TrendSpider provides traders to customize and tune the automatic technical capabilities used while performing technical analysis. In this documentation, we will explore the customization options for the following:
- Auto Trendline
- Auto Fibonacci Sequence
- Heatmap (Preferences)
- Candlestick Pattern Recognition
Let’s get started 🚀
Use preference settings to control how automated trend lines appear on the chart by customizing the following four: Analysis Type, Drawing Input, Island Gaps, and Quality.
Access the preference setting by clicking on the vertical ellipsis (⋮) adjoining the Trend button from the top toolbar.
You can choose from the three different types of analysis, as summarized in the table below to change how the trend lines are built.
|Original||It is the most basic presentation and will show the least number of trend lines on the chart. These trend lines will focus primarily on longer-term trends while representing the least trend sensitivity.|
|Enhanced||Enhanced shows more trend lines than the Original setting, including both short- and long-term trends, and has the most trend sensitivity of the three options.|
|Standard||Standard is a mix between Original and Enhanced that represents the TrendSpider team’s preferred formulas, which may change from time to time.|
Note:By changing the analysis type of "Trends", you can also adjust the Auto Fibs.
You can choose from the two different types of Drawing Input, as summarized in the table below to change how the trend lines are drawn.
|Wick (H/L)||It will draw trend lines based on the absolute highs and lows for each period.|
|Body (O/C)||It will draw trend lines based on the opening and closing prices for each period.|
Islands (Gaps) lets you take gaps into account
|Respect||TrendSpider will not draw trend lines across gaps since the gap could indicate the start of a new trend.|
|Ignore||TrendSpider will ignore gaps in price and draw trend lines across them, connecting support and resistance.|
Quality lets you filter the automatically generated Trend Lines appearing on the chart.
|Most Relevant||Select this option from the dropdown list to filter out the irrelevant trend lines and display only the top one per cent trend lines on the chart.|
|More Lines||Select this option from the dropdown list to have a filtered but loose view where the maximum lines that might be relevant shall appear on the chart.|
|All (Unfiltered)||Select this option from the dropdown list to have all the lines generated on the chart as analyzed by the system, regardless of the relevance.|
Navigate to the customization settings of the auto trendline by following the directions as illustrated below:
This would allow you to customize and re-configure the Base Points, Lines, and Mathematical Formulas.
The base points help the TrendSpider by defining the rules for how it finds all the possible trendlines on the chart based on the distance between candle connection points. You can change these base point parameters and customize how many trendlines should be identified and plotted on the chart. The higher the numbers, the fewer the lines displayed. Note, that you can set base points by timeframe. There also are ATR variables in this section that are used for automated gap detection. You can control the window of ATR as well as the minimum multiple for a gap to be identified.
The numbers contained under the Lines section determine if the line will be dismissed or not where each number is a factor of the 14-period ATR for a specific resolution. Lines that are further away from price action than the ATR factors indicated here will be removed from the Most Relevant filter for auto trends. You can change these ATR settings and adjust the criteria for detecting price gaps. The larger the number, the more lines will be displayed.
TrendSpider makes it easy to customize the existing mathematical formulas that are used as a sorting algorithm for all possible automated trend lines, allowing traders to change the way the system identifies trend lines. Traders can also add their own mathematical values for TrendSpider to identify custom trend lines.
Please refer to the documentation on Custom Trend Line Detection & Scoring Formulas to explore several built-in variables and functions that you can use while writing the mathematical formulas.
Auto Fibonacci Sequence
Right-click the Auto Fib sequence on the chart and select Properties to manage and customize the Auto Fib.
You can customize the Auto Fib Properties for different components as summarized in the table illustrated below:
|Color||Use this option to change the color of the Fib levels.|
|Stroke||Use this option to increase or decrease the thickness of the Fib levels.|
|Trend||Check the Trend option to plot the automated trendline (dotted) alongside Fib levels on the chart. Uncheck to remove.|
|Prices||Check the Prices option to plot the prices (appear in closed brackets) of the existing symbol alongside the Fib levels. Uncheck to remove.|
|Levels||Check the Level option to display the Fibonacci retracement levels on the annotation. Uncheck to remove.|
|Reverse||Tick the Reverse option to plot the Reverse Fibonacci on the chart. Uncheck to remove.|
|Full Mid.||Tick the Full Mid. option to fill the area between two Fib lines (level 3 and level 5). Uncheck to remove.|
|Levels||Check or uncheck the levels you want to plot or remove from the Auto Fib annotation.|
|Text Align||Choose to align the text indicating the levels and price on the Auto Fib annotation to Top Left, Bottom Left, Top Right, or Bottom Right.|
You can select the type of heatmap you want to render on the chart. There are three types of heatmaps that help you to visualize support and resistance on the chart:
Please refer to the Heatmaps documentation to learn more about how the different types of heatmaps are generated on the chart.