There are quite a few patterns to be observed on the chart, and what causes perplexity is that a different time frame can display a different pattern. Also, sometimes patterns are just too hard to identify before it is too late. As you may imagine, an already seen pattern is hard to monetise on. This is why traders often turn to automated pattern recognition software and today we will present you a marketing leader in this – Autochartist.
What is autochartist?
Autochartist is a tool that can be used as a plugin for the world’s leading platform – MetaTrader 4 or as a standalone web application. This software is great due to its simplicity. It oversees hundreds of trading assets and notifies a trader when a certain pattern has a probability of occurrence. It is available for currency pairs, precious metals, commodities, CFDs and other instruments.
Typically it is used to identify technical analysis patterns but it can also tip the traders about fibonacci patterns. Another great feature of this software is that it does not only identify patterns, but also features PowerStats, a tool that lets a trader understand how big or small an upcoming move in the price of an asset will be.
Autochartist for beginners
If you are just a starter and are not sure whether to overcomplicate your trading with another tool or not – don’t hesitate, autochartist is a great piece of software for beginners. If you are having a hard time identifying patterns, simply add a plugin to your MT4. This only takes a minute. After this, you will be notified about upcoming technical patterns and this will certainly enhance your learning curve.
What is important here is to avoid solely relying on Autochartist. You main aim is to still try to identify the patterns on your own, yet you have to use this software rather as a confirmation signal or as a supply of the clues.
Autochartist for professionals
Seasoned traders will also find Autochartist useful. When you have an already developed trading set up, you tend to mostly observe the entry and exit signals. Next to this, you are, most probably, trading a few currency pairs at a time. This leaves a limited amount of time to devote to pattern recognition. Unless this is automated.
With autochartist you will be able to include graphical analysis of the chart patterns without actually spending time on it. It will hardly be your prime source for making decisions, but it might become a reliable source for second thoughts.
This piece of software does not come for free. Even though it is available as a 14 day trial, once this period is over a payment of $10 per month is due. This is a rather modest expenditure that you are likely to compensate with just extra pip made on 1 lot of EUR/USD.
Autochartist on the go
Next to web support and MT4 plugin, this software also comes with as an app for Android and iOS. This way you can stay aware of the upcoming chart patterns anywhere and anytime.