If you want to use Autochartist, then IC Markets offer it free of charge to their clients. I believe they are a broker with very competitive trading conditions including tight spreads, low fees and rapid execution speeds. I have an account with them myself and like the fact that they are very well established in the online trading industry whilst they are also regulated.
You can download the autochartist app for free on Google Play Store, but the cost of using it would depend on the broker with whom you register to trade. A few brokers offer it for FREE regardless of the type of account or your frequency of trading. On the trading platform’s dashboard, click on the NAVIGATOR tab and click on SCRIPT. The autochartist will not enter or exit trades on your behalf. It will show you good opportunities, but the decision to place the order remains yours.
Risk management tool
Clicking on a specific trading opportunity will open a new window with a small chart. There is a chart of the investment instrument, a display of the particular formation representing the trading opportunity and the time when it occurred. Apart from a few more detailed information, traders can also execute an order directly from this window, but only in the direction of the signal. To do this, they can choose whether they want to see all the technical auto chartist analysis tools that Autochartist uses or select only some of them (supports/resistances, Fibonacci patterns, classic chart patterns, etc.). They can also choose whether to focus on breaking important price levels or only following individual formations’ emergence. For that reason, I would always look to conduct my own additional market analysis to confirm all trading signals, whether that be from the Autochartist tool or any other forex software.
It can recognise chart patterns and highlight opportunities to you through alerts. Interestingly, Autochartist do not offer support for their products directly to traders. Instead, they offer 2nd line support via the channels through which they provide Autochartist. That being said, there is an extensive range of educational materials relating to their products and services. You can find a help centre on their website with plenty of articles covering various relevant subjects. Users get access to in depth articles, videos, eBooks and webinars which are hosted by Autochartist.
However, Autochartist software would be available to brokers who provide their services through MetaTrader 4. Nevertheless, the majority of brokers have requirements you must complete to use this product. The autochartist is originally created to search the market for trading opportunities on the user’s behalf. It uses algorithms to analyze the data collected, which strengthens the accuracy of its forecasts. The autochartist provides traders with price forecasts based on past trends on this platform.
The trader also enjoys up-to-date world economic news that impacts the exchange rates. The Volatility Analysis tab shows a comprehensive view of the expected range in which the instrument’s price should move. I think this is a good thing and probably a regulatory requirement. If they did allow fully automated trading, I could see many users blaming the software for their own poor trading decisions. It is your own responsibility to decide how to use the Autochartist signals and what your money management strategy will be. The software just finds possible signals and presents ideas to help support decision making, without making the decision itself.
What are the disadvantages of Autochartist?
Utilise statistics and technical indicators to analyse a system’s historical performance over a 6-month timeframe – giving you an overview of which patterns reached their target forecast. Get insights and notifications on chart patterns, forecasts, key levels and advanced trade patterns. Follow these instructions to use the feature if you have a forex trading account with one of these autochartist firms. Register with a reputable autochartist broker and install the autochartist plugin on your account. Its predictions are not 100% guaranteed to be accurate, but traders consider the tool useful and effective for successful trading.
Our high probability setups, actionable content and risk management tools offer two highly effective ways to keep your traders interested and encourage them to trade. To use autochartist, download the mobile from Google Play Store or Apple IOS store. Autochartist sends you alerts of impactful economic releases and emerging chart patterns to help you make the right trade moves. Though the autochartist is considered to provide high win rate forecasts, its predictions are not 100% accurate. The trader should consider any other relevant factor before placing a trade according to the autochartist’s suggestions.
Daily market reports
Autochartist can even alert you to trades that you might not have considered before. As an example, it may identify that a currency pair (e.g. USD/JPY) has become highly volatile following an announcement by the US Federal Reserve (Fed) or the Bank of Japan (BoJ). Once you have created an IG account and downloaded MT4, open the platform and log in. Autochartist can be found within MT4 by going to the ‘navigator’ window and clicking on ‘scripts’.
That’s because they operate an ECN model, connecting clients to a large liquidity pool for the best prices. Our cost-effective, automated content is translated using natural language generation technology and is designed to maximise trader engagement. The MetaTrader box leads to a window where you can find a link to download the plugin for MetaTrader 4 or 5. You can also find a link to instructions on installing and using the service within the MetaTrader application.
Benefits of Autochartist
Do not expect to be getting winning signals every single time. It just makes scanning numerous charts and timeframes a lot quicker and easier than it would be without it. When conducting market analysis, Autochartist uses a combination of price action analysis, technical analysis, fundamental analysis, along with key support and resistance levels, to suggest emerging trends. It uses almost every technical indicator that you can think of, form simple moving averages to more complex technical indicators such as Fibonacci retracements. Trading Forex, CFD, Binary Options, and other financial instruments carry a high risk of loss and are not suitable for all investors. 66-84% of retail investor accounts lose money when trading CFDs with the providers presented on this site.
- It can be tailored to your individual trading style, or you can use it to search markets that are less familiar and find opportunities that you may not have otherwise thought about.
- The autochartist can use different technical indicators, including the Fibonacci retracements, Ichimoku clouds, Bollinger bands, and candlesticks.
- A few brokers offer it for FREE regardless of the type of account or your frequency of trading.
- Users get access to in depth articles, videos, eBooks and webinars which are hosted by Autochartist.
- The information and videos are not investment recommendations and serve to clarify the market mechanisms.