CHICAGO, Feb. 3, 2020 /PRNewswire/ -- TrendSpider, a Chicago-based fintech focused on building automated, all-in-one dynamic technical analysis software for active traders, today announced the release of its ground-breaking Market Scanner technology.
The Market Scanner is intended to help active traders filter through the universe of symbols, or a specific watchlist, for securities that meet specific technical requirements. For example, traders can search for any U.S. stocks in the S&P 500 that have experienced a bullish engulfing on the five minute chart that also have a relative strength index (RSI) reading of less than 50 on the daily timeframe. They can then use TrendSpider's other functions to develop strategies, analyze patterns, compare timeframes, identify support and resistance zones, and create alerts.
"The best trading system in the world is useless without being able to find the right securities at the right times," says TrendSpider CEO Dan Ushman. "There are many screening tools out there, but most of them are very basic, supporting only the simplistic criteria on a single timeframe, and extremely complex, requiring advanced knowledge of programming in order to define criteria. Worse, none of the legacy solutions available today are integrated directly into a robust charting, backtesting and alerting platform like TrendSpider. Our Market Scanner bridges the gap by providing a way to find opportunities that any trader could put to work immediately."
The TrendSpider Market Scanner offers a number of interesting and unique distinctions compared to other scanning tools:
- Over 30 predefined scans for the common strategies, as well as TrendSpider's proprietary scans.
- Ability to scan multiple timeframes at once.
- Ability to define complex, logical and comparative conditions in a visual interface with no programming experience.
- Ability to convert a scan into a watchlist for quick reference.
- Ability to have multiple scanners running at one time.
Combined with its other automated capabilities, TrendSpider is the only platform that gives traders everything they need to scale their analysis so they can cover more ground, find better setups, and more accurately time trades.
"We designed TrendSpider to be both easy-to-use for novice traders and powerful enough for professional traders," added Ruslan Lagutin, CTO of TrendSpider. "The addition of the scanner makes the platform the most comprehensive option on the market for traders looking to automate their technical analysis and free themselves from cognitive biases that contribute to money-losing trades. You can easily filter opportunities and even see the results of multiple scans at the same time on the same screen."
In addition to scanning, the TrendSpider platform includes several powerful features that are not found in any other trading system:
- Automatic trendline detection
- Automatic Fibonacci measurements
- Candlestick pattern recognition
- S/R heatmap visualization
- Breakout detection
- Price gap detection
- Multiple timeframe analysis
- Backtesting capabilities
- And much more…
TrendSpider supports real-time data for a wide range of securities, including all U.S. equities and ETFs, over 6,500 cryptocurrency pairs, and over 900 forex pairs.
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TrendSpider is the world's first fully automated, all-in-one dynamic chart technical analysis software for active traders, market technicians and analysts. After two years of development, TrendSpider launched its platform in March 2018 and has attracted over 4,000 active traders.
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SOURCE TrendSpider LLC