How to use Autochartist plugin
Technical analysis, while proven to be one of the most reliable ways to make informed trading decisions, can be time-consuming and often requires multiple indicators and other tools. In order to simplify chart analysis and ensure a higher percentage of profitable trades for our clients, Octa has partnered with Autochartist, one of the leading providers of chart pattern recognition tools.
The Autochartist plugin delivers real-time trading opportunities straight to your terminal. See chart patterns and trends in just one click. You’ll also receive daily Market Reports on each session direct to your inbox.
Get the Autochartist plugin
- Obtain a Silver user status or make sure you keep 1,000 USD or more across your trading accounts. The fastest way to do it is to top up your balance.
- Download the plugin.
- Follow our installation guide.
- Drag and drop the Autochartist Expert Advisor plugin onto one of your charts.
How to open an order with the Autochartist plugin
The Expert Advisor plugin does not open any orders, it only shows the patterns identified by Autochartist.
1. Find the currency or the opportunity that you're interested in. You can do this in several ways.
Press the left and right arrow buttons to browse all opportunities present in the market at that moment.
If you’re interested in the particular timeframe or pattern types, use the Filters option to organise market activity.
Below is a brief explanation of each filter.
- Completed chart pattern
The pattern has been identified and the price has reached the target level. - Emerging chart pattern
The pattern has been identified but the price has not reached the target level yet. - Completed Fibonacci Pattern
Patterns that form when the price graph moves up and down in particular price ratios. - Emerging Fibonacci Pattern
If the price reaches and turns around at the price level of the pink dot, the pattern would be complete and the expected levels of support or resistance would apply. - Significant levels
Breakouts—trading opportunities where the price has broken through the support level. - Significant levels
Approaches—trading opportunities where the price has broken through the resistance level.
Uncheck Display All Symbols to only see the patterns identified on the instrument you’ve opened the chart for.
Choose View to see each opportunity identified on the chart. Get more details using the Pattern Details window.
2. Use the predictions to help you decide which direction to trade in. The general rule of thumb is to go long when the price is expected to go up and to go short when the price is expected to go down.
CHFJPY is expected to appreciate based on the triangle pattern.
EURCAD is expected to depreciate based on the triangle pattern.
3. Press F9 to open a new order window or choose New Order.
4. Make sure the instrument selected is the one you want to trade, and specify the volume of your position in lots. Volume depends on the size of your fund, your leverage, and which risk-to-reward ratio you are aiming for.
5. Press Buy or Sell depending on the price direction.
6. We recommend setting stop loss and take profit based on volatility levels.
Select View in the Autochartist plugin to open the pattern you’re going to trade. Enable Shift End of the Chart from Right Border at the toolbar.
Volatility levels are displayed on the right hand side of the chart. This is an approximation of how much the price is expected to fluctuate.
If you open a Buy order (going short), you should set your stop loss at the price which is below the order open price and take profit at the price which is above the open price. For a Sell (short) position, set the stop loss at a higher price and take profit at a lower one.
When choosing stop loss and take profit levels, consider the minimum stop level, which you can check by selecting Specification in the specific instrument options in Market Watch. From a risk management perspective, it is recommended to keep a risk-to-reward ratio of at least 1:2.
Having identified the appropriate levels, find your position in the Trade tab. Here, you can select Modify or Delete Order in the position options.
Set Stop Loss and Take Profit, and choose Modify to save your changes.
The Autochartist plugin provides a unique insight into the market situation and saves you a significant amount of time. If you'd like to know more about Autochartist, get in touch with our Customer Support team.
