Remember, the financial markets are dynamic and overly complex. You have to catch its minute-to-second movements caused by myriads of factors.
Thus, speed and timing are integral to ensuring your profitability and safety in online trading.
Here’s the good news: you can do those things without straining your eyes with constant chart monitoring. You can use an automated charting platform to make your analysis easier and more efficient.
Authochartist is a powerful technical analysis tool beginner and experienced traders use to easily and automatically spot market trends.
In this TRU Insight, you’ll learn everything you about what is Autochartist and the best way to install it on your MT5 account. Read on and explore whether Autochartist would be the next tool you can use to navigate the complex financial markets.
What Is Autochartist in Forex Trading?
Forex traders have lives to live. No one wants to spend most of their trading journey drawing trend lines, spotting patterns, and identifying trend lines.
This is when Autochartist comes in handy—it helps you to improve your decision-making process by providing a data-driven market signal through its 24/7 market analysis feature. It offers immense value to analysts as the tool combines technical, statistical, volatility, macroeconomic, fundamental, and sentiment analysis to reveal market dynamics and trends.
Remember: Autochartist Is Not a Trading Robot
This is an important point to know before starting to use Autochartist.
While its analytic resources are undeniably valuable for a more informed trading decision and experience, the tool won’t execute a trade on your behalf. It only provides market signals or trade setup recommendations; however, the trade execution is at your discretion.
Is Autochartist Free?
Autochartist partnered brokers offer Autochartist for free to its traders. However, you can subscribe to it on a monthly basis if your broker doesn’t have Autochartist integration on its trading platform.
Autochartist offers a free trial to all interested clients, which you can plug into your broker account or access through its trading platform called ChartViper. This feature allows you to test the waters first, be familiar with the platform, and, ultimately, find value in its offered services.
Here’s its subscription plan structure if you wish to continue using its service after the free trial:
| Plan | 1-Month | 6-Month | 12-Month |
|---|---|---|---|
| Standard | USD 29 | USD 145 | USD 200 |
| Premium | USD 40 | USD 200 | USD 300 |
Additionally, you can customize your Autochartist experience by using either one or some of its individual analytic products.
- Technical Analysis – USD 15/month
- Event Impact Analysis – USD 15/month
- News Sentiment – USD 15/month
- Telegram Alers – USD 8/month
- Mobile Application – USD 15/month
- Volatility Analysis – USD 10/month
- US-Listed Companies Valuation Reports – USD 15/month
Want to save money? Use TRU15 to enjoy a 15% discount on your chosen plan.
Autochartist Review
Users of third-party review sites like Forex Peace Army and Trustpilot, as well as Reddit users, revealed that Autochartist is extremely useful in enhancing one’s decision-making process.
The common consensus among the users is its accuracy rate, especially on higher timeframes like H4 (4-hour time frame) and above.
Additionally, the majority of users applaud the inflow of trading recommendations. According to them, diversifying their portfolios became easier as the platform does all the market opportunity spotting.
However, the main downsides of Autochartist were revealed to be its customer support and decreased accuracy in shorter timeframes, like 1-hour charts or below.
How to Download Autochartist?
The Autochartist desktop application is free to download on its website. For mobile users, the application can be downloaded through Google Play Store (Andriod) or App Store (iOS).
Follow these steps to download Autochartist:
- Check if your broker offers Autochartist. If not, you can download the application through the Autochartist website (https://autochartist.com/)
- Visit your broker’s official Autochartist Page > Locate the download button. Once clicked, you’ll be redirected to Autochartist’s website.
- Download Autochartist by clicking on the “Download Plugin” button.
How to Install Autochartist on MT5?
Once you have downloaded the plugin file, you can install the tool in your broker account.
Remember, most Autochartist-partnered brokers already have the plugin on their EA (Expert Advisor) selection. Save yourself the hassle and check whether the plugin is readily available to your broker’s platform.
If the Autochartist tool is not in your MT5 account, follow these easy steps to install the tool onto the platform.
Step 1. Launch the Plugin/Installation File
Now, open your downloaded plugin and locate the installation file. Oftentimes, these files are formatted as .msi (Microsoft software installer) or .exe (executable file).
Click on the file, allow administrators privilege, and start installation.
Once the file has been successfully installed, select your preferred language.
Step 2. Click on the MT5 Platform on Which You Want to Install Your Autochartist
The installer will locate and list all the MetaTrader (4/5) platform installers on your device. Click on the software or platform you wish to install your Autochartist.
Click the “Next” button and then the “Install” button to start the software launch.
Related: MT4 vs. MT5: Choosing the Right Platform for Your Trading Needs
Step 3. Input Your Autochartist Credentials
If you’re an individual Autochartist subscriber, you’ll receive credentials (username, password, and email) to log in to your Autochartist platform. Your username and temporary password will be sent to your email.
Additionally, most brokers provide such credentials to users with granted access to Autochartist. Consult your broker for the username and password.
Step 4. Install the Market Scanner
Restart your MT5 terminal to refresh the EA selection to install the Market Scanner.
Once done, locate the Navigation tab on the menu to open the Navigator window.
Go to the Expert Advisor folder and locate the Autochartist plugin. Drag and drop it to your MT5 chart.
Should You Use Autochartist to Trade Forex?
Autochartist could be a great tool forstayingy atop market development. Its advanced and comprehensive analytic suit ensures the accuracy and profitability of your trading decisions.
However, Autochartist was not designed to execute trades on your behalf. It only provides you with trade setup recommendations—executing them is at your discretion. Remember always to supplement Autochartist’s signals with your analysis.
