fbGuide on the use of Autochartist plugin for Metatrader | IFCM Tanzania

Prerequisite Steps

Step 1

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

Step 2

Install the MetaTrader platform

Step 3

Click install. Then click Finish

Login to Trade Account
Step 4

Log into your MetaTrader account by following these steps:

1) Start the MetaTrader platform.

2) Click on File in the menu bar, then click on "Login to Trade Account"

3) Enter your credentials and click Login.

Click Login

4) Confirm that you have successfully logged in, by checking the status in the bottom-right corner of the platform.

MT4 Validation

MT4 Validation

MT5 Validation

MT5 Validation

1. Installation

Select the language
Step 1

The first window will ask you to select the language you wish to display during the rest of the installation.

Step 2
Step 2

After the welcome and disclaimer windows, the installer will determine all valid installations of MetaTrader and display them in a list. Tick the check box next to each MT4 platform you wish to install this plugin for. if your MetaTrader platform is NOT listed, please see the Trouble Shooting Section

Click install
Step 3

Click install. Then click Finish.

Step 4 (Required only for MT5 Installation)

1) Open MetaTrader 5

2) Click on Tools in the menu item

3) Click Options

4) Click Experts Advisors tab

5) Tick the box next to "Allow WebRequest for the listed URL:"

6) Double click on "add new URL" and paste or type: https://mt5.autochartist.com

7) Click OK

Click Experts Advisors tab
Step 5

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

Click Login
Step 6 - A

If you are installing the Autochartist MetaTrader Plugin as a Direct User Subscriber, or if your broker requires a username and password login procedure, the first window will ask you for your username, password and email address. Please consult your broker for the username and password (if they require it) or as a Direct user please check the email you received from Autochartist that contains your username and password. Enter your credentials and click Login.

Click Save
Step 6 - B

If you are installing Autochartist MetaTrader Plugin as a broker-user, enter your email address then click Save

2. Market Scanner - User Guide

Once your advisor has been installed, you can (re)start your MetaTrader terminal, and it should be listed in the Navigation window, under the Expert Advisor tree-node.

Drag the Expert Advisor onto any chart window.

Expert Advisor chart 1Expert Advisor chart 2

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.

chart display

Main window

The Main window of the Advisor is the one at the bottom left. This window has several features.

Main window 2

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. Example, if 65% is selected, it will only retrieve patterns that have a total-probability of 65% or greater.

minimum probability
settings button

The second feature is a settings button.

Account settings

Report subscriptions. 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.

Change Account. here you can swap between a Broker user account, or a Direct user account, by providing the necessary credentials.

Filter and information

The third feature on the Advisor window, is a "Filter and information" button.

historical patterns

Once clicked a new window will open. In this window you can select the types of patterns you wish to view.

Quantity of historical patterns: 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.

Performance Statistics Reports

You can also click on the web button to display a popup window containing 2 URLs that (when copied into a browser) will either show you all the Performance Statistics Reports for your broker / MetaTrader, or log you into the web application.

View control

Other controls in the Expert Advisor window includes buttons to page through patterns as well as a 'View' button next to each pattern.

instrument and period chart

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.

Display all symbols

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.

Volatility indicator

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.

Pattern details window

The last window of the Expert Advisor, is the Details window. In this window details about the pattern is displayed (breakout strengths, quality etc.). If the pattern has a minimum probability of 60% or higher, the specific details of the probabilities will also be displayed here.

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.

3. Statistical Analysis

Big Movement

Big Movement

Identified cases of very large market movements that may result in continuation of the current trend.

Consecutive Candles

Consecutive Candles

Identifies instances when excessive amounts of candles have closed in the same direction - signalling a possible reversal.

4. Risk Calculator - User Guide

Drag the Risk Calculator onto any chart window:

Risk Calculator

Once successfully initiated, the Risk Calculator will display as below:

Risk Calculator chart

The Risk Calculator control panel has a number of features:

Risk Calculator features
  1. 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.
  2. Set your desired entry level by moving the entry level line on the chart or by typing in a specific level.
  3. Set your desired stop-loss level by moving the stop-loss level line on the chart or by typing in a specific level.
  4. This number represents the number of pips difference between your entry price and stop loss.
  5. How much money you are willing to risk on this trade.
  6. This is the position size you need to take in order to risk the amount of money specified at the desired stop loss level.
  7. Visit autochartist.com/riskcalculatorfor tutorials and help with this indicator.

To set the correct trade size when trading the current market price

  1. Decide on where you want to set your stop loss and move the orange line to that level.
  2. 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.
  3. Decide on how much money you want to risk on this trade. Set the Cash Amount, or the Risk as % of Equity or Risk as % of Balance value.
  4. Click the “Calculate” button.

The Volume is the size of the position you need to set in your deal ticket window:

trade current market price

To set the correct trade size when trading pending orders

  1. Click the Checkbox next to “Custom Entry Price”. 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.
  2. Move the green entry line to your desired trade entry level.
  3. Move the orange stop loss line to your desired stop-loss level.
  4. Decide on how much money you want to risk on this trade. Set the Cash Amount, or the Risk as % of Equity or Risk as % of Balance value.
  5. Click the “Calculate” button.

The Volume is the size of the position you need to set in your deal ticket window:

trade pending orders

Using Autochartist’s Expected Trading Range as a volatility guide

The Risk Analyzer is also integrated with Autochartist’s Volatility Analysis data. This means that if you tick the “Show Expected Trading Ranges” checkbox, you’ll get the expected trading ranges along with the position sizes for the different levels.

Expected Trading Range

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. In this example, to risk 1% of my capital with an entry at the current market price and stop loss at 1.17598, we need to set a position size of 0.11.

5. Troubleshooting

MT4 Installation Invalid Destination
5.2 MT4 Installation - Invalid Destination

1. When installing the plugin, if your MetaTrader terminal was not listed during the detection step, press the "Add Additional…" button.

2. Start your MetaTrader terminal, and click on 'File', then click on 'Open Data Folder'.

3. A Windows Explorer window will open up. Click on an open space next to the address bar to highlight the path.

highlight the path

4. Copy the path in the address bar and return to the Autochartist installer.

Copy the path

Autochartist installer

In the Autochartist installer, paste the path in the text box labelled 'Folder:', Click Ok.

Risk Calculator

error support

If the above error occurs, please contact [email protected]