The creators of the Autochartst service argue that traders may no longer spend time analyzing the schedule. All work will be taken over by the Autochartist, and the person will only have to choose from the offered options suitable. Today it will be understood whether to believe this claim.
Today we will sort it out step by step:
As the avtochartist works;
Possibilities of the avtochartist;
Plugin for MetaTrader4 terminal;
How to adjust an avtochartist.
At the same time, the autochartist is provided absolutely free of charge, as this service works with many brokers. Therefore, if you have an account with one of such brokers, you can use an autotartist absolutely free of charge.
Without a qualitative analytical approach, trading can hardly succeed. If you analyze everything manually, it takes a huge amount of time. Yes, the rapid development of computer equipment and software has significantly simplified the tasks of technical analysis, but it is unlikely that the "human" approach will be completely removed. It is best to synthesize these variants.
It is time to consider Autochartist indicator kit for Metatrader 4 and how to use Autochartist is a versatile trading tool for market analysis that has become available to everyone. The article will discuss the advantages and disadvantages of the Forex indicator, ways of its application in the МТ4 and on the web-platform.
What is the Autochartist capable of?
This is an innovative indicator that recognizes profit opportunities. It is provided as software by certain brokers, such as " myforex " and "Alpari."
Possibilities of the Autochartist indicator:
Identify levels of support and resistance.
Identify Price Action patterns on graphs.
Volatility calculation, including risk assessment, is carried out.
Identification of levels of Fibonacci.
Analysis of the results for the last six months - you will be able to see which patterns worked best.
Send an overview of the current market situation to email.
Monitoring of the market situation takes place continuously, and all interesting patterns, whether Fibonacci or any other graphic figures of technical analysis, will be revealed at the very initial stage of formation. Such an opportunity gives the most important advantage: knowing about the figure in advance, you will be able to make a timely decision to enter the deal.
The volatility forecast is also offered both for 1 day ahead and for 4 hours, 1 hour, 30 and 15 minutes. And with volatility data, you will be able to choose the right tool for weekly trading system at the moment and adjust the levels of stop loss and teak profit.
How to establish Autochartist?
After downloading and running the installation file, you will be prompted to choose Russian. Once you have confirmed your selection, the Continue Installation window appears. Then everything goes according to a rather standard scheme. By choosing a terminal to install the Autochartist, if you have multiple terminals, of course, give preference to the broker who gave you the indicator. Once the installation is complete, the indicator files can be found in the terminal folder.
When you run the Autochartist Web Application for the first time, you will be prompted to configure some application settings: language, time, belt, notification settings.
Using the Display Capabilities in the Terminal
To connect the indicator to the diagram, clamp the LMB on the title in the left column and drag directly to the diagram. Do not forget to enable permission to use .dlls because the indicator requests information from its site.
In general, the indicator consists of 6 components that need to be set up:
Chat Patterns. Allows to make settings of information displayed in the panel, levels in graphs, filter settings. Filters are similar to those applied in the web application. Displays graphic shapes and gives them a rating.
Fibonacci Patterns. Allows you to immediately discard those Fibonacci figures whose truth is questionable.
Key Levels. Displays support and resistance lines.
Market Reports. Provides a market report window.
Autochartist Volatility. Displays the possible volatility levels in the defined time period.
Web Application. You can open the platform web application (the default browser on your operating system will be used).
Settings for the first three Autochartist components listed above:
Filter_ShowLegend is display of the information panel.
Timezoneoffset is an option to synchronize server time with broker time, and do not change the value set by the broker.
Pattern_Count-Select the number of figures to display in the past.
Filter_ShowTargetRegian is display of the forecast.
Filter_ShowCompleted - you choose true if you want to see only the created figures.
Filter_ShowEmerging - you choose true, you want to see the formed figures, and, respectively, there is no false - if.
Information panels at Chat Patterns, Fibonacci Patterns and Key Levels contain 4 buttons with which you can observe the current, subsequent patterns, as well as change their indices, the counting of patterns goes in a circle. You can also drag this window to the graph.
When working with trade patterns, it is often the case that by exposing the levels of foot and teak profit, the trader "relies" on his intuition. In order to avoid trouble, the creators of Autochartist advise to apply for this purpose calculated data of volatility analysis for the selected time frame. It should be noted that the software algorithm, in addition to the proposed timeframes, takes into account another day of the week and time of day.
Web application of Autochartist
To connect a web version of the indicator, you must drag it onto a chart or sign in to your account on the appropriate page of your broker.
Here you can see 5 tabs:
Analysis of volatility. The estimated range of price fluctuations during the day is displayed.
