Spider Trading Software Review - Technical Analysis & Intraday Trading Tool

Spider trading software is a Stock Market Technical Analysis Software developed by “Spider Software Pvt. Ltd. It is a Real-Time & End Of Day (EOD) Technical Analysis software that is made exclusively for Indian traders.

Spider Software is a tool that allows the users to have a better understanding of the market’s movement. It was launched in 2000. and since then it has over 10,000 satisfied customers that use the software on a daily basis.

The main goal of the software is to boost the accuracy of the traders and provide better & accurate chart patterns and forecasts that empower the users and provide them with an extra edge in the markets.

Some Softwares Features provided by Spider-

• Auto Trendline- Auto Trendline is a technical analysis tool that is useful for both “Trend Identification” & “Trend Confirmation”. This software will automatically draw accurate trendlines on the chart. It is also helpful to find Chart patterns such as Head & Shoulder patterns, etc.

• Gann Square of 9- Squares, Circles, and Triangles are the three most common geometric shapes that form the basis for most of Gann’s analysis. Calculating Gann levels manually is very time-consuming hence with this tool, the user can find out advanced Support & resistance zones easily with a few clicks.

• Group Analysis- Group analysis is a method that is used to scan the complete Exchange (NSE & BSE) to find the top losers & gainers at that particular point in time.

• Candlestick Scanner- candlestick patterns are the most important factor in Technical Analysis and with this software, one can find Candlestick patterns through the charts like Doji, Hammer, Dark Cloud, etc, in a few clicks.

• Delivery Volume Report- the Delivery Volume Report shows the percentage of the total volume in a Stock that was not squared off and carried forward on a delivery basis. This shows that investors and strong hands are showing interest in the particular script and are accumulating the script.

• Derivative Summary reports- This software offers you the summary of any particular script of Options & Futures contracts. It also provides the report of the Open Interest, Change in the Percentage of Option Greeks all in one single click. It also provides the Calender spread report at the end of each day.

• Futures Premium Report- This gives you a real-time Premium Discount report of Future contracts. When the Discount widens that depicts a Bearish mood of the markets and Increasing Premiums depict a Bullish mood.

Products of Spider-

Spider Trading Software claims to provide the best products for Technical analysis. They constantly work to upgrade the flaws and provide a better experience. They offer a trading platform that is well-equipped with advanced features and offers precise data predictions.

Their product lineup is mainly categorized into 2 parts-

1. Real-Time Softwares

2. End Of Day Softwares

In the first category which is Real-Time Softwares, there are a total of 5 products that they offer-

• Spider IRIS+ - Provides Real-Time analysis(Advanced Technical Indicators & Scanners) with Live NSE data in Futures, cash & F&O scripts.

• Spider IRIS- This Provides real-time NSE data (Auto TrendLine) to traders to analyze & Track particular scripts.

• Spider CTCL- Spider CTCL provides every trader with the power to automatically track important market movements and analyze the markets in Real-time. (Advance technical Tools)

• Spider NSEFX- This provides the power to automatically track the important market movement in the Current Markets in Real-time (Advance Tools & Studies).

• Spider IRIS CFX- This provides Live tracking of the MCX Future contracts, along with the market summary. (Advance technical Tools).

These were the 5 products that spider offers for Live market tracking or acquiring real-time data. It also offers 3 products that are for End Of Day (EOD) analysis. They are-

• Spider IRIS EOD- The Spider IRIS EOD provides End of Data along with F&O Intraday History and Backtesting(Auto Trendline).

• Spider ACE- Spider ACE is equipped with advanced charting & comprehensive tools for Multiple Exchanges (Auto Trendline)

• Spider ACE PRO- This software offers advanced charting and comprehensive technical tools. This is useful to make the right trading decisions and to win in today’s market. Spider ACE Pro has unique features to track the market and help you find the best opportunities in the market.

Review-

Spider Trading Software is a good option for those who are fairly new to intermediate level traders who want to get advanced level Technical Analysis tools to make their trading more accurate and profitable. Spider provides multiple software that provides a compilation of important data from different sources in Real-time as well as EOD (End Of Day). These data can be used to get a better understanding as well as the mood of the markets.

The positives of this Software are- It gives all the basic and advanced levels of technical analysis data that is useful for Option & Futures traders and also for trading in the Cash market. Spider provides software for all the segments such as F&O, Cash, MCX as well as currencies hence one cannot complain about the lack of segment in this software.

Now that we have covered the positives of the Software, let's discuss some of the downsides of Spider.

The main drawback of this software is Its Pricing. The price of its products is way too high for the value it offers. The lowest product in Spider is the Spider NseFX in the Real-Time Software segment which costs Rs 22,000 plus GST which makes it close to 26,000. and the highest-priced software is the Spider IRIS+ priced at Rs 55,000 + GST which makes it cost Rs 64900. At this price, an average trader will never purchase it. apart from this, one has to purchase the different segments, For example, Currency & MCS separately. Each Software for a particular software is sold separately. The effect of the high price tag is visible in its customer base. As it has only managed to get 10,000 clients in the last 12 years.

If Spider had priced its products a bit more reasonably then they would have offered a great Value for Money. But at this price it is “Fairly Overvalued”, talking in the Stock Market language.