platforms.

Different Inventory and Crypto Knowledge

One other distinctive factor that TrendSpider affords is different knowledge for shares and crypto. The platform affords a monetary information feed from Benzinga Professional, knowledge about insider buying and selling, evaluation of social media sentiment on Reddit, an uncommon choices circulation tracker, and extra. Most of this knowledge may be displayed as widgets alongside your charts and included into scans and alerts.

Aside from a information feed, none of this different knowledge is on the market in TradingView.

TradingView vs. TrendSpider: Pricing Choices

On the entire, TradingView is considerably cheaper than TrendSpider. Nevertheless, TradingView’s plans are extremely advanced, as they alter all the pieces from what number of indicators you may entry to what number of charts you may have on a single display. We gained’t dive into the entire particulars right here, so ensure to overview the plan choices fastidiously.

TradingView affords a free choice that’s surprisingly sturdy. You possibly can entry most neighborhood posts and the scanner, however you do lose out on superior indicator customization. You’ll discover that your choices for overlaying indicators on charts are considerably restricted.

Paid plans begin at $155.40 per yr and vary as much as $599.40 per yr. They range in what number of indicators you may overlay on a chart, what number of alerts you may arrange, whether or not you need to use indicators on indicators, and extra. Additionally, be aware that worldwide alternate knowledge prices further (costs range extensively).

TrendSpider begins at $384 per yr, though this plan limits you to every day candles for scanning, doesn’t allow you to arrange multi-indicator alerts, and doesn’t embody buying and selling bots. An Elite subscription prices $780 per yr and offers you second-interval scanning, advanced alerts, bots, and entry to different inventory and crypto knowledge. A Grasp subscription, for $1,620 per yr, extends the lifespan of your alerts and offers you extra outcomes per scan and extra buying and selling bots.

Which Service Is Higher?

TradingView and TrendSpider are each extraordinarily highly effective buying and selling platforms with an enormous vary of options to supply. On the finish of the day, it’s exhausting to go improper with both of those software program choices. 

Finally, which is best for you comes all the way down to the way you strategy buying and selling. In the event you rely totally on technical research and wish the choice to create your individual extremely advanced indicators, then TradingView is the higher choice. TradingView can be the higher choice if you wish to commerce worldwide shares or bonds, since TrendSpider doesn’t provide knowledge for these belongings.

In the event you depend on chart patterns and visible analyses like Fibonacci retracements, then TrendSpider is the higher service. Whereas TrendSpider is pricier, we predict the added price is affordable on condition that it’s one of many solely platforms that provides dependable AI-based chart annotation.

TradingView And TrendSpider Options

TradingView and TrendSpider are on the high of the market with regards to technical evaluation software program. Nevertheless, if you happen to’re in search of a less expensive different, it could be price contemplating Thinkorswim. This complete buying and selling platform is free with a TD Ameritrade brokerage account and contains real-time knowledge for US shares, bonds, futures, foreign exchange, and commodities. (Charles Schwab, which bought TD Ameritrade, plans to combine Thinkorswim for its current prospects later this yr.)

Thinkorswim simply matches most of TradingView’s charting and backtesting capabilities, and like TradingView, it provides customers entry to a code editor for creating customized technical research. Thinkorswim doesn’t have a baked-in neighborhood, however there’s a robust on-line neighborhood of customers who often put up code for brand new indicators. The draw back is that Thinkorswim isn’t practically as visually interesting, and the platform has a steeper studying curve to entry the identical options. Notably, Thinkorswim doesn’t replicate TrendSpider’s automated chart annotation options, which stay comparatively distinctive.

So, Thinkorswim may very well be a low-cost different for TradingView, however not for TrendSpider.

Conclusions For TradingView vs. TrendSpider

TradingView and TrendSpider are two of the highest platforms for superior technical evaluation. TradingView affords a social community and nearly limitless customization of indicators. TrendSpider integrates automated chart annotation with screeners and alerts to present merchants extra flexibility in recognizing alternatives. Each platforms cowl a variety of markets and include essential options like backtesting, so both can profit skilled merchants.