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How to use Autochartist MT4 in your trading

May 09, 2019 11:50 Australia/Sydney
Reading time: 8 minutes

Forex trading (or FX trading) always involves some form of analysis: technical or fundamental. In order to get the most out of technical analysis, it can be necessary for traders to use various tools. In this article, we will discuss one of these tools: Autochartist. It is one of the most advanced trading tools in the world that can perform technical analysis automatically.

The Autochartist Metatrader indicator

Autochartist is an MT4 plug in in the form of an expert advisor (EA). It is an automatic trading analysis tool which provides automatic alerts in real time throughout the day. It is also a chart and Fibonacci pattern analysis tool.

For traders who are new to technical analysis, Autochartist is a very useful tool for trading with chart and Fibonacci patterns. The Autochartist MT4 indicator allows traders to save valuable time, as technical analysis elements are directly on your chart: supports and resistances, Fibonacci retracement levels, etc. This tool identifies market trends using technical analysis, and can also be used as a tool to define stop loss and take profit levels.

Technology enables forex traders to monitor thousands of financial instruments automatically, 24 hours a day. You will be able to know in real time which markets are the most interesting from a technical analysis point of view.

This indicator allows you to filter markets and trading opportunities by judging their probability of success. You can set a minimum prospect between 60 – 80 % and obtain trading signals which have been historically proven to have a probability of success in line with the percentage you have specified.

In addition, you can take advantage of Autochartist MT4 PowerStats, and discover the expected price ranges of your chosen currency pairs. This feature provides significant statistical information to forex traders about the instruments they trade. It also helps them to set stop loss and take profit levels, and provides a good assessment of volatility and risk.

Alongside all these features, this tool integrates smoothly the MT4 trading platform, which gives you the ability to determine potential trade possibilities and act immediately on them. We have prepared this article to provide you with a good Autochartist MT4 review and reveal all its features.

Advantages of the Autochartist MT4 plug in – Autochartist review

Here are the main benefits offered by the Autochartist MT4 plug in:

  • Simple technical analysis tool
  • Helps to identify the most interesting markets
  • Allows you to monitor several markets at the same time
  • Expert advisor (EA) available for MetaTrader 4 and easy to install
  • Allows market trends to be identified thanks to technical analysis
  • Significant time saved for the trader: even beginners can access quite complicated chart patterns
  • Provides forex trading alerts: the trader remains informed about the available opportunities in the markets in real time
  • Fully customizable technical analysis tool

Disadvantages of the Autochartist MetaTrader 4 plug in

  • Automated technical analysis tool
  • Can provide automatic trading signals, but not human analyses
  • Does not take into account fundamental analysis

Autochartist – Forex trading chart patterns

This technical tool covers forex, CFD, futures, and share markets. It automatically identifies the formation of technical chart patterns such as bottoms, wedges, tops, or triangles. Traders are warned by visual and audio alerts when a chart pattern is drawn by the trading tool. This way, trading charts are already drawn with important trading points: support and resistance levels are clearly illustrated on your charts.

Being a very flexible trading tool, chart patterns provide novice forex traders with the opportunity to incorporate technical analysis into their trading plans. Autochartist is also a useful tool for experienced traders, offering them saved time in their financial market monitoring activity. Chart patterns are a time saver and highlight trading signals and potentially lucrative trading opportunities identified by technical analysis, which traders may otherwise miss.

Autochartist analysis – Fibonacci key levels in forex trading

The Autochartist MT4 plug in can easily define Fibonacci patterns automatically, and can therefore visually illustrate certain levels at which either support or resistance is anticipated according to the golden ratio theory. These levels can play an essential role in the placement of stop loss and take profit orders.

Using Fibonacci extensions and retracements to identify more sophisticated configurations such as the Butterfly, the Gartley, or the ABCD pattern, this technical tool possesses the capacity to indicate patterns while they are being formed. This highlights to Fibonacci forex traders potential trading signals.

Key levels are determined by 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.

Using Autochartist PowerStats

Regarding the PowerStats toolbox, it provides forex traders with information about the movements of relevant forex currency pairs. This can be useful when formulating new trading plans, or just reviewing existing trading strategies. Let's take a look at what PowerStats offers:

  • The average pip movements on some particular time frames
  • The possibility of either a bullish or bearish movement depending on momentum
  • The maximum anticipated price movement across several time frames
  • An anticipation of the price movement over several time frames

Being a substantial feature of the Autochartist trading tool, together with Fibonacci and chart patterns, PowerStats assists traders to set both stop loss and take profit levels. Moreover, it can help traders to evaluate risks and choose appropriate trading instruments.

Forex Autochartist MT4 – Market reports

As for Autochartist MT4 market reports, they are automatically produced using trusted chart pattern recognition engines. If we compare them to technical analysis reports made by human analysts, the main difference is that they are delivered within a fraction of a second.

This allows forex brokers to provide trading reports via the internet or email, in a huge variety of languages. All the markets and instruments that are covered in the reports can be predetermined, in order to make the content relevant for each trader.

Let us summarize:

  • Autochartist MT4 market reports are provided on a regular basis
  • They are fully customizable for particular markets or trading instruments
  • Several languages are available
  • Market reports are delivered by email or internet

Autochartist MetaTrader – Analysis of the impacts of trading events

In addition to the above-mentioned features, Autochartist MT4 has developed a partnership with Econoday, 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 events have on the currency market. Therefore, traders can see the impact that economic events have on specific currency pairs.

This tool is now fully available via the Econoday website. The obvious advantage is its ability to filter information by country and forex currency pairs. Moreover, it enables traders on the forex market to trade with better confidence around economic events.

The Autochartist MetaTrader 4 trading indicator – Conclusion

This tool is regularly discussed on the Internet. It has great qualities and offers many useful functions. We also want to note that this tool allows traders to remove emotions from their trading activity, which can be useful if you are easily influenced by fear or greed. This technical analysis tool is entirely suitable for beginners; you do not need to be familiar with various chart or Fibonacci patterns to use Autochartist MT4. All traders have to do is simply wait for alerts and trading signals.

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