Autochartist Tool Which Makes Traders Life Easier

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Autochartist Tool – Making Life Easier for Traders

A lot of the new traders hear about price action, chart patterns and how these can help them profit by predicting the future direction of an underlying asset. Ok, but the information about chart patterns is scattered all over the internet, there are different opinions on which patterns are more reliable and subjectivity plays a big role because different traders draw even trend lines differently so you can imagine what happens with more complex chart patterns. On top of all that, it is hard for a new trader to absorb all the information related to chart patterns, to learn them all and to trade accordingly. Well, that can all be over and even a green trader can benefit from chart patterns with the help of a well-respected tool called Autochartist.

What Is Autochartist And How To Use It

To keep it simple, Autochartist is a tool that constantly scans the charts for any patterns and notifies you when it has identified one. No more second-guessing, no more doubting yourself and your chart drawings because Autochartist will find diagonal channels, ascending/descending triangles, rising/falling wedges, pennants, flags, support and resistance levels and even Fibonacci patterns. On top of that, it scans all the time frames simultaneously, a very difficult thing for a trader to do manually. To make the story short, if there’s a valid pattern on your chart, on any time frame, Autochartist will not let you miss it.

There are two versions of the tool: one that goes in your Meta Trader terminal and the other is a web-based application. They have a tutorial for downloading and installing the Autochartist plugin for your Meta Trader 4 (or MT 5) platform but I chose the web application because I found it more user-friendly and on top of that, you can scan more than one asset from a single window.

The story is told by pictures. Every time a chart pattern is identified you can also see a picture of the pattern… but lets see one, not just talk about it:

The list you see at the bottom of the picture contains all the identified patterns (completed or emerging ones) and once you click on any of them, you will see a real-time chart with the pattern drawn on it and on the right-hand side, a panel with a lot of information about the strength of the pattern, the predicted direction, and other useful things.

Autochartist for CFD

Of course, Autochartist can be used for CFD trading as well as Binary Options because it offers predictions about future price movements. However, you must always keep in mind that Binary Options can be a bit tricky due to the extra variable involved: expiry time. When trading CFD, you can close the trade at any time, which means that you can wait almost indefinitely for a chart pattern to produce results. If you expect the price to go outside a channel in an hour but it takes two hours – no problem, you can wait an extra hour.

Autochartist for Binary Options

With binaries, on the other hand, you have to set the expiry before opening the trade, so if you set it to one hour and the price takes two hours to reach the desired target, it means you lost the trade. You might think: Sure, but then can’t I simply set a longer expiry – say two hours? Yes, it could be possible but then you have the risk of price going to the target and reversing before the expiry takes place, which would be a loss again. That’s why in a way, Autochartist is better suited for CFD trading because you have the big advantage of closing a trade whenever you want.

Why Does the Autochartist Suck?

I’m gonna disappoint you a little: it’s a paid tool… Well, that’s normal I think because after all, it is professional software, not just something advertised as great, amazing, priceless, bla, bla. To be honest, I perfectly agree with the decision of the creators of Autochartist to make it a paid tool. It’s simple: if you don’t want to spend time learning and you want somebody to provide you with knowledge at your fingertips, you’ll have to pay for it.

Apart from the fact that you will have to pay a monthly fee, I found this tool a bit complicated to use at first. They throw a lot of information at the user and a newbie could find it hard to digest. Anyway, after some time spent on the website and toying around with the tool, you will get the hang of it.

Why the Autochartist Doesn’t Suck?

All the knowledge incorporated in this tool could take years to master but by using Autochartist, all that learning period shrinks down to a couple of hours (depending on how long it will take you to learn the ropes) and you can be an experienced chartist in no time.

I told you earlier that it is a paid tool; the good news is that they offer a free trial period and on top of that, the subscription is just 29 bucks per month and even lower if you purchase multiple month subscriptions. Not too much if you ask me. However, some forex brokers offer the Autochartist tool free of charge if you open a live or demo account with them. I’m not going to say who those brokers are because I am not here to advertise for anyone, but you can easily find out who they are from the Autochartist website.

