Full Review of the Autochartist Tool for Binary Options Traders
A lot of the new traders hear about price action, chart patterns and how these can help them profit by predicting the future direction of an underlying asset. Ok, but the information about chart patterns is scattered all over the internet, there are different opinions on which patterns are more reliable and subjectivity plays a big role because different traders draw even trend lines differently so you can imagine what happens with more complex chart patterns. On top of all that, it is hard for a new trader to absorb all the information related to chart patterns, to learn them all and trade accordingly. Well, that can all be over and even a green trader can benefit from chart patterns with the help of a well respected tool called Autochartist.
What is Autochartist and how to use it
To keep it simple, Autochartist is a tool that constantly scans the charts for any patterns and notifies you when it has identified one. No more second guessing, no more doubting yourself and your chart drawings because Autochartist will find diagonal channels, ascending / descending triangles, rising / falling wedges, pennants, flags, support and resistance levels and even Fibonacci patterns. On top of that, it scans all the time frames simultaneously, a very difficult thing for a trader to do manually. To make the story short, if there’s a valid pattern on your chart, on any time frame, Autochartist will not let you miss it.
There are two versions of the tool: one that goes in your Meta Trader 4 terminal and a web based application. They have a tutorial for downloading and installing the Autochartist plugin for your Meta Trader 4 (or MT 5) platform but I chose the web application because I found it more user friendly and on top of that, you can scan more than one asset from a single window.
The story is told by pictures. Every time a chart pattern is identified you can also see a picture of the pattern… but lets see one, not just talk about it:
The list you see at the bottom of the picture contains all the identified patterns (completed or emerging ones) and once you click on any of them, you will see a real time chart with the pattern drawn on it and on the right hand side, a panel with a lot of information about the strength of the pattern, the predicted direction and other useful things.
Why does Autochartist Suck?
I’m gonna disappoint you a little: it’s a paid tool… Well, that’s normal I think because after all, it is professional software, not just something advertised as great, amazing, priceless, bla, bla. To be honest, I perfectly agree with the decision of the creators of Autochartist to make it a paid tool. It’s simple: if you don’t want to spend time learning and you want somebody to provide you with knowledge at your fingertips, it is fair they ask money for it.
I played around with it and I found it a bit complicated to use at first. They throw a lot of information at the user and a newbie could find it hard to digest. Anyway, after some time spend on the website and toying around with the tool, you will get the hang of it.
Why doesn’t Autocharist Suck?
All the knowledge incorporated in this tool could take years to master but by using Autochartist, all that learning period shrinks down and you can be an experienced chartist in no time. I told you earlier that it is a paid tool; the good news is that they offer a free trial period and on top of that, the subscription is just 20 bucks per month. Not too much if you ask me. However, some forex brokers offer the Autochartist tool free of charge if you open a live or demo account with them. I’m not going to say who those brokers are because I am not here to advertise for anyone, but you can easily find out who they are from the Autochartist website.
Wrapping it up – AutoChartist is Good for Binary Options Traders
Although it is a bit hard to use at first, the Autochartist tool is well known and respected by a lot of traders, even experienced ones. It eliminates doubt when identifying chart patterns, support and resistance levels and it has some extra features like market news available directly in your mailbox. You can find out more about it at autochartist.com, you can test it and decide for yourselves if it is helpful or not, but I certainly find it useful.
Updates: AutoChartist Supports Binary Options
As the Binary Options industry continues to grow I am happy to see that other technology providers start to develop tools for binary options traders so it’s a great pleasure for me to bring you this update: TradeToolsFX – the company that introduced the first MT4 integration for binary options back in 2013 –has now partnered with Autochartist and will bring trading alerts into its proprietary binary options solution. In other words, you can now benefit from Autochartist’s full power while trading Binary Options using TradeToolFX’s MT4 integration.
Ultimately, this goes to show that Binary Options are starting to get more recognition from the rest of the market participants and to move further and further away from the gambling zone. This will bring competition among brokers and hopefully more regulation and of course, less scam.
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