Advanced merchants depend on instruments like backtesting and scanning to develop fast-paced buying and selling methods and discover worthwhile setups. Two of the most well-liked platforms to assist merchants construct methods are Trade Ideas and TrendSpider.
Both buying and selling platforms use synthetic intelligence (AI) to seek out alternatives and pace up buying and selling selections. Both additionally provide highly effective instruments for technique testing, autotrading, and extra. However, the 2 providers are basically totally different—Trade Ideas is at the beginning a inventory scanner, whereas TrendSpider is primarily a charting platform.
In our Trade Ideas vs. TrendSpider comparability, we’ll take a better have a look at these two buying and selling platforms that will help you resolve which is best for you.
About Trade Ideas and TrendSpider
Trade Ideas was based in 2003. At the time, it was one of many solely real-time inventory scanners constructed for day merchants. The platform has continued to innovate, incorporating AI into its scans and constructing dozens of ready-made inventory screens that merchants can soar into in seconds. Trade Ideas is extensively fashionable amongst merchants, though the service does not reveal what number of customers it has.
TrendSpider launched in 2018. It stands out for utilizing machine studying algorithms to routinely plot trendlines, candlestick patterns, and different indicators on technical charts. Since launching, TrendSpider has added options for scanning, autotrading, backtesting, and extra. The service has greater than 10,000 customers.
Trade Ideas and TrendSpider share many central options. Both platforms allow you to design customized buying and selling methods and backtest them utilizing historic market knowledge. Both platforms additionally embrace inventory scanners and technical charts. Both platforms assist brokerage integrations and allow you to automate your buying and selling technique.
However, there are necessary variations in how these options work in observe between the 2 providers. Let’s take a better look.
Trade Ideas vs. TrendSpider: Markets
One necessary distinction between Trade Ideas and TrendSpider immediately is that they provide knowledge for various markets. Trade Ideas solely covers shares, whereas TrendSpider helps shares, foreign exchange, cryptocurrencies, and futures. So, you need to use TrendSpider to develop and backtest methods for foreign currency trading, whereas that is not doable in Trade Ideas.
Trade Ideas vs. TrendSpider: Strategy Development
Trade Ideas and TrendSpider each provide complete lists of technical parameters that will help you construct customized buying and selling methods.
In Trade Ideas, you may select from an inventory of parameters that embrace worth and quantity adjustments, technical indicator occasions, trendline crosses, and rather more to outline a technique. It’s pretty straightforward to decide on the parameters that matter to you and assign them as triggers within the context of your technique.
The course of for constructing a technique in TrendSpider is analogous, however barely extra versatile. TrendSpider allows you to group combos of parameters and logicals as “scripts,” which you’ll be able to then use as constructing blocks inside a buying and selling technique. You additionally get a wider vary of technique entry and exit controls for managing your danger. For instance, you may exit a commerce in TrendSpider in case your revenue is lower than a specific amount after a sure variety of candles has handed.
Another key benefit of TrendSpider is that there are a lot of parameters primarily based on the platform’s AI technical evaluation capabilities. We’ll cowl these in additional element under, however TrendSpider’s auto-analysis allows you to construct methods round, for instance, a inventory’s worth crossing a trendline or the formation of a particular candlestick sample.
Trade Ideas vs. TrendSpider: Strategy Backtesting
Both Trade Ideas and TrendSpider allow you to backtest your customized methods utilizing historic knowledge. Backtesting may be very quick in each platforms and a whole lot of the technique efficiency knowledge you get is analogous.
However, Trade Ideas stands out for its technique optimization view. You can see how delicate your profitability is to every parameter in your technique and shortly optimize your technique to attain most profitability. TrendSpider permits you to instantly evaluate profitability for 2 variations of your technique, but it surely does not provide an analogous sensitivity evaluation that will help you resolve which parameters to tweak. You need to experiment by trial and error.
One benefit TrendSpider has is which you could view your technique’s entry and exit factors on a technical chart. This makes it lots simpler to see what’s occurring and guarantee your technique works such as you count on it to. Trade Ideas does not offer you a strategy to visualize your technique in motion.
Trade Ideas vs. TrendSpider: Scanners
Trade Ideas is primarily a inventory scanner, so it excels at this goal. You can use any of your methods as scans and the platform is about up with the intention to monitor many scans directly. You may also arrange an alerts feed to inform you about new hits from a number of scans working within the background.
