Last week I played with different settings on TrendSpiders Alerts feature which is pretty cool, once you’re getting used to it. It sure lags some other nifty features from TradingView but 2 cool features that I found really helpful are:
Sensitivity
You can setup a range around a trendline or other indicators when the alert fires and the price has not to be exactly break through or touch the indicator. The slider adjusts a blueish area around the indicator on the chart so you can see exactly what happens.
This also helped last week to prepare for a trade just before the price broke through a specific horizontal ray, but since trading #TheStrat you still have to wait for the price to really gets to the trigger and not before.
Confirmation candles
Tested the confirmation candles with different settings last week and I think the 5-15min confirmation area works best so far. Sadly the 5min one can’t be selected on the Daily timeframe, you’ve to go down to the 4hour or 1hour timeframe to set it up there.
In the past I had always some alerts that got triggered because of gaps or short spikes of the price right at open. On TradingView there is no such setting and the alert fired, just to fail 1min later because price normalized.
Last week I configured some alerts on both platforms to get a feeling if it could help stop triggering such false positives. And indeed, the 10-15min confirmation candles helped and didn’t trigger on some setups, while on TradingView they got fired and instantly failed.
The downside to this, is of course that if an alert fires immediately and works in your direction, then you miss out the initial entry and can only get into the play a bit later. If it then failed as well, it would also fail on TradingViews fired alert. It is what it is and not all setups are correct. But therefore set tight stops on the entries to prevent bigger losses.
TrendSpider has some more information in there knowledge base as well.
Missing features
I noted some missing nifty features for alerts on TradingView above e.g.:
- Full editing of an alert after it fired is not possible, for re-using that alert
- Attaching an alert to e.g. an horizontal ray and then move that ray later to another candle is not possible. You’ve to delete the alert and re-create it.
- Text-Input for Alert Name and Alert Notes could be a bit bigger area for longer texts (JSON)
I find those are pretty basic features and I don’t know why these features are not there, once you used them on TradingView it’s hard to not have them on TrendSpider.