As if trading was not confusing enough, another dilemma presents itself when it comes to settling for the best platform through which you can conduct your research. Any serious trader would go for a software program that would take their game to the next level, right?
This article will be looking at TradingView and Trendspider, which we consider to be in the leading pack of charting and scanning tools in the game. To enable you to decide which one is the best for you, we will look at both platforms’ aspects, including the similarities and differences.
So, let’s make a thorough comparison of the two programs so that you can have a clearer understanding of what they are about.
A Brief Overview of TradingView and Trendspider
TradingView has been in the game for longer and was founded in 2011. We could attribute its rapid expansion to the platform’s tools and social network, which are freely available. What other evidence do you need for this platform’s popularity than the over one million active users every month?
Further, TradingView’s charts and commentary are integrated into several leading brokerage platforms to add to the software’s convenience.
As for Trendspider, we could refer to it as TradingView’s younger brother. For one, it is a relatively new entrant that was launched in 2018. The platform is much smaller, and within a year of its inception, it has around 4,000 active users. However, we can applaud the developers since they are constantly bringing in new features to make the software program better equipped to match with the competitors.
Therefore, we can say that Trendspider is not that badly off in its quest to become the leading automated charting platform in the market.
As we mentioned at the beginning, there are a lot of similarities that we can draw from these two trading platforms. Let’s see what they are.
I) The Markets
First, both software programs provide data covering a wide range of markets, including NYSE, NASDAQ, and AMEX. Further, both programs also cover US stocks on the OTC markets, keeping in mind that TradingView is the only platform that deals with international exchanges.
If you want to get real-time data for exchanges across North America, Europe, and Africa, it will cost you a few dollars per exchange. However, delayed data from different exchanges will not cost you anything.
Another important point is that both TradingView and Trendspider both provide real-time data on cryptocurrencies, forex, and commodity futures. However, unlike TradingView, Trendspider does not deal with the bond market.
The next aspect of talking about is the technical charts that both platforms offer. You will find highly-advanced charts with the major distinction in the charting coming in Trendspider’s automation features in both cases.
Also, you will find ‘raindrop charts’ in Trendspider, which is a style that allows you to construct charts using high, low, left VWAP, and right VWAP to put the trading volume in focus. Further, it does not use open or close prices.
However, everything else is pretty much the same, from the charting styles to the drawing tools.
We were impressed with the scanners that these two platforms have, and we believe that they are the best when it comes to scanning the various markets that the software programs cover. The highly visual nature of both scanners allows you to mix and match the technical indicators. In the end, you won’t have to encounter coding, which often leads to complications ahead.
A closer look at both scanners tells you that TradingView’s screener offers more screening stock parameters and is based on basic financial data. As for Trendspider, its scanner allows you to run multiple scans simultaneously.
Both platforms feature a module that enables you to backtest a trading strategy, and this is a vital step in enabling you to come up with your set of indicators and alerts. With TradingView, you get up to 15 years of historical data while Trendspider offers you 20 years of the same.
The last similarity to talk about is the alerts, which offer flexibility similar to the scanners. You can use multiple indicators to create custom alert parameters, just how you want them.
When you compare the alerts in both platforms, you find that those in Trendspider are based on chart patterns and can be algorithmically determined support lines. We can attribute this to the automation features that the software possesses.
This implies that it has more flexibility as compared to TradingView, with its suitability for you fully dependent on your trading strategy.
Now that we have seen what similarities exist between these two software programs let’s now discuss what sets them apart to make them competitors.
I) Custom Indicators
We shall start with the indicators whereby TradingView has a broader range of indicators in comparison to Trendspider. The platform features numerous technical studies, and you can get numerous more when you search through indicator posts made by other traders.
There is a coding language by the name Pine Script which would enable you to build your own studies out of nothing or create complex trading signals. With the Pine Script editor, you can open any user-generated or premade indicator that exists on the platform, plus they can be fully customized.
Let’s now look at Trendspider, which also features numerous technical indicators, including those you find in TradingView. These technical indicators have modifiable parameters, plus you could also create trading signals that can combine different studies.
The only thing is that you will have to do without access to the underlying code in Trendspider that would have allowed for more customization.
II) The Trading Community
One area that TradingView outdoes its competitor is the social aspect. A glance at the platform would make you feel like you are looking at Twitter, whereby you can make various posts regarding trading ideas, technical indicators, charts, and other similar aspects and share it with the community of traders.
You can make great use of the social side of TradingView, whereby you can pick up new trading ideas daily. Even better is that the platform is highly organized, with the posts being categorized as either being indicators or ideas. Further, the posts are also grouped as per the market or indicator category.
So, if there is a particular post you are interested in, you will have an easy time searching for it without getting mixed up in other irrelevant posts.
Unfortunately, there’s nothing worth writing home about as far as the social networking aspects of Trendspider are concerned.
Here is one area where Trendspider has the edge over TradingView. You find that the chart-based automation features go a step further and do the drawing on the charts for you. For instance, the program can make use of AI to pick out potential areas of resistance and support on a chart.
You will appreciate the automated analysis the moment you start creating screeners and alerts. For instance, it becomes possible to screen for stocks with a certain candlestick pattern or create an alert trigger when a certain stock meets a certain threshold.
Therefore, it becomes possible to pick out opportunities that you wouldn’t have with other trading software programs.
IV) The Pricing
In general, it would cost you less to acquire TradingView than Trendspider. The only thing is that the former’s payment plans are somewhat confusing for many individuals. It is not very clear the number of indicators you can access in each plan, and so it would be prudent to review each plan keenly before going for it.
The basic plan of TradingView is not that limited, and you will still get access to community posts and the scanner. However, you should be prepared to miss out on advanced features such as the customization of the indicators.
The paid plans start at the Pro plan, which costs $155.40 annually and is followed by the Pro+, whereby you will have to part with $299.40 per year. The highest plan is the premium package, which would require you to part with $599.40 per year. As expected, there is a variation across the plans on the alerts you can set up, the number of indicators you can overlay on a chart, etc.
For Trendspider, the lowest plan is the premium plan, and it starts at $396 per year. As you would expect, it is limited and lacks certain features such as backtesting or complex alerts. Next up is the Elite plan, which costs $684 per year, and the highest one is the Master subscription, which costs $1164 annually.
Which one is better?
The option that would serve you best all depends on your approach to trading. If your style rests on chart patterns and other visual analysis features, Trendspider would be the best choice for you.
On the other hand, if technical analysis is what you rely on plus you want the freedom to create your own complex indicators, TradingView would be a reasonable choice. Further, it would also allow you to trade in international stocks and bonds, which you can’t do with Trendspider.
Whichever option you go for, the chances of going wrong are very slim.
Even though there are minor differences between TradingView and Trendspider, both are amazing programs that any experienced trader could gain a lot from. Before choosing one over the other, it is important to know what you are looking for in a trading software program so that you do not end up regretting your decision.
All in all, both of these platforms do a good job when it comes to advanced technical analysis.