Trade Ideas additionally comes with dozens of built-in scans and dashboards, which it calls “channels.” The channels embrace ready-made layouts with scans, momentum visualizations, and extra for particular methods and market sectors.
Scanning seems like a secondary function in TrendSpider. The scanner is designed to function a sidebar subsequent to your technical charts and does not embrace color-coding or accompanying visualizations like in Trade Ideas. You may also solely run as much as six scanners directly. There are dozens of built-in scans, however they’re typically less complicated than those that Trade Ideas comes with.
Trade Ideas vs. TrendSpider: AI Features
Trade Ideas and TrendSpider each incorporate AI, however in very alternative ways.
Trade Ideas has an AI nicknamed “Holly” that scans the market every night time utilizing greater than 60 totally different buying and selling methods. It makes use of backtesting to determine probably the most worthwhile methods for the present market circumstances, then identifies a number of dozen commerce concepts primarily based on these methods. During the subsequent buying and selling day, these concepts are offered within the type of actionable commerce indicators full with entry, exit, and cease loss circumstances.
TrendSpider makes use of AI to routinely determine patterns on technical charts. You can routinely plot trendlines, Fibonacci retracements, candlestick patterns, and extra. Helpfully, you have got a good quantity of management over how delicate the algorithm is. You may also plot trendlines throughout a number of timeframes and think about all of them on a single chart.
TrendSpider’s automated sample recognition is available in particularly helpful when growing methods and scans. As an instance, you may construct a technique primarily based on a inventory’s worth crossing an routinely plotted trendline.
Trade Ideas vs. TrendSpider: Brokerage Integrations and Autotrading
Trade Ideas and TrendSpider each allow you to automate your technique to execute trades. Trade Ideas gives integrations with Interactive Brokers and TradeZero. TrendSpider has a sister software program, SignalStack, that you need to use to show your methods into bots and connect with most main brokers. SignalStack requires a separate subscription beginning at $27 per 30 days for 50 month-to-month executions.
Trade Ideas vs. TrendSpider: Pricing
Trade Ideas prices $84 per 30 days (paid yearly) for its scanning options. If you need AI-generated commerce indicators or brokerage integrations, you may have to buy a Premium subscription for $167 per 30 days.
TrendSpider begins at $20.80 per 30 days (paid yearly), however this limits you to scanning on each day timeframes and solely permits you to view as much as 25 scan outcomes. Most merchants will want the Elite plan, which prices $24.70 per 30 days.
Which Platform Is Better?
Trade Ideas and TrendSpider are each excellent platforms with a ton of options to supply merchants. Which is best comes right down to what you want in a buying and selling platform.
If you primarily need a inventory scanner, we advocate Trade Ideas. The pre-built scans are extraordinarily actionable and the platform is clearly constructed that will help you discover concepts throughout a number of methods in a fast-paced market surroundings.
Trade Ideas can also be an important choice if you need ready-to-trade concepts from the Holly AI algorithm. While entry to Holly is pricey, these commerce concepts might help you notice worthwhile alternatives past these you discover utilizing your personal customized methods.
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TrendSpider is the higher alternative for merchants who need an all-in-one charting platform, technique improvement software program, and scanner. The fundamental focus is on charting and technical evaluation slightly than scanning, though TrendSpider additionally does a wonderful job of serving to you construct and check customized methods.
TrendSpider is considerably cheaper than Trade Ideas, which is a significant plus for merchants who’ve restricted capital. Keep in thoughts that you’re going to have to pay for SignalStack as properly if you wish to automate your trades.
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Alternatives to Trade Ideas and TrendSpider
One of the perfect options to Trade Ideas and TrendSpider is TradingView, TradingView is an especially highly effective and customizable charting platform that additionally features a inventory scanner and technique backtesting software. It lacks the AI options of both Trade Ideas or TrendSpider, but it surely’s additionally less expensive—plans begin at solely $12.95 per 30 days.
Another choice to contemplate is scanz, previously often known as EquityFeed. This is a real-time inventory scanner constructed for merchants in the identical vein as Trade Ideas. It’s considerably simpler to make use of than Trade Ideas and gives a built-in information scanner in addition to Level 2 inventory knowledge. Scanz prices $169 per 30 days.
Conclusion: Trade Ideas vs. TrendSpider
Trade Ideas and TrendSpider are highly effective buying and selling platforms that leverage AI that will help you discover worthwhile alternatives out there. Trade Ideas is primarily centered on inventory scanning, whereas TrendSpider covers a wider vary of belongings and gives automated technical evaluation along with scanning.
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