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Home/Forex Programming/The Right Way to Use Autochartist
autochartist use, expert advisor programmer, mt4 programmer, forex programmer, ea programmer, mt4 programmers, forex ea programmers, expert advisor programmers, ea programmers, mql4 programmer, mql4 programmers, metatrader programmer, mql programmer, forex programmers

The Right Way to Use Autochartist

Autochartist is without a doubt one of the most advanced and powerful technical analysis tools today.

It is essentially a charting tool but what makes it truly unique and useful to traders is its ability to simultaneously scan and monitor thousands of financial assets 24/7 and in real time. It is no ordinary charting tool however because it has a very powerful and accurate pattern recognition engine which can identify various chart patterns like candlesticks, Ichimoku cloud, Bollinger Bands, and Fibonacci patterns among others. It can also visualize for you where the next major support and resistance lines will be in real time. What you have here is a great tool to help you to discern important chart patterns earlier while they are still unfolding, thus revealing possible near-term trading opportunities you can take advantage of ahead of everybody else.

The most distinctive feature of Autochartist however, is its PowerStats which gives you the most relevant and the most important statistical information about the financial asset you are trading – and, in real time at that. In short, you don’t need to subscribe to level two quotes to be able to ‘look under the hood‘ and see where the big players and the market makers want to bring the price. With the PowerStats, you will be able to see at what price levels the big orders are lurking just waiting to be executed once the targeted price levels are reached – just like as if you have access to level 2 quotes. The PowerStats will also tell you if a particular price movement has volume and depth and therefore is more inclined to pursue the same price direction further into the future.

But, with all the load of market information you gather from Autochartist, how then do you use them in actual trading? The worst thing a user of this powerful charting tool can do is to select one or more of the embedded technical studies and follow the trading recommendation of this tool blindly. Like all charting tools, it analyzes each financial asset based on previous prices or in other words with the benefit of hindsight. And, they don’t always point in the same direction. They can be misleading, particularly in non-trending markets and may even amount to whipsaw losses for you.

The best way to use the Autochartist is to identify the underlying market sentiment that currently grips the market. Use it to find out where the majority of traders want to take the price (north or south) and simply hitch a ride. To do this, you have to use two or three technical charts together in conjunction with each other. For example, you can initially look at the candlestick for developing reversal patterns. Then, see if the candlestick reversal pattern is happening at a significant Fibonacci level or occurring at or near an important support or resistance line. If all three shows the same sentiment; meaning they are converging at the same price level, there is a great possibility that a reversal is in the offing. You confirm this further by looking at the PowerStats to see if there are bulk orders waiting to be executed in the vicinity of where the candlestick, the Fibonacci, and the trend lines seem to converge.

Table of contents

  • 1 Go one step further with these related books:
  • 2 Recommended links:

Go one step further with these related books:

  • Forex For Beginners
  • A Three Dimensional Approach To Forex Trading
  • Understanding Price Action: practical analysis of the 5-minute time frame
  • Quantitative Trading with R: Understanding Mathematical and Computational Tools from a Quant’s Perspective
  • The Death of Money: The Coming Collapse of the International Monetary System
  • Economics of Monetary Union

Recommended links:

  • FX Street – Forex Education
  • Babypips.com – Learn Forex Trading
  • Bloomberg – Currency
  • Market Watch – Currencies
  • Investing.com – Forex

Written by:
Zahir Shah
Published on:
December 28, 2015
Last Updated:
December 19, 2019
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Categories: Blog, Forex Programmer, Forex Programming, Forex Trading

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