As a trader, you may have all the textbook knowledge you need but if you’re unable to find setups in real-time, you’ll never profit. Stock screeners and scanners are how savvy traders identify setups.
And today, we’d like to compare two highly popular ones. We’re talking about Trade Ideas vs Trendspider.
The two are quite popular out there plus they are known for their unique abilities to use artificial intelligence to automate most tasks. But which one of them provides the best value for money? It’s time to find out.
Trade Ideas Overview
This is an advanced stocks scanning software that has been growing in popularity for the better part of this decade. It boasts advanced scanning tools along with cutting-edge artificial intelligence. And recently, they completed their integration with Interactive Brokers making it possible to fully automate trading.
Just like Trade-Ideas, TrendSpider is a platform designed to take advantage of the advances made in technology. Of course, the idea behind this innovation is to simplify how we analyze stocks. We absolutely love the charting tools provided by TrendSpider and the fact that they do send out alerts via email, SMS, and app notifications.
Similarities Between These Two
The biggest similarity between these two platforms is that they’re both awesome. If we focus on the specifics, the following are the key features shared across the board.
Both platforms are designed with the busy trader (with a job to keep) in mind. They provide you with automated alerts that you can set up based on your unique criteria. Plus, Trade Ideas provides you with fully automated trading thanks to its integration with Interactive Brokers.
TrendSpider, on the other hand, provides you with the power of automated charts. Plus, there’s also a wide range of cloud-based features provided giving you the power to control things even while you’re on the move.
So, indeed, these two platforms are all about making life easier for day traders.
2. Alerts Services
As a trader, you’re confronted with tons of data at any given time. So, how do you choose between the many different stocks available? How do you ensure that you react to stocks news updates before everyone else in the market catches up?
This is where trade alerts come in. And we’re glad to confirm that both Trade Ideas and Trendspider provide you with timely alerts sent via email, SMS, and in-app notifications.
And the best part is that you can configure the alerts without having to write a single line of code.
3. Backtesting Functionality
Backtesting gives you a chance to simulate your trading strategy without risking real cash. You simply simulate using historical data.
Both TI and TrendSpider provide you with this functionality. TI particularly provides you with the OddsMaker backtesting module which is an event-based tool.
Likewise, TrendSpider provides you with a strategy tester that enables you to tap into 20+ years of historical data.
And the best part is that in both cases, you won’t need to write a single line of code to be able to do this.
4. Free Trial
Stock screeners don’t come cheap. So, it makes sense to insist on getting a free trial before splurging. And the good news is that these two platforms have free trial windows available.
Trade-Ideas’s trial enables you to keep track of real-time streaming trade ideas, although this stream is delayed by 20 minutes. This is an unlimited trial period that also comes with free in-house training.
TrendSpider, on the other hand, provides you with a trial that’s limited to the 7 first days after signing up. One thing we absolutely love about this trial is that it gives you access to all the basic features of the system without you having to commit any cash.
Trade Ideas vs TrendSpider – The Differences
These two screeners may have a lot in common but they certainly aren’t Siamese twins. They are fierce rivals meaning if you look closely enough you’re bound to notice a couple of differences setting them apart.
1. Broker Integration
The amount of time spent between receiving trading alerts and executing the actual trade can be the difference between success and failure. And that’s why autotrading is so important.
Unfortunately, there’s no way you can auto-trade unless your stock screener is directly linked to your brokerage account.
So far, only Trade Ideas seems to have addressed this issue through their recent integration with Interactive Brokers.
TrendSpider doesn’t offer you that flexibility and so far, there’s no word on whether this is something they’re considering providing for their clients any time soon.
If you like studying charts, drawing projections, and loading different indicators, TrendSpider provides you with a superior choice. In fact, the TrendSpider charts are browser-based means you can access them in real-time even when you’re away from your laptop.
The charts are highly advanced, easy to customize, and above all compatible with popular technical indicators.
The TI charts, on the other hand, are quite simple. It seems that the developers behind TI wanted to build simple charts meant to complement their powerful AI system.
Therefore, if you’re looking for a serious charting tool, we think TrendSpider provides a better deal.
3. Data Feeds
Trade Ideas primarily focuses on Stocks and Options. Therefore, if you’re looking for variety, TrendSpider provides you with lots more in data feeds. In addition to stocks and options, they feed you with forex, cryptocurrency, pinksheets, futures, and even indices.
If you’re laser-focused on stocks and options, go for Trade-Ideas. But if you’re yet to decide, TrendSpider provides you with more variety to experiment with.
The cheapest, entry-level tier for TrendSpider goes for $33 per month while their most advanced plan retails for $97. Those are good prices given the fact that you get good charting tools along with real-time alerts.
Trade-Ideas is the pricier one. Their entry-level package will set you back $118 and their premium tier goes for $228 per month.
When compared to TrendSpider, we think that you’d be better off going for the Master Package than the Standard Package on Trade-Ideas.
But overall, the kind of value provided by the Trade-Ideas Premium package is unbeatable.
So, while the standard tier of Trade-Ideas is overrated, the premium tier is to die for especially because it’s the one that provides you with the backtesting functionality along with auto-trading features.
Pros of Trade Ideas
- Autotrading features provided
- Awesome customer support
- High-quality ideas and alerts
- Easy to use
- Clean, simple charts
- It doesn’t come cheap
- The free trial provides delayed data
- Limited data feeds (stocks and options only)
Pros of Trend Spider
- Awesome charting tools
- Generous data feeds
- Easy to use
- Enables you to automate chart analysis
- Reasonably priced
- No broker integration
- They don’t provide a live trading room
- Lacks auto-trading features
As we had said earlier, these two are superb scanners. We think that TrendSpider is a great tool if you’re a hands-on trader. That is if you don’t mind spending most of your time analyzing charts and switching from one indicator to the next.
But if you’re tired of all that and are looking for a scanner that does all the heavy lifting for you, we highly recommend trying Trade Ideas instead. It’s a highly advanced platform that uses the latest technology to provide you with intel that’s second to none.