Autochartist installation guide

Prerequisite steps

Step 1

Obtain the MetaTrader platform installation file and login credentials from your broker.

Step 2

Install the MetaTrader platform on your computer.

Step 3

Click Install. Click Finish.

Step 4

Log into your MetaTrader account through these steps:

1) Open the MetaTrader platform.

2) In the menu bar, select File, then click on “Login to Trade Account.”

3) Enter your credentials, then click Login.

4) Verify that you have successfully logged in by looking at the status in the platform’s bottom-right corner.

1. Installation

Step 1

The first window will prompt you to choose the language that will be displayed during the installation.

Step 2

The installer will determine all valid MetaTrader installations and display them in a list after the welcome and disclaimer windows. Check the box next to each MT4 platform for which you want to install this plugin. Please visit the Troubleshooting Section if your MetaTrader platform is NOT listed.

Step 3

Click Install, then hit Finish.

Step 4 (Required only for MT5 Installation)

1) Launch the MetaTrader 5 software.

2) Select Tools from the navigation bar.

3) Click Options.

4) Go to the Experts & Advisors tab.

5) Select “Allow WebRequest for the listed URL:”

6) Double-click the “add new URL” button and paste or type: https://mt5.autochartist.com

7) Click OK.

Step 5

Open MetaTrader and drop the Autochartist MetaTrader Plugin onto a chart.

Step 6

Step 6 – A

The first box will ask you for your username, password, and email address if you are installing the Autochartist MetaTrader Plugin as a Direct User Subscriber or if your broker requires a username and password login method.

Please check the email you received from Autochartist for your username and password (if your broker requires it). If you are a Direct user, please check the email you received from Autochartist for your username and password.

Click Login after entering your credentials.

Step 6 – B

If you’re installing the Autochartist MetaTrader Plugin as a broker-user, enter your email address and hit Save.

2. Market Scanner – User Guide

After installing your Advisor, you can (re)start your MetaTrader terminal. It should appear in the Navigation pane under the Expert Advisor tree-node.

Drag the Expert Advisor into any chart window.

Once done, the Advisor will then attempt to connect to the Autochartist services in order to retrieve data. If everything went well, your chart should look like this.

The Advisor’s main window is the one on the bottom left. There are various features in this window.

The first feature is a drop-down menu from which you may choose the lowest probability value. This will narrow down the Autochartist patterns to only those with a total-probability of the value you choose. If 65% is chosen, for example, it will only return patterns with a total probability of 65% or above.

The second tool is the settings button.

Report subscriptions. You can enter an email address here, then choose the report, the session for which you want it, and the language in which you want it.

After subscribing, you will receive an email report once a day on relevant patterns that may be used to improve your trading strategy for the specific reports, sessions, and languages you have selected. You can sign up for various reports in multiple languages for multiple sessions.

Change Account. By providing the relevant credentials, you can switch between a Broker and a Direct user account.

The third feature on the Advisor window is a “Filter and information” button.

Once clicked, a new window will appear where you can choose the types of patterns you want to see.

Quantity of historical patterns:

Historical trends will appear as grey lines on the graph. This provides a very basic overview of the instrument’s recent direction based on the patterns Autochartist has observed in the past.

You may also click the web button to bring up a popup window with two URLs that, when pasted into a browser, will either show you all of your broker’s / MetaTrader’s Performance Statistics Reports or log you into the web application.

The Expert Advisor window also features other controls including buttons to page through patterns and a ‘View’ button next to each pattern.

When you click the ‘View’ button, the chart will shift to the instrument and time specified in the pattern, and the pattern will be displayed on the chart alongside any past patterns.

Based on the “Market Watch” in your terminal, the tick box labeled “Display all symbols” will display all relevant symbols or instruments that Autochartist has identified for your broker.

If this box is left unticked, the Expert Advisor will attempt to obtain all patterns for only the chart symbol for all periods.

The Autochartist Volatility indicator is also visible on the chart.

This indicator shows a statistical analysis of volatility for this specific instrument at this specific time over a 6-month timeframe. Based on the statistical study of the previous 6 months, the volatility indicator will display the averaged maximum price movement for the following 15 minutes, 30 minutes, 1 hour, 4 hours, and 1 day.

The Details window is the Expert Advisor’s final window. Details about the pattern are displayed in this window (breakout strengths, quality etc.). The specific details of the probabilities will be presented here if the pattern has a minimum probability of 60% or higher.

All of the Autochartist Expert Advisor’s windows can be dragged to a new position or minimized. All windows can be closed except for the “Pattern Details” window. The Expert Advisor will remove itself from the chart window if the close-button of the main windows is clicked.

3. Statistical Analysis

Big Movement

Identified instances of extremely big market movements, which could lead to a continuation of the current pattern.

Consecutive Candles

Identified cases when a large number of candles have closed in the same direction, indicating a likely reversal.

4. Risk Calculator – User Guide

To use the Risk Calculator, simply drag it onto any chart window:

Once it has been successfully launched: the Risk Calculator will be displayed as below:

There are several features on the Risk Calculator control panel:

To allow Expected Trading Ranges, check the box. The price ranges are based on the last six months’ price fluctuations for the current day of the week and time of day.
Move the entrance level line on the chart or type in a specific level to achieve your chosen entry level.
Move the stop-loss level line on the chart or type in a specific level to set your chosen stop-loss level.
The difference in pips between your entry and stop loss prices is represented by this value.
How much money are you willing to put on the line in this trade?
This is the position size required to risk the specified amount of money at the set stop-loss level.
For more information, go to autochartist.com/riskcalculator.

To set the appropriate deal size when trading the current market price

Decide where you want your stop loss to be and drag the orange line there.
The indicator assumes you are planning a LONG trade if the orange line is below the current price. If the orange line is above the current price, the indicator assumes you are contemplating a SHORT trade.
Decide how much money you’re willing to put on the line in this trade. Set the Cash Amount or the Risk as a percentage of the equity or the Balance value.
Hit the “Calculate” button.

The Volume is the size of the position in your deal ticket window that you must set:

To set the right trade size when trading pending orders

Tick the checkbox next to “Custom Entry Price” checkbox. A green line will be displayed, reflecting that the entry level at which your pending order will be placed.
Move the green entry line to your desired level of trade entry.
Move the orange stop-loss line to your the stop-loss level you wish.
Decide how much money you’re willing to put on the line in this trade. Set the Cash Amount or the Risk as a percentage of the equity or the Balance value.
Hit the “Calculate” button.

The Volume is the size of the position in your deal ticket window that you must set:

Using Autochartist’s Expected Trading Range as a volatility guide

Autochartist’s Volatility Analysis data is also integrated with the Risk Analyzer. If you click the “Show Predicted Trading Ranges” option, you’ll see the expected trading ranges as well as the position sizes for the various levels.

This allows you to consider both your trading strategy and the projected price volatility when determining stop-loss levels. On each level, you’ll note how the position size is provided. In this case, a position size of 0.11 is required to risk 1% of my capital with an entry at the current market price and a stop loss at 1.17598.

5. Troubleshooting

5.1 Please be aware that certain anti-virus software misidentifies our plugin installer as a virus.

Please email support@autochartist.com an error related to anti-virus software happens.

5.2 MT4 Installation – Invalid Destination

1. If your MetaTrader terminal was not detected during the detection process, press the “Add Additional…” button while installing the plugin.

2. Start your MetaTrader terminal, then go to ‘File’, then ‘Open Data Folder.’