TrendSpider’s mission is to make the process of technical trading more intuitive, efficient, and less painful for traders. One of the ways we are doing that is through the all-new Market Scanner, which is a game-changing technical scanner that works on multiple timeframes (down to 1 minute) to search the market (like Google) for charts that fit specific technical criteria. We’re not tooting our own horn when we say there is nothing else even remotely like it on the market – there just isn’t. We’ve looked. Today we are announcing a new set of pre-made Market Scanner configurations designed to identify powerful chart setups for you. We’re calling these Spider Scans. Spider Scans are experimental — but high potential — scans with a large number of conditions complex conditions to search the market for potential reversals or breakouts. There are currently six configurations in this category, with more to be added down the road.
Here is a list of the brand new Spider Scan configurations currently available to you in TrendSpider. You can find them under the tag #spiderscan in the Market Scanner:
- Bull Divergence Reversal: A 9-candle TD down sequence with oversold RSI where the RSI has recently started to recover.
- Bull Candle Reversal: A 9-candle TD down sequence, offset by one, where there’s a bullish candlestick formation on the most recent candle in the sequence (including the current candle).
- Bullish Double Inside Breakout: Two inside candles followed by a candle that is breaking out of the high of the middle candle.
- Bearish Double Inside Breakout: Two inside candles followed by a candle that is breakdown down through the low of the middle candle.
- Triple Inside Consolidation: Three inside candles in a row.
- Bearish Overbought Breakdown: A TD up sequence with an RSI greater than 75 on the most recent candle along with a price that recently fell.
Please try them out and let us know what you think!