is a tool from which to begin acquaintance with graphical analysis. In a rapidly changing market, it is difficult to quickly see the emergence of a new figure, and being late is fraught with a loss. An auto-partyist, with the right settings, sees the formation of a pattern (pattern) at an early stage, after which it signals a possible entry into the market.
The program is adapted for MT4 – it can be downloaded for free on the Internet, but some brokers already offer this tool in advance in addition to platforms, for example, AMarkets). To work with Autochartist analytics, you need fast internet and flawless operation of broker servers, since the program works ahead of schedule by analyzing online quotes.
Autochartist – we make trading even more successful!
Autochartist (Autochartist) is an analytical tool for scanning the current market situation and identifying certain patterns on it. Autochartist functionality is relatively simple, but it can take anywhere from a few hours to a few days to become familiar with the program.
- Automatic recognition of graphic patterns: channels, reversal patterns, triangles, etc. The program eliminates the error due to the human factor – in practice, the construction of figures is ambiguous and a false signal can be taken for the formation of a figure by a trader;
- building support and resistance levels, Fibonacci levels on any timeframes;
- analysis of market volatility followed by an assessment of the risks of opening a position. The forecast on the level of volatility is done on several timeframes from 15 minutes to 24 hours. This feature helps to decide on the adjustment of stop loss and take profit, or, in principle, the advisability of trading on an asset;
- generating statistics reflecting the performance of open positions on signals generated by patterns over the past 6 months;
- Technical analysis of the market situation for the next 1-2 days.
The program scans the market all the time, determining patterns and levels in their embryonic state, the trader only needs to decide at what point to open a position, or look for confirmation of a signal. Autochartist features 6 indicators with up to 10 settings (parameters are selected manually on a demo account or basic settings are used), there is a browser version of the program.
- Volatile liquid currency pairs with a nascent trend. The program is ideal for a sideways trend that is ready to go from flat to active;
- strategies based on candlestick analysis and reversal patterns;
- scalping strategies.
The program is installed on the computer in the same way as the trading platform. When you first start you will need to configure the language and notification options. There are many instructions on how to work with the program on the Internet, but it will be clearer to watch the video with its practical use.
Autochartist is a useful tool for those who are just learning to recognize patterns and open positions in graphical analysis. It is recommended to use the program together with fundamental analysis and supporting indicators. On a demo and live account, the program may show different results (a feature of volatile markets). Therefore, after testing the program and selecting the settings, it is recommended to start working with a cent account.