Step 1 The first window will ask you to select the language you wish to display during the rest of the installation. Tick the check box next to xprofuter forex indicator for metatrader 4 terminal MT4 platform you wish to install this plugin for.
Drag the Expert Advisor onto any chart window. Once dragged onto a chart, the advisor will try to connect to the Autochartist services to retrieve data. When successful, your chart should display as per the image below. The Main window of the Advisor is the one at the bottom left. The first feature, is a drop-down list where you can select the minimum probability value.
This will filter the Autochartist patterns to only display those patterns that has a total-probability of the value you select. The second feature is a settings button. Here you can enter an email address, then select the report, the session for which you wish to receive it and the language you wish to receive it in. After subscribing you will receive an email report once a day for the specific reports, sessions and languages you have selected, about relevant patterns that can be used to enhance your trading strategy. You can subscribe to multiple reports, for multiples sessions in multiple languages.
Broker user account, or a Direct user account, by providing the necessary credentials. The third feature on the Advisor window, is a “Filter and information” button. Once clicked a new window will open. In this window you can select the types of patterns you wish to view. Historical patterns will be displayed on the chart as grey lines. This gives a very basic overview of the direction that the instrument has taken according to the patterns Autochartist has identified in the recent past. Other controls in the Expert Advisor window includes buttons to page through patterns as well as a ‘View’ button next to each pattern.
When clicking a ‘View’ button, the chart will change to the instrument and the period as per the pattern, then display the pattern on the chart along with any historical patterns. The tick box labelled ‘Display all symbols’ will display all relevant symbols or instruments that Autochartist has identified for your broker, based upon the “Market Watch” in your terminal. If this box is unticked, then the Expert Advisor will try to retrieve all patterns for only the symbol of the chart for all periods. Also displayed on the chart, is the Autochartist Volatility indicator. This indicator displays statistical analysis of volatility over a period of 6 months, for this specific instrument at this specific time. The volatility indicator will display the averaged maximum price movement for the next 15 minutes, 30, 1 hour, 4 hour and 1 day based on statistical analysis of the last 6 months. The last window of the Expert Advisor, is the Details window.
All of the windows of the Autochartist Expert Advisor can be dragged to a different location, or minimized. All except the “Pattern Details” window can be closed. Once the close-button of the main windows is clicked, the Expert Advisor will remove itself from the chart window. Identified cases of very large market movements that may result in continuation of the current trend. Identifies instances when excessive amounts of candles have closed in the same direction – signalling a possible reversal. Tick the checkbox to enable Expected Trading Ranges.
Ranges are based on price movements observed in the last 6 months for the current day of week and time of day. Set your desired entry level by moving the entry level line on the chart or by typing in a specific level. Set your desired stop-loss level by moving the stop-loss level line on the chart or by typing in a specific level. How much money you are willing to risk on this trade. Decide on where you want to set your stop loss and move the orange line to that level. If the orange line is below the current price then the indicator assumes you are planning on a LONG position.
If the orange line is above the current price then the indicator assumes you are planning a SHORT position. Decide on how much money you want to risk on this trade. Once you do this a green line will appear. This green line represents the entry level at which you plan to set your pending order.
The Risk Analyzer is also integrated with Autochartist’s Volatility Analysis data. This allows you to not only consider your trading strategy for stop loss levels, but also the expected price volatility. You will notice how the position size is specified on each level. 17598, we need to set a position size of 0. 1 Please note: Some Anti-Virus software incorrectly detects our plugin installer as a virus. 2 MT4 Installation – Invalid Destination 1.