Admiral markets is an investment advisory firm that helps businesses and individuals by teaching about forex, crypto or stocks investments as well as provides tools for forex analysis and other analytic tools for trading. One such amazing tool is Autochartist. This tool is developed by the innovative company for automatic identification of the chart patterns and Fibonacci patterns that are widely used in Forex trading. This is considered as the most advanced tool for this analysis globally. Admiral Markets have always used technology to provide tools to the people that are innovative and user-friendly and autochartist is one of them.
The idea behind this analytics tool is to provide customers the ability to monitor numerous financial instruments simultaneously 24 hours per day without any human intervention. With the help of autochartist traders can uncover several trading opportunities as they come their way. This tool also contains pattern recognition engines that are continuously scanning the trading markets such as Equities, Forex, Commodity and share markets, Indices etc. After this scanning, the traders are then notified about the pattern formations within a short span of time. Another major feature is that these tools provide PowerStats which gives the Forex traders crucial statistical information regarding the instruments that they trade. This also helps when the trader wants to set up stop loss and take profit levels. It provides a complete assessment of the volatility and risk involved in the trading.
Key features of the Autochartist —
Autochartist is innovative and popular pattern recognition software, immensely useful in the forex trading industry. But to make optimum usage of the software one must be aware of the exact features and details about the software. The software is available for a free trial so 30 days on the official website of Autochartist i.e. admiralmarkets.com. You can download it from the Trader’s room on this website. Its features are listed below —
MetaTrader Plugin – MT4 and MT5 are the other tools provided by Admiral markets for analyzing and helping the forex traders. With the MetaTrader plugin built for Autochartist, you can get the advantage of this analytics tool with your MT4 or MT5 application. This plugin is super easy to install and set up and includes features of Autochartist such as Fibonacci patterns, Chart patterns and PowerStats in combination with MT4 or MT5 application.
With this plugin, the traders can launch the web version of Autochartist from the Metatrader application without any need to sign on again. After this installation, the potential broker partners do not have to allocate any sort of technical resources to provide Autochartist as a tool to their account holders. This has enhanced the use of Metatrader application and is beneficial for traders for whom Autochartist plats a crucial role in trade execution.
Chart Patterns – Autochartist serves as a chart pattern recognition tool that not only works amazingly for the Forex market, but works well for analyzing the futures, equities, CFD, and even the spread betting markets. The tool is beneficial by automatically identifying the patterns in the technical chart such as wedges, triangles, bottoms, and tops. There are visual and audio alerts in the system to notify the users when completed and emerging patterns show up. The charts are pre-drawn using this tool and one can easily understand the resistance and support levels in the chart as they are clearly illustrated. This is one of the best software for chart pattern recognition in trading and is quite versatile thereby allowing new traders to get the technical analysis in their trading plans. It also helps expert and seasoned traders the ability of powerful scanning which can save them a lot of time and it highlights the opportunities for trading that might get missed by them.
Fibonacci patterns – This analysis tool also identify the Fibonacci patterns automatically and illustrate the levels at which resistance or support is expected in a visual format. It makes use of the theory of Golden ratio for this purpose. This can help a lot in setting up levels for stop-loss and also determine the trading objectives. This tool has the ability to identify patterns such as retracements, straightforward extensions, ABCD patterns, Gartley and Butterfly formation and other such sophisticated setups that are in the process of forming. It is a good tool for traders that are looking for the high-potential opportunities for trading.
Key levels – this is an amazing feature of Autochartist that helps in the technical analysis of resistance and horizontal support. With this tool, the traders are informed when the price breaks through or approaches some important key levels as identified by Autochartist.
Powerstats – This is a toolkit present in Autochartist which provides key insights to the traders about the relative movements of the forex instruments. It helps the traders in making new plans for trading or improving the existing ones. Main features include —
Average movement of pip in a specific time frame.
Prediction of downside or upside momentum.
Price movements according to the various time frames.
Prediction of price movements over the hourly time frames or weekdays.
It also helps in setting up stop loss and take profit levels and helps the traders to figure out the risk and choosing proper tools for trading.
Market reports – Autochartist allows automatic generation of Market reports using the Pattern recognition engines present in the software. It is similar to the technical analysis reports generated by humans and can be generated at a fraction of the cost. This enables the brokers to provide timely reports in multiple languages. You can define the instruments and markets to be covered in the reports. Money managers use this to demonstrate their focus on the market. Main distinguishing points of these market reports are —
Available in multiple languages
Can be white-labelled
delivered at regular intervals via web or email
Event impact analysis – This tool is having a partnership with Econoday which provides event impact analysis. This is a simple tool that can read visual reports about the impact of the market moving events on the forex markets.