How to use Autochartist

EVERFX is excited to give traders access to Autochartist, the premier tool for making more informed trading decisions. In this guide you can discover how to install Autochartist and how to use its risk calculator, technical tools, news feeds, price action monitor and more. Read on to discover the analytical power Autochartist can give you!

Setting up and using Autochartist in MT4

Having installed the plugin, it’s simple to start using it on your charts:

Open the chart on which you’d like to use Autochartist’s data.
In the navigator window, double-click Autochartist under ‘Expert Advisors’.
Enter your email address and select whichever timeframe and pattern you wish.
In the ‘settings’ window, you can subscribe to a variety of different research reports
A variety of filters exist for the different patterns identified by Autochartist
Autochartist’s technical tools
When choosing a pattern, it can be helpful to narrow down your search by selecting ‘Display All Symbols’. Simply click ‘View’ and the pattern selected will appear on the chart.
Enlarging the pattern details window will give you fuller information on the length, direction, clarity and possible reliability of the pattern.
How to use Autochartist’s risk calculator
Open the chart on which you’d like to use the risk calculator. In the navigator window, double click ‘Autochartist_Risk_Calculator’ under ‘Indicators’
The risk calculator window will then appear. It contains a number of settings to help you determine the level of risk faced when entering trades.
Risk calculator settings
  • Turning on expected trading ranges means that ranges based on price movements observed in the last six months are shown on the chart (you will need to click ‘Shift end of chart from right border’ in the top settings of MT4 for this to display correctly).
  • Then you can choose at which price to enter a trade either by typing a number in the box. This is represented on the chart with the green line when enabled.
  • The next box allows you to set your stop level as shown on the chart with the orange line.
  • Risk in pips is then displayed in the fourth line of the calculator – this is the difference in pips between entry price and stop loss.
  • Cash risk allows you to type how much money you’re willing to risk on the trade.
  • Equity percentage risk similarly is the percentage of your currently available funds.
  • Finally balance percentage risk is the risk as a percentage of your total balance.
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