Where to start with Autochartist
To help you have a better understanding, please see the below.
The type on exchange (Forex, Stocks, commodities etc…)
These are the 2 symbols eg; (USD (US Dollar against HKD (Hong Kong Dollar)
This is the length of each candle
The Type of Pattern (ABCD, Triangle, Channel down, Ascending wedge)
This is time at which Autochartist identified the opportunity
Please see quality rating explained below
This indicated whether a pattern is complete or emerging
The Length is the number of candles that make up the actual pattern (from start of pattern to breakout) You would use this information to determine if the Pattern is still valid. Generally, we expect the pattern to hit the target price within 30% of the pattern length after breakout
This is indicated by the number of candles. On a 15-min chart the age will be 2 candles after 30 minutes (2×15 minutes)
The Quality Ratings are an indication of how clear the pattern is to the human eye.
Initial Trend –
Strength of the trend prior to the pattern formation
The level of “noise” in the price graph -more spiky price movements mean a lower clarity score
Amount of increase in trading volume at the time of breakout through the support or resistance line. Not applicable to OTC market eg CFDs, FX
Even spacing of the turning points that touch support and resistance lines
Momentum with which the price broke through the support or resistance level
The Quality Indicator is an average of the other indicators and in short describes how much or little noise, break-out strength, spacing and trend-strength the pattern has (zero being very noisy or little break-out strength, spacing and trend-strength).
According to the statistics it appears that the noisier and less spacing, break-out strength and trend-strength a pattern has (i.o.w a low quality level), the more likely it is to be successful.
Here are some links to our introduction Videos:
Setting Up Searches
Introduction to Chart Patterns
Introduction to Fibonacci Patterns
Introduction to Key Levels
Introduction to Volatility Analysis
Introduction to Event Impact Analysis
Introduction to Quality Indicators
Introduction to Emerging Patterns
Introduction to MT4 Plugin
You can find more on our YouTube Channel