ForexNewsNow – 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.
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 a 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.
The Autochartist tool is at this moment available on the Copperdime, IRESS and MetaTrader 4 platforms. In case of MetaTrader 4, a simple plugin is available that can be set up instantly without much trouble.
The Autochartist tool provides traders a great deal of 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 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 the Autochartist tool into its default service portfolio was a natural thing to happen.
Forex.com customers are able to receive live feeds regarding 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.