Trade opportunities. Current shapes are displayed and predicted. If you click on the shape window, you can see an enlarged version of the shape. On the right side there is a window where the analysis of the quality of the figure is given. At the bottom there are performance filters: on new and completed figures, as well as on key levels with breakthroughs and approaches. By combining fitness options, you can choose your preferred set.
Statistics of effectiveness. Specifies the number of patterns that have reached the specified value for specific characters.
Messages and notifications. You will be able to set up e-mail with forecasts, confirmation signals and news. The language and schedule of trade sessions - Asia, North America, Europe - are available for configuration.
Trade community. There are links to additional materials: installation files for different operating systems; operating instructions; Forex e-book on risk management and trader discipline; Indicator of history availability by different tools and timeframes; Overview videos on using the Autochartist Web Application.
Formation of a search query
If you have an analogy with a search query on the Web - we will hurry to notify that this search query will not search for anything on the Internet. It only filters against the specified criteria. That is, you will be able to find out which figures on which currency instruments work well and which - poorly. 2 filters (more precisely, requests) were delivered by default: the most popular currency pairs and currency pairs for weekly trading system inside the day.
What data does the search query provide? This is a group of characters filtered according to the specified parameters. In fact, the search query filters the character selection using the selected filters. To create a new search, click the appropriate button, New Search.
In essence, it is a certain grouping based on selection of a predetermined group of symbols or on a list of symbols entered independently. You can also change the name of the search. For self-selection of symbols, a symbol and a time period for it are selected. Then click Create Search.
To open advanced settings, click the appropriate tab when you are in a simple search. You will see 3 horizontal tabs: Figures, Fibonacci Figures, Key Levels. Each tab also includes additional settings to improve selection. But if you want to impose many restrictions, be careful, because some of them will severely limit the search for opportunities to open a deal, or even eliminate them altogether.
Price range. Great option for those who trade shares or contracts for difference. In the text box, you can specify the lowest and highest prices to filter out too expensive or too cheap shares.
Change of a trend. Once the pattern is complete, the price can either follow further or change its direction. You can select the first, second, or both.
Minimum length of a figure. The measurement is made in bars on the graph. It is necessary to consider таймфрейм.
Direction. You choose between a bull and bear trend, and you can both at once.
Quality indicators. Includes five additional options to determine the "purity" of the shape.
Figures. This subsection can be called more advanced - here 16 types of figures are available for configuration.
Quality indicators. Similarly, there are three options that you configure to minimize calculation errors.
Figures. Trader has the opportunity to assemble his filter based on Fibonacci figures, and the indicator will perform recognition.
Quality indicators. By default, any key level has 3 points. The user can increase the number of points to 10.
Figures. You can choose only one option: support or resistance levels.
Trading with Autochartist
The application automatically identifies shapes and key levels in graphs. In addition, you will have at your disposal a semi-annual history of the effectiveness of previous patterns, which will allow for an in-depth analysis of trade. It is unlikely that a separate analyst will be able to compete with such an instrument, because Avtochartist issues hundreds of stories of currency pairs daily plus dozens of opportunities to open successful deals.
If you have a real account, you will be able to use this service for free. Otherwise, you will be given the opportunity to read the indicator on the demo version within 2 weeks.
What good is Autochartist?
Simple, intuitive interface divided into 5 categories.
Functions in the browser, do not install additional software.
With Autochartist you will be able to save your precious time, because all complex calculations the program takes over, and you are given ready trading signals. Also the identification of figures even before their full formation is carried out.
Compatibility with mobile operating systems.
An alert system that keeps you out of important analyst news and forecasts.
Thanks to the flexible configuration of filters, you can also carry out your own studies of the effectiveness of graphic figures and forex trading strategy.
In addition to Autochartist, developers offer many instructional materials, both text and so videos.
Like any software for myforex, the Autochartist has some disadvantages.
Not every broker is able to provide free use of this software.
The indicator is only suitable for trading within a day session for those using technical analysis patterns.
Sometimes Autochartist can lag behind with the forecast.
It may take some time for beginners to get used to the variety of indicator settings.
The discussed indicator will provide you with all the data for successful work on Forex together with risk calculation and ready signals for opening a deal. Autochartist initially takes into account the parameters of patterns: symmetry in time, accuracy, which significantly improves the accuracy of price behavior prediction.
And if you are a beginner, getting acquainted with the patterns with the help of the Autochartist - will be a great solution. After all, by watching the work of the program, you will be able to develop skills to recognize figures at the very initial stage of their formation. Software will allow you to get rid of routine trader work, which eats a huge amount of time and effort, as well as significantly increase the quality of technical analysis.