If you are not yet using the AutoChartist platform, you are missing out on an unparalleled opportunity to become a better trader. This pattern identification platform monitors currency prices 24 hours a day to look for developing patterns that signal a potentially profitable trade. The platform’s Central Pattern Identification Engine was first developed in 2004 to trade US equities on an intraday basis but is now applied to all financial markets, including forex and commodity markets.
How does the platform work?
The platform displays emerging and completed patterns for three technical analysis options, including regular chart patterns, Fibonacci patterns and key levels, using data feeds from a central price database. Once a chart pattern is detected, the trader is given timely visual and aural alerts through the website. The software supports all major chart types, including candlesticks and bar charts. You can also backtest chart patterns to determine how effective they are.
The chart pattern alerts are complemented by the PowerStats tool that provides information such as maximum and anticipated price movements over different time frames as well as average pip movements. It is available in 11 languages, including Mandarin and Russian.
Can I use the software with the MetaTrader 4 platform?
A plug-in is now available that allows traders to access all the features of the software through the MT4 application. Once the plug-in has been installed, traders can launch AutoChartist from MetaTrader 4 without having to log in to the platform again. You can also trade directly from the charts, allowing you to take advantage of a trading opportunity in a timely manner.
How much does AutoChartist cost?
The platform is available on a subscription basis, with rates set on a monthly, three month and six-month basis. You can find rates for individual traders on the site. You can also avail of a free two-week trial by signing up on the site. However, the platform may be available to use for free if you have an account with one of their partner brokers. You can log on for free by clicking on your broker’s link.
Does the site offer tutorials and other educational resources?
You can view webinars on topics such as how to get started with the platform, how to trade with chart patterns and how to use PowerStats. Many of these webinars are also available on YouTube.
I am just starting out as a currency trader, is AutoChartist for me?
The platform is ideal for beginning traders, since it allows them to trade without being familiar with the different chart patterns. All you have to do is wait for trading alerts from the dashboard.
I have been trading for some years now. What benefits can I get from using the platform?
Apart from automatically being alerted when a pattern forms indicating a trading opportunity, AutoChartist removes emotion from the trading process, saving you from making losing trades when you are carried away by greed or fear. The trading opportunities are also assigned a quality score so that you can decide if you want to take advantage of a particular trading opportunity.