One of the industry veterans when it comes to chart-pattern recognition software, Autochartist, has come to the market with a new offering. The firm has partnered with New Zealand based Te Mata Software to deliver a new trading platform which automatically executes trading opportunities that Autochartist feeds it on a real-time basis.
Targets are provided for all patterns except channel breakouts, and the Te Mata platform provides built-in strategies to take profit or auto reverse at the target levels on an immediate or wait basis.
The CEO of Autochartist, Ilan Azbel, said in the company announcement, “All our patterns are covered including Channels, Fibonacci, Flags, Pennants, Triangles and Wedges. At this point the Te Mata service covers Forex, Gold, and Silver for all our periods from 240 down to and including 15 minute charts.”
“Creating such an advanced service has been a real challenge to Te Mata, but they are very skilled in financial market trading which made this very difficult creation easier to achieve,” Mr Azbel explained.
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The service will be useful for existing Autochartist clients who have already made their way through the software and know which patterns work best for them. Brokers powered by Currenex or X Open Hub will also be able to interface the Te Mata platform into their existing infrastructure in order to deliver the service to their clients.
The CEO of Te Mata, Wayne McLean, elaborated, “We believe by adding the real time execution of Autochartist patterns to our platform both brokers and end users will benefit; brokers from receiving more trades and their clients better trades due to improved entries and exits.”
The move represents a very desired feature among existing users of the community using Autochartist for identifying technical analysis opportunities.
Could this be the start of a new trend in the FX industry, which is displacing copy/mirror trading with various forms of automated trading?