Autochartist Tool Which Makes Traders Life Easier

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Xprofuter: an indicator, which helps to make trading decisions

Trading at Forex market depends a lot on forecast or estimation of the future price movement. Each trader mentally draws a continuation of the price line and many of them use charts selecting them from the list in the trading terminal.

With the use of lines a trader can better assess market situation; however, there is an indicator, which can do it instead of a trader.

Layout and specification

Xprofuter indicator is not included in the list of the terminal but can be downloaded free. If a trader downloads Xprofuter, he/she will get two files in the terminal. One of which will be an oscillator under the chart and the other is an indicator Xprofuter which displays further price movement.

Calculations of the indicator are based on average value for a specified time intervals. The problem is that the indicator changes its readings too often depending on the market situation; therefore by default, an oscillator has a great number of the time intervals. It means that the oscillator analyzes more information, while Xprofuter displays a chart reflecting current situation.

It is considered that a moment when both indicators give similar signals is a signal for opening positions. Let’s consider a chart:

We see that Xprofuter shows rapid rise in price, while oscillator is near the zero line, which can be regarded as flat.

It means that this signal can be regarded as a false one, while intersection of the moving average line with the zero line and consolidation above it can be considered as a confirmation. When we change a timeframe a flat is confirmed, which means that the indicator cannot give a clear signal and it is advisable to refrain from trading.

The use of MACD as an additional indicator

You can see confirmation of flat. The indicator is near the zero line, while histogram and the moving average line give conflicting data.

Disadvantage of Xprofuter is that it cannot track the history of work. All tests can only be carried in the real time mode. In case of the high volatility in the asset, the indicator readings vary very quickly; therefore, it is better to use charts for confirmation of the signals from Xprofuter.

Thus, a trader will be able to estimate the reading of this indicator. However it is worth remembering that indicators are never perfect and can be just used as an auxiliary helping to achieve the right trading decisions.

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AutoChartist Automated Technical Analysis Reviewed

Autochartist is a service that automatically generates reports and analysis regarding trading developments and trading pattern formations. When the company was established in 2004, the services it offered were only available on US Equities and were only updated on a daily basis.

At this moment the charting and analysis services provided by Autochartist extend on the full spectrum of the online trading market such as forex, futures, commodities, stocks, indices and more. The company is now operating in more than 80 countries with more than 2 million charts generated and viewed by global users every month.

The company claims that it’s the leading provider of automatic chart identification and pattern recognition applications. Analyzing the services and tools provided by Autochartist one can conclude that this claim is pretty realistic. Read the Autochartist review below for more info.

Services Offered

Autochartist is the world’s most advanced and sophisticated pattern recognition and automatic identification tool. The Autochartist technology monitors thousands of financial instruments such as forex, equities, commodities and more on a 24/7 basis.

Basically what this tool does is to analyze the online trading market with the goal of discovering certain patterns based on which it will make suggestions to traders. In the trading business, it’s known that the development of certain assets can be predicted with great accuracy if the development of certain patterns is discovered.

The Autochartist tool will analyze an incredibly large selection of assets and their development in real time, and in case certain patterns are discovered the trader will be notified right away in order to execute the required trades in order to increase revenues.

Autochartist Chart Patterns

Chart Patterns is a feature of Autochartist that present traders will latest pattern developments in chart format. This way, traders will be able to see the development and formation of charts in a visual interface represented by charts. This way it’s much easier to understand the selected pattern than on plain text format.

The charts generated by Autochartist are extremely easy to understand. The visual elements were specially developed in order to make it extremely easy to navigate the interface and evaluate the data represented by the charts.

Autochartist will also automatically detect Fibonacci patterns and represent them visually in order for traders to better understand them. Likewise, the tool will also identify Gartley and Butterfly formations and ABCD patterns. Of course, all this happens when these patterns are in the process of formation, giving the trader time to act and get the most out of these developments.

Availability

The Autochartist tool is at this moment available on the Copperdime, IRESS, and MetaTrader 4 platforms. In the case of Authochartist MT4, a simple plugin is available that can be set up instantly without much trouble.

Pricing

Autochartist provides traders many services. Still, it only costs $49.95 per month for individual traders. This is an extremely great price considering the fact that using such a tool can considerably increase the success rate in the online trading world.

The return of investment can be extremely large compared to the very small price of this service. In case of traders directly purchase bigger packages such as 3 months of 6 months the price will be much lower.

Autochartist Forex Brokers

At this moment a large number of forex brokers are already using the services offered by Autochartist. The great thing about Autochartist brokers is the fact that traders will not be required to purchase Autochartist separately. It will be included by default.

One of the biggest brokers on the market that is in partnership with Autochartist and employs the Autochartist tools is Forex.com. The two companies are in partnership since 2006. Forex.com is one of the biggest and most successful online forex brokers so the introduction of Autochartist into its default service portfolio was a natural thing to happen.

