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Trading With Autochartist - How To Succeed
One of the factors of successful market trading is analytics. A correct analysis of fundamental and technical factors increases the chances of making regular profits. With fundamental analysis, in our opinion, things are easier. There are news portals, there is a calendar of economic events. News came out, and based on its results, you open a deal. The situation is different with technical analysis. Here on the chart you need to see the levels, market structure, take into account the parameters of volatility and overbought / oversold levels, as well as a dozen other aspects. Even a professional trader can get confused here.
It is good that progress does not stand still, and advanced technologies come to the aid of traders, programs that have made a real revolution in analytics.
This article will focus on the analysis tool Autochartist. It is a universal analytical assistant with great capabilities available to any trader.
Why do you need an Autochartist?
АAutochartist is an innovative indicator that recognizes opportunities to make a profit.
Here's what this program does:
- Identifies support and resistance levels.
- Finds Price Action patterns on charts.
- Calculates volatility and also estimates the level of risks.
- Recognizes Fibonacci levels.
- Analyzes the results for the last 6 months.
- Sends an overview of the current market situation to email.
With this program, the market is under continuous monitoring, and all interesting patterns will be shown to it at the initial stage of their formation. This opportunity allows you to get a trading advantage, namely: knowing the pattern in advance, a trader can quickly make a decision and enter the market at a favorable price.
In addition, Autochartist makes a volatility forecast, which can be for 1 day, for 4 hours, for 1 hour, half an hour and 15 minutes. With such data at hand, a trader can choose the most appropriate trading instrument for a given period and change stop loss levels.
How to download and install Autochartist for free
Installing Autochartist is easy. If earlier, to start using the program, you had to go to the website of its developer, now, to get access to it, you only need to register with a broker, for example, with AMarkets. Let's consider how to access the indicator using this particular broker as an example.
So, register with AMarkets, then go to your “Personal Account”. In the menu on the left, select “Services” - “Trading signals”. You will then be taken to a page where you will click “Login to Autochartist”. Then the system will send you directly to the indicator, and you can immediately start using it.
Trading patterns in AutoChartist
The indicator can easily find the chart patterns. For this, the program uses technical definition algorithms.
When opening a trade based on patterns, it is not always clear where stop-loss and take-profit should be placed, while the Autochartist marks the levels to which the quotes should reach. To improve the exit result, you should apply the volatility indicator, applying for this a zone where a strong resistance or support level appears on the chart on the corresponding time interval.
Trading Signals from Autochartist
After authorization in all versions of Autochartist, the trader will be able to access the analysis sections and the list of assets. It is necessary to select the parameters and the main window will display signals that are formed on the basis of built-in indicators and other helpers. In the description of the signal, the time of its detection, duration in candles and other parameters will be noted.
To use this signal in trading, you just need to open a buy or sell position. Each signal on Autochartist is supplemented with a screenshot showing the pattern and direction, where the quotes are expected to move in the near future.
Pros and cons of Autochartist
Autochartist has a number of advantages and disadvantages. Let's get acquainted with the pros first:
- Autochartist is used free of charge; a trader does not need to have any special knowledge to work with it.
- There is no need to waste time to manually find chart patterns. The autochartist will plot everything himself and report the detection of a pattern using an audio signal or send an e-mail message.
- The autochartist will provide signals even before the chart patterns are fully formed.
- With the help of statistical data, a trader can evaluate the effectiveness of signals and select the most suitable trading instruments.
- By adjusting the parameters using filters, you can experiment and select the graphic shapes that work best for you.
- There are many resources and video tutorials that can help you quickly learn the basics of Autochartist.
- The indicator can be used both in the MT4 terminal and as a web application in the browser. In addition, it can be combined with any mobile device.
The disadvantages of Autochartist include the following points:
- The indicator is more suitable for those traders who choose intraday trading and also use graphical analysis in their work.
- From time to time, free signals may be delayed. This is more often observed when important information is to be released and there is high volatility in the market.
- It will take time to understand all the nuances of the indicator.
- Some brokers charge a fee to use Autochartist signals.
It is important to remember that Autochartist is not a trading robot, it should be used as an additional trading tool with which you can find and build patterns. Therefore, all trading decisions regarding the opening of positions must be made by the trader himself, based on his trading system.
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