Autochartist is a powerful market analysis tool that identifies trading opportunities using pattern recognition technology. When integrated with MetaTrader 5 (MT5), it can provide traders with real-time alerts, risk analysis, and key technical insights. This guide explains in detail how to add Autochartist to MT5, and how to use it effectively for a more informed trading experience.
What is Autochartist?
Autochartist is an automated chart analysis tool designed to scan the financial markets for price patterns like triangles, wedges, channels, and Fibonacci sequences. It also forecasts price movements based on these formations, helping traders identify potential entry and exit points.
Autochartist is used widely by brokers and traders to:
- Save time on technical analysis.
- Identify high-probability trade setups.
- Receive real-time alerts via emails or MT5 popups.
- Conduct volatility analysis.
- Perform risk calculations before placing trades.
Why Use Autochartist with MT5?
MT5 is one of the most popular trading platforms globally due to its advanced charting, technical indicators, and multi-asset support. Autochartist enhances MT5 by automating technical analysis, giving traders an edge in volatile markets.
Key benefits of integrating Autochartist with MT5:
- Real-time pattern recognition.
- Dynamic alerts for new trading opportunities.
- High customization for alerts and chart filters.
- Compatibility with all asset classes (Forex, commodities, indices, etc.)
- Easy-to-read interface with visual cues.
Prerequisites Before Installation
Before you can add Autochartist to MT5, make sure you have the following:
- A valid MT5 account with a supported broker.
- A broker that offers Autochartist (some brokers provide it for free).
- Windows or Mac-based MT5 platform installed.
- Stable internet connection.
If your broker doesn’t offer Autochartist, you may need to request access or switch to one that does.
Step-by-Step Guide to Add Autochartist to MT5
Step 1: Download Autochartist Plugin for MT5
- Visit your broker’s website or directly go to the Autochartist plugin page (if public access is allowed).
- Choose the MT5 version of the plugin.
- Click “Download” and save the setup file to your system.
Some brokers email the plugin link once you register with them.
Step 2: Close Your MT5 Platform
Before installing the plugin, close the MT5 platform if it’s running. This ensures that the plugin installs correctly without interruptions.
Step 3: Install Autochartist Plugin
- Double-click the downloaded file to begin installation.
- Follow the on-screen instructions.
- Select your installed MT5 directory when prompted (e.g.,
C:\Program Files\MetaTrader 5). - The installer will automatically place Autochartist files in the necessary folders (
Indicators,Experts,Scripts).
After successful installation, launch the MT5 platform again.
Step 4: Add Autochartist to MT5 Chart
Once MT5 is open:
- Go to the Navigator panel on the left.
- Expand the Indicators or Scripts section.
- Locate the Autochartist files (usually named
Autochartist_Risk_Calculator,Autochartist_Expert, etc.). - Drag and drop the tool onto the desired chart.
- Click “OK” when the input settings appear.
Now, you should see Autochartist widgets, alerts, or risk calculations on your MT5 chart window.
Step 5: Configure Settings
Customize the tool based on your preferences:
- Symbol filter: Select instruments like EUR/USD, Gold, or NASDAQ.
- Timeframes: Choose M15, H1, or D1 depending on your trading style.
- Pattern types: Enable/disable specific pattern recognitions like Head & Shoulders or Fibonacci retracements.
- Alerts: Set desktop popups, email notifications, or push alerts to your mobile.
Using Autochartist in MT5
After successful installation, here’s how you can use Autochartist features effectively:
1. Pattern Recognition
- Access through the chart where Autochartist is attached.
- It will automatically display detected chart patterns like channels, triangles, or breakouts.
- Hover over the pattern to read prediction and reliability score.
2. Volatility Analysis
- Autochartist offers statistical information on expected price ranges for various timeframes.
- Helps set stop-loss and take-profit levels accurately.
3. Risk Calculator
- Attached as a separate indicator in MT5.
- Enter your desired risk (e.g., 2% of account balance), and it will calculate optimal lot size and stop loss.
4. Filter Opportunities
- Autochartist continuously scans for opportunities.
- You can filter alerts by asset type, timeframe, or pattern strength to avoid overload.
Troubleshooting Tips
Here are some common issues and their solutions:
| Problem | Solution |
|---|---|
| Plugin not showing in MT5 | Recheck the installation path; reinstall if necessary. |
| No data/patterns appear | Ensure correct symbol is loaded and internet is stable. |
| “DLL imports not allowed” error | Enable DLLs in the Expert Advisor settings window. |
| Patterns not updating in real-time | Refresh the chart or restart the MT5 platform. |
Tips to Maximize Autochartist Use
- Combine it with manual analysis: Use Autochartist as a guide, not a replacement.
- Avoid overtrading: Not all alerts are high-quality—focus on strong, clear patterns.
- Stay updated: Check regularly for plugin updates and MT5 compatibility.
- Use demo first: Try Autochartist on a demo account before applying it to live trades.
Final Thoughts
Adding Autochartist to MT5 can significantly improve your technical analysis and trading accuracy. Whether you’re a beginner or seasoned trader, having a tool that auto-scans for opportunities, measures risk, and provides visual insights can be a game-changer.
Just remember, no tool is 100% accurate. Autochartist should be a part of your broader trading strategy, alongside proper risk management and market research.
To learn more about the MT5 platform itself, you can read this MetaTrader 5 article on Wikipedia.