Autochartist – Charting Software

Autochartist is, at the core, a market scanning tool that can save traders a great deal of time scanning the markets for potential trade setups. The Autochartist software is aimed to enable traders to make a trading decision and at a faster pace.

Over 50 online forex brokers use this software, which boasts an online community of over 50,000 traders spread across more than 80 countries.

It has clearly established itself as the primary chart pattern recognition solution for brokers and traders alike as a third-party tool.

Autochartist' popularity is due to many forex brokers advertising it as a value-add service for their traders. The Autochartist platform has thus been used by the majority of the trading community at some point or another. You can identify chart patterns, Fibonacci patterns, key support and resistance levels, and even trade based on those patterns through the platform.

Autochartist- A brief introduction

Ownership of the application software has also been a source of controversy. The company website states, however, that it has offices in both South Africa and Cyprus. Furthermore, Ilan Azbel, Rob Horton, and Kobus Steenekamp are listed as the company's heads on the website. Each individual has a link to their social media profile.

Autochartist's Facebook page includes links to the offline events that the team has attended. This sheds some light on their business operations. Autochartist targets Forex brokerages for the majority of its business. Also, several users complain that customer support is non-existent or entertained without urgency. Sometimes no feedback is provided on customer queries.

Is this due to a pure lack of a support team or just too high of a volume of support tickets? Either way, they need to attend to this urgently.

Autochartist has recently acquired a few online businesses, including VerifyMyTrade.com for validating trader's trading history, and Delkos.com for news aggression.

Why use Autochartist?

Including FX majors, minors, and crosses, Autochartist scans all your favourite Forex pairs.

• Using Autochartist, you can analyze commodities and Indices.
• It removes the need to analyze charts for patterns in a time-consuming and complex method.
• It monitors the market for you in real-time and provides insights based on trends and patterns.
• Detects emerging and completed patterns automatically with audio and visual alerts.
• Analyze market data across different time frames in real-time, enabling quick reaction to changes in the market.

How to get it?

This charting software is available in MetaTrader 4 as an additional indicator, web-based form as an information tool, and analytical tool. You Can also use Autochartist on your mobile devices.

All verified clients will receive this powerful software for free. First, make sure that you have registered or verified your account. After verifying your account, select the Tab – Free Autochartist MT4 Plugin – under the analytics action of your trader room.

Autochartist Software Features

Fibonacci patterns

Using Autochartist, traders can identify Fibonacci patterns automatically. In addition, a visual illustration will show the level at which resistance and support are possible when the golden ratio theory is assumed.

During setting up the trading operation, these levels are considered highly important. For example, when setting up losses or taking profits). Therefore, in addition to straightforward extensions and retracements, Autochartist software can identify the patterns still forming.

This can help and emphasize the traders using Fibonacci to look and focus on the trading opportunities.

Chart patterns

It is a huge part of technical analysis that every trader should learn. Do not give up. It may take some time and a lot of market experience. Autochartist will teach you how to identify patterns in trading. The software makes it possible by not showing you chart patterns but also showing you how to identify patterns.  

Emerging patterns

Using an Autochartist recognition system, you can immediately find patterns when they touch the last resistance or support line to complete the pattern. It means that the pattern has already been shaped, but it is still unclear if support or resistance lines should be broken.

Thus, the main difference between an emerging pattern and a full pattern is the degree to which an emerging pattern is defined. For example, the price may be somewhere between the resistance and support lines, but those lines have been broken when an entire pattern has been defined.

Key levels

Vertical resistance is support lines and is also known as key levels. With time, the point at which buyers and sellers can buy or sell will be proportionately lower or higher as participants fit their decision points linearly into the market. Thus, while the key levels will likely remain constant along the way, the price level may not.

Quality indicators

There are five different quality indicators available in the software as chart patterns measure their visual quality. Charts show the characteristics of the pattern. With more experience using chart patterns, traders can recognize these visual characteristics instantly. However, these indicators can still be extremely useful for people who are just experimenting with price figures.

Autochartist Pricing

If your Forex broker offers the software, you can use it for free. At the time, 50 brokers offer the industry famous charting software. You can also subscribe to the service independently. A typical monthly fee is $49 in such circumstances. While the prices seem a bit high, the range of services it provides makes it competitive.

Using such a tool makes trading a lot more convenient, and this fact cannot be contested. It is possible to expect a fast return on investment if you trade in large volumes. It means that it is possible only if you are an active trader or trade with large volumes. A three-month and 6-months pricing are even lower.

Autochartist accuracy – how well do the signals work?

There are a lot of mixed responses on the accuracy of Autochartist signals in online reviews. Different people have different perspectives on whether Autochartist signals are accurate. Forexpeacearmy ranks Autochartist as 2.271 out of 5 stars among the top Forex forums.

From this, it is evident that Autochartist charting software is not a reliable forecasting or predicting tool. The traders should look at both sides of the coin.

The traders who believe they can build a consistent income through forex trading by relying on a third-party trading tool are not traders. Trading forex exclusively with these tools is more likely to result in losses in the future. In addition to Autochartist software, traders must monitor actual charts to avoid overlooking charts and market information.

Autochartist – Worth A Try?

The Autochartist charting software is the choice of many beginners on the MT4 platform. There are some inaccuracies in the data and information available from Autochartist. In the opinion of the experts, using information from Autochartist does not guarantee trading results for clients. In addition, brokers are not liable for any errors or omissions in the Autochartist data. When aspiring to be an experienced trader, traders should study chart analysis and indicators.

The choice is up to you! Give it a go or give it a pass.