Autochartist is a tool specially designed to automate technical analysis, which is essential in the trading world. It is intended for brokers, but also for financial institutions. It has been in operation for 10 years now and offers a proven technology. The question is whether to rely on this tool…
Presentation of Autochartist
Autochartist is a tool for technical analysis that can be found among many renowned brokers such as IG or Markets.com. This tool is used to identify the best opportunities to make the best decisions at any time and thus optimize the chances of making winning trades. Autochartist is a technology that detects graphic models and various alerts not to be overlooked. To do this, the tool is based on thousands of financial instruments that are analysed continuously, 24 hours a day. Users can then isolate the best opportunities that are ranked according to their probability of success.
In particular, it is possible to define a minimum percentage (between 60 and 80%) and only obtain alerts corresponding to the probability that interests the trader. This is a particularly interesting tool for beginner traders who need as much information as possible to position themselves properly. Autochartist provides valuable help to get started and gain confidence. In any case, it is not necessary to learn all types of graphics (especially the most complicated ones). In any case, it is important to keep in mind that this is a tool that will be combined with others and will integrate a complete trading strategy..
What Autochartist offers
Autochartist provides various tools for automatic analysis of financial graphs. First, there are the graphic trends. Users receive alerts (audible or visual) when the tool detects an interesting trend. Even better, the submitted trends are complete and have an automatic forecasting area. In addition, there are performance statistics that provide an accurate picture of the percentage of success of trends when they coincide with the forecast area.
Then come the Fibonacci motifs. The trader is notified (visually or with an audio alert) in case of the emergence and completeness of Fibonacci patterns. Even better, it can obtain a schematization of resistance and support levels based on the theory of the golden ratio.
Then there are the key levels. Note that horizontal levels (whether resistance or support) can occur when prices reach a significant threshold. Thanks to the option offered by Autochartist, the trader automatically reads it and it can be a question of “breakage” or “approach”.
Finally, there are Powerstats, through which traders are informed of any movement likely to be of interest to them, such as average pip fluctuations over a given period, expected highest price fluctuations over certain periods or expected price fluctuations on a daily or weekly basis
Many advantages for users
First of all, it should be noted that Autochartist is accompanied by an online manual that greatly simplifies the use of the tool. It is available in several languages including English, Russian, Simplified Chinese, German and Japanese. Thanks to an MT4 plug-in, Autochartist can be integrated into the trading platform. To launch the application, simply drag the Web icon into the platform and the day is played (it is not necessary to reconnect to start).
As regards the various analyses offered by Autochartist, as they are continuous, the trader receives opportunities in real time as soon as they arise. Thanks to the prediction zones, it is possible to visually observe the evolution of an emerging trend, allowing the trader to be responsive. Finally, it is important to remember the possibility of customizing signals according to the preferences, objectives and strategies of each trader.
So should we trust Autochartist? The trader may very well consider using the data provided to him by Autochartist, but he should not rely on it blindly. The use of this tool must integrate a trading strategy knowing that the analysis of graphs alone is not enough to make a good decision.
It is also necessary to take into account other factors that may influence prices, such as major financial or political news. In the end, the trader is always the one who makes the decisions, Autochartist providing mainly indications that help him in this direction.