thinkorswim by TD Ameritrade recently decided to drop ProphetCharts from its trading platform.
Since its introduction in 2004, Tim Knight’s ProphetCharts has become the de facto charting solution for millions of active traders both independently and after TD Ameritrade’s acquisition. The real testament to its greatness is the fact that there have been no real improvements over the past decade, but it was still the go-to solution for any trader that was serious about technical analysis.
There are many different charting alternatives out there, including TeleChart, Metastock and StockCharts. The problem is that some of these platforms haven’t been updated in years, while others have limitations that make them less than ideal for active traders. There are very few actively maintained and cutting-edge charting platforms available to technical traders.
If you’re looking for a good alternative may want to try out TrendSpider — a platform that we designed for the future of trading. In addition to beautiful charts, automated technical analysis, instant backtesting, game-changing alerts and all of the conventional charting features, we’re pioneering new forms of technical analysis that could provide even greater insights.
For example, we recently launched Raindrop Charts that take candlesticks to the next level by combining price and volume to better analyze market sentiment. By abstracting away arbitrary concepts like open and close prices, traders can focus on the prices that really matter — the ones where the most volume is taking place. These innovations could help traders level up their skills.
Example of a Raindrop Price Chart
TrendSpider also has many other unique features:
- Automated Technical Analysis – Automatically draw trend lines and Fibonacci levels, as well as detect breakouts, candlestick patterns, support and resistance and countless other forms of technical analysis.
- Multiple Timeframe Analysis – View trend lines and technical indicators across multiple time frames to ‘see the forest through the trees’. You’ll never need to open multiple charts just to see different trends.
- Real-time Alerts for Technicals – Setup real-time alerts for technical analysis events with a few clicks. For example, you can setup an alert for a breakout on a trend line that you draw or create more complex alerts.
- Backtest Your Strategies – Instantly backtest technical strategies on individual stocks to see how it would have performed. This can help you fine-tune the exact settings to use for your technical indicators based on each stock.
- And Much More – We are constantly releasing new features for our subscribers, as well as innovative research into new technical analysis approaches.
TrendSpider Backtesting Example
Ready to give it a try?
Sign up for a free trial to see how TrendSpider can revolutionize your trading.
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