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Autochartist Tool Which Makes Traders Life Easier

New traders may hear about chart patterns and price action and how these things can help them earn more by knowing future directions of underlying assets. The daunting thing is that chart pattern information can be seen everywhere online. There are numerous options about what patterns can you rely. Instinct plays a huge role because various traders depict equal trend lines in different ways so that you can picture out what transpires with more complicated chart patterns. Above all, it is difficult for new traders to take in information concerning chart patterns. It is also difficult to understand all of them and then trade. The good news is that all of these can be over if you try using a great tool known as Autochartist.

INTRODUCING AUTOCHARTIST

What is it and how do you use it? In simple terms, it is a tool which continually examines charts for patterns and informs you once it has identified a pattern. You won’t have to do second guesses and self doubt. You won’t also have to worry about chart drawings because this tool will look for diagonal channels, descending and ascending triangles, falling and rising wedges, support and resistance levels, Fibonacci patterns, and flags. Above all it also simultaneously scans time frames which is a very complex thing for traders to manually do. In summary, when there is a legit pattern on the chart and on whichever time frame, Autochartist can help you out on this.
The tool has two versions. The first version is on that is in your Meta trader 4 terminal and it is an application that is web based. It comes with a downloading tutorial and an installer for Autochartist plugin for Meta Trader 5 or Meta Trader 4 platform. The web based application is basically more user friendly. You can scan a lot of details all in one window. You can see the story in pictures. Each time a chart pattern is known you will see the pattern’s picture.

You will also see a list at the bottom part. This contains all known patters emerging and/or completed ones. When you click any of these patterns, you will have a real time chart with a pattern on it. When you look at the right hand side, you will see a panel with many details about the patterns strength as well as the direction predicted.

WHY IS THE AUTOCHARTIST BAD?

The Autochartist is a bit disappointing primarily because you have to pay for it. this may be quite normal because it is after al a professional software. It is not simply advertised out there as something free. As a matter of fact, when you have a paid software it becomes more reliable. It is actually quite fair because if you want somebody to do the job for you then you have to pay for it. Otherwise, you do it yourself. Moreover, another reason why it sucks is that it can be a bit complicated for new users. There will be a lot of information thrown at you and newbies may find it quite difficult to suck in. However, you will get used to it after some time.

WHY IS AUTOCHARTIST GOOD?

It make take you years to learn every information in this tool. But when you use Autochartist, all these information can be shrunk into one big knowledge bag. In no time, you can become a well experienced chartist. As mentioned before, it is a paid tool. The great news is that it offers a period of free trial and above all, you only get to pay a twenty dollar subscription. There are even forex brokers out there who offer the tool for free when you open a demo or live account with them.

FINALE

It may be hard to maneuver around at first use, but the Autochartist tool is quite popular and well respected by numerous new and experienced traders. It gets rid of your doubt when recognizing chart patterns as well as support and resistance levels. It also comes with extra features such as market news which you can receive in your mailbox.

OctaFX Makes It Easier to Get Autochartist Tools for Smarter Trading

Autochartist is a stand-alone plugin, compatible with the MetaTrader 4 and MetaTrader 5 platforms.

Getting an advanced Forex analysis tool for free has never been so easy! Just make sure you have $200 or more in your OctaFX trading accounts, and you can enjoy trading signals and forex forecasts for all currency pairs without limitations or charges.

We do our best to provide our clients with the best trading experience, so this August we are launching a promo campaign offering Autochartist on even better terms, so more of our clients will be able to get familiar with automated market analysis and benefit from it. From August to September, if you have at least $200 in total in all your trading accounts, you can apply for your free Autochartist tool.

Utilizing Autochartist for your trading needs

The tool makes reliable market movement predictions in real time. This means you can see a price trend before placing your order, eliminating the need to guess the direction of market movement. Trend predictions are simultaneously calculated for all symbols, so you can always switch to the one that is expected to bring more profit. Autochartist’s internal reports claim these predictions to be 83 percent accurate for the symbols that involve USD.

Furthermore, this tool collects and processes a whole lot of information related to market movements for every tradable symbol including support and resistance level estimates, volatility analysis, and other useful data.

Autochartist is a stand-alone plugin, compatible with the MetaTrader 4 and MetaTrader 5 platforms. This tool is widely used by professional traders and is easy to master for beginners thanks to our How to Use Autochartist manual.

To get Autochartist, simply install it (see our installation guide) and make sure the total balance across your trading accounts is $200 or above. The tool will be automatically activated for you within a day.

Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.

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