Forex.com customers are able to receive live feeds regarding the latest developments in online trading and the formation of certain patterns. This way they will be able to act fast and execute the required trades in order to maximize profits.

Another top forex broker that uses the Autochartist services is ForexClub. The ForexClub Autochartist service will give free access to certain Autochartist services to online traders regardless of the size of the money in traders’ accounts. The full range of Autochartist services will become available to forex traders if they make a deposit of at least $200.

Conclusions – Advantages and Disadvantages

There certainly are a large number of advantages when it comes to the services provided by Autochartist. Sometimes even advanced and extremely experienced traders are not able to discover newly forming patterns due to the complexity of the online trading market. Autochartist will announce traders right away when patterns are developing in real time.

There aren’t really any disadvantages regarding this service. The only possible negative thing could be if traders only rely on information given by the Autochartist charts and stop thinking critically and analytically. Traders should listen to their instincts and judgments while at the same time use the Autochartist services as an extension to their skills.

Autochartist: Your Forex Automated Analyst

Forex Autochartist automatically, in real time, recognizes the figures on the charts and tells traders a good moment to enter the market

Trader’s best friends are a personal expert and Autochartist. It is unlikely that it occurred to anyone to calculate the percentage of successful recommendations from an expert brokerage, but the results of the automatic assistant are known for certain: success is achievable in 70-80% of cases.

How does Autochartist work?

Autochartist automatically, in real time, recognizes the figures on the charts and tells traders a good moment to enter the market. The robotic assistant “sees” such figures as: descending / ascending channel (broken line), opening / closing the channel, the development of the wedge and its spread, head and shoulders, double top, double bottom, triple top, triple bottom, etc. Any changes on the chart are immediately displayed as a message. Experts are sure that Autochartist is not just a good adviser, but also a kind of “simulator” for beginners who only study movements on charts.

Autochartist shows the direction of movement in the breakdown of the channel

By the way, market professionals are confident that the benefits of Autochartist are many times greater if you use it when working on MetaTrader 4. Firstly, here it retains all the features that are available when trading on the online platform, at the same time, a couple more advantages are added. So, you can easily combine the Autochartist indicator with other technical analysis tools that you usually use on the platform. In this case, the program can either be installed directly in the terminal, or work completely autonomously.

The auxiliary tool does most of the work for the trader, spending ten times less time on this. But despite the fact that Autochartist independently draws possible further actions, it seems logical to “double-check” the results, guided by fundamental data. After all, any news can easily destroy the picture perfectly predicted on the charts.

Filtering Results in Autochartist

Pros and Cons of Working with Autochartist

So to obvious benefits of Autochartist concerns:

  • Early warning of trading opportunities: both visual and audio signals.
  • A high percentage (above 70%) in reaching the forecast zone.
  • It’s easy to figure out how the program works, thanks to the available tutorial and video tutorials.
  • Autochartist acts quickly and clearly, automatically viewing a huge number of market indicators, and thereby significantly saves time.
  • The trader can set strictly individual settings that will allow you to separate all unnecessary data, providing only the data that is interesting for trading in a certain style.
  • The obtained chart patterns greatly facilitate the daily analytical work of the trader.
  • The program does not take up much space, quickly installs and starts.

Keeping objectivity, it is worth saying that the auto-adviser has certain disadvantages. It would also be worth mentioning about them:

  • Please note: the program can be used only in intraday trading and is not suitable for long-term analysis.
  • Autochartist can only be used by traders who rely on analysis when opening trades graphic figures.
  • It will take some time to set up the program as needed, especially the so-called “sensitivity” of recognition.
  • The program is a very expensive software. However, to get it for free use, you can simply successfully choose a broker – many companies provide Autochartis as a welcome bonus when activating an account for a certain amount. Therefore, act wisely!

Autochartist Tool Which Makes Traders Life Easier

The patented technology allows search systems to monitor thousands of financial tools 24 hours a day. The system automatically identifies trading opportunities in the form of graphical models, Fibonacci models and key levels as they arise. Additionally, Autochartist offers PowerStats as a function that will give you a more accurate assessment of the risks and volatility of tools, with which you trade.

Technical analysis patterns:

  • Get audio and visual alerts when new and completed models are defined.
  • Use automatic forecast of price movements.
  • Use performance statistics to display performance indicators of the models for achieving the forecast.

Fibonacci patterns:

  • Get audio and visual alerts on the arising of the new and completed Fibonacci patterns.
  • Get the Golden Ratio graphic support and resistance levels.

Key levels:

  • The horizontal support and resistance levels are common for the important price levels. Key levels of Autochartist automatically determine these values of prices as a «Breakthrough» or «Approaching».

Use Autochartist to better understand the market, regardless of your trading experience.

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