What is Autochartist? and How to Use It
Reading time: 8 minutes
Forex trading (or FX trading) always involves some form of analysis. It is no secret that technical analysis is one of the most popular ways of analysing the Forex market. In order to get the most from technical analysis, one should utilise various tools. Autochartist is one of the world's most advanced tools that aims to supply the automatic identification of both chart and Fibonacci patterns.
Additionally, its technology enables users to monitor thousands of Forex financial instruments, 24 hours a day automatically, exposing trading opportunities as soon as they occur. To put it more generally, this tool specialises in providing technical analysis to individual brokers, companies, and other financial institutions.
This tool also has a trial version available before you commit to purchasing, so you have access to a free Autochartist. With it you can filter different trading opportunities by judging their probability of success. You may set a minimum prospect between 60-80%, and can obtain signals which have been historically proven to have a probability of success in line with the percentage you have specified.
Furthermore, you are able to take advantage of the useful Autochartist PowerStats, and discover the anticipated price ranges of your chosen currency pairs down to the hour. This feature provides FX traders with significant statistical information about the instruments they trade. It also assists them with setting take-profit levels and stop-losses, and also provides a good assessment of volatility and risk.
Beside all these characteristics, this tool integrates smoothly with the MetaTrader 4 (MT4) platform, which grants you an opportunity to determine potential trade possibilities and act instantly on them.
Autochartist: What Does it Contain?
As you can see, this handy tool may serve as an outstanding supplement to your technical analysis activity. However, prior to reviewing all important elements and features of this tool, we will briefly address its benefits:
- Scanning within the trading day: this tool scans the markets and presents you potential trade possibilities exactly when they come to light.
- Using Forecast Zones: they allow you to acquire a visual impression of the concrete direction of the trend that emerges, so that you may take your positions correspondingly.
- You can now save a lot of time: it won't be necessary to learn to identify complex chart patterns and key levels. The Forex Autochartist scans through colossal amounts of market data, and automatically defines emerging patterns, as well as key levels for you.
- FX trading alerts: the tool delivers visual and audio alerts for appearing trade opportunities that include: key levels, chart patterns, and Fibonacci patterns. All opportunities are visible on screen, whether they are approaches, breakouts or emerging.
- Greatly customisable searches: you may identify your search criteria in order to filter out undesirable data, leaving only information that is most relevant to your own Forex trading style.
- Launch Autochartist MT4: you can drag and drop the tool's web indicator directly onto your trading platform and then launch the application automatically in a new window with no necessity to sign-in again.
All characteristics of the tool can now be delivered to MT4 via a custom plugin which takes 30 seconds to be installed. This includes Fibonacci, chart patterns and PowerStats. FX traders can now, without additional effort, launch the web-based version of this tool from within MetaTrader 4. You no longer need to sign on again. Potential broker partners are also no longer required to distribute any technical resources to have the tool as an offering to their account holders.
This approach of delivering signals from the tool is particularly appealing to FX traders who frequently use MetaTrader.
FX Autochartist Chart Patterns
This technical tool covers Forex, futures, CFDs, equities, and spread betting markets, automatically determining technical chart pattern formations like wedges, bottoms, triangles, and tops. All users are warned by visual and audio alerts when they are completed and emerging patterns have been defined. So called pre-dawn charts are easily comprehended, as support and resistance levels are clearly illustrated.
Being a very flexible tool, chart patterns provide beginner traders the opportunity to assimilate technical analysis into their trading plans, whilst still offering seasoned FX traders solid scanning functionality. It saves them a lot of time and highlights potentially lucrative trade opportunities, which a trader may miss otherwise.
Autochartist Fibonacci Patterns and Key Levels
The Autochartist plugin can easily define Fibonacci patterns automatically, and it can therefore visually illustrate certain levels at which either support or resistance is anticipated, according to the Golden Ratio theory. Levels like that can play an instrumental role in setting up stop-loss levels and identifying trading objectives.
Just from straightforward different extensions, ABCD patterns and retracements to more sophisticated setups, such as Butterfly and Gartley formations, this technical tool possesses the capability of indicating patterns that are forming. This highlights to Fibonacci FX traders where they need to concentrate their attention for the following trade possibilities.
Key levels refer to the technical analysis of both horizontal support and resistance levels. Forex traders are informed when a particular price either approaches or breaks through significant key levels, which have been automatically defined by the tool.
As for the PowerStats toolkit, it provides Forex traders with information about the moves of relevant FX instruments. This can be helpful while formulating new trading plans, or just refining and re-evaluating existing strategies.
Let's take a look at what PowerStats actually offers:
- The average movement of pips in particular time-frames
- The possibility for either upside or downside momentum (based on history)
- Maximum anticipated price moves (i.e. statistical highs and statistical lows) across diverse time-frames
- Anticipated price moves over the weekday and even hourly time-frames
Being a substantial feature of the tool, together with Fibonacci and chart patterns, PowerStats assists traders to set both stop-loss and take-profit levels. Moreover, it may also help traders to notice risk and choose appropriate trading instruments.
The Reports of the Market
Concerning market reports in Forex Autochartist, they are automatically produced by utilising trusted pattern recognition engines. If we compare them to technical analysis reports made by human analysts, we can surmise that they are delivered at a fraction of the cost.
This allows FX brokers to supply timely reports (with an additional option of white-labeling) either via web or email, in a huge variety of languages. All the markets and instruments that are covered in the reports can be predetermined to make the content relevant to a certain audience.
That isn't all. Money managers also profit from market reports, by revealing to their customers that they are actually preserving focus on in the intraday events of the markets.
Let us summarise:
- Provided at predetermined times and in frequent intervals
- Fully customisable for particular markets or instruments
- A diversity of languages available
- They can be white-labelled
- Delivery is made via email or web
Analysis of Event Impact
In addition to the aforementioned features, Autochartist MT4 has developed a partnership with 'Econoday' to present clients a brand-new and innovative tool, which is known as the 'Event Impact Analysis'. This tool is a simple to read visual report that demonstrates the impact that moving events have had on FX markets.
Additionally, this tool grants Forex traders a succinct visual account of the impact that economic events have had on certain currency pairs. This tool is now fully available via the Econoday website. The obvious benefit of being able to filter information by country and currency pairs is that it enables the FX trader to trade with better confidence when they are considering economic events.
This tool is regularly discussed on the internet. It is of high quality and offers a lot of useful functions. There is an opportunity to use Autochartist free with a fortnight trial period if you sign up on the tool's website. After the free period, this tool has a fixed price depending on the subscription term.
It has the potential to serve you especially well if you are involved in technical analysis on a daily basis. This technical analysis tool is fully suitable for beginners - you do not need to be familiar with various chart patterns to successfully use the tool. Traders simply need to wait for trading alerts from the dashboard.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.