Technical analysis provider Autochartist has announced the launch of ‘Our Favorites’. Based on the company’s existing technical analysis product for spotting emerging chart patterns, the Our Favorites offering allows users to filter trade setups based on historical success of each pattern. Screening can be applied based on asset type and between 60-80% success rates. Results are provided on one screen along with the chart that shows the emerging pattern, forecast, and probability percentages for the trade. The product is currently being rolled out to direct Autochartist users with availability across the broker network coming soon.
While not a true signal provider, Autochartist’s analysis is slowly moving from just chart reading to producing trade ideas. As such, although it isn’t in their current plans to produce copy/signal trading for users, it will be interesting to see if a third party product will get created based on the Autochartist analysis now that they have added probability percentages.
Autochartist launches ‘Our Favourites’
Clients given unprecedented access to trades most likely to succeed
March 21st, 2013 – Autochartist, the award-winning provider of automated technical analysis solutions, has today announced the launch of its revolutionary ‘Our Favourites’ trade alert service. Presenting clients with the trades Autochartist calculates to be statistically most successful in a single view, the service offers a brand new approach to technical analysis.
Technical analysis has historically been seen as hugely complicated with traders having to study a single chart for each asset over multiple time frames in the hope of identifying an emerging pattern. However, the Autochartist service has successfully automated this process and since 2004, over 40 of the world’s leading brokers have adopted the technology. Our Favourites is the latest refinement, presenting clients with the trades deemed statistically most likely to be profitable, all in a single view.
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Ilan Azbel, CEO of Autochartist, commented:
“Technical analysts used to be forced to focus on just a handful of assets, but our automated service looks at 3,500 different currency pairs, stocks, commodities, bonds and indices, all in real time. This in turn highlights chart patterns, and emerging levels over multiple time frames and ranks each by the probability of success. Traders can then filter by the success rate and asset type, giving them invaluable guidance in making their trade decisions.”
Clients can select the desired minimum probability of success – from 60% to 80% – and each trade opportunity is then highlighted. A graphical illustration, plus details of the system’s historical success of forecasting against the specific pattern, on that asset and at that time of day are also given.
Ilan Azbel, added:
“Critically this solution is agnostic with respect to the pattern type that is highlighted. Users are free to screen this out themselves, but we believe that so long as we have an established track record of highlighting the emerging pattern, whether it is an inverse head and shoulders or a relatively simple support level is immaterial. Past performance may not always be indicative of future performance, but we believe our success stats speak for themselves.”
Our Favourites is currently available to all direct users of Autochartist, and the service will be rolled out across the broker network in due course.
Autochartist was founded in 2004 and has partnered with many leading brokerage firms across the globe in Forex, CFDs, equities and commodities. Autochartist currently services more than 50 000 traders in over 80 countries worldwide, and delivers in excess of 400 000 trade opportunities per month. Committed to service excellence, tailoring solutions for particular clients, and never slowing down with developing innovative new products that deliver high-quality, actionable trade opportunities, Autochartist is the market leader in automated technical analysis.