Autochartist

[Nowler]

Hey folks,

My current broker Oanda has partnered with Autochartist market scanner.
It is marketed as OANDA Technical Analysis, powered by Autochartist.

Can anyone shed any more light on this?
Is this actually Autochartist or just some Oanda B@astardisation which put the odds in Oanda's favour?
Can anyone speak to it's effectiveness?

They offer setups with 80+% probability, so in theory I should be able to use solely the Autochartist and be profitable... though I doubt this would actually result as such...why though?

Thanks

 

[Nowler]

Nobody has any thing to say on this?

 

[timsk]

Hey folks,

My current broker Oanda has partnered with Autochartist market scanner.
It is marketed as OANDA Technical Analysis, powered by Autochartist.

Can anyone shed any more light on this?
Is this actually Autochartist or just some Oanda B@astardisation which put the odds in Oanda's favour?
Can anyone speak to it's effectiveness?

They offer setups with 80+% probability, so in theory I should be able to use solely the Autochartist and be profitable... though I doubt this would actually result as such...why though?

Thanks

Hi Nowler,
No, I can't speak to it's effectiveness which is why I didn't reply. Besides which, its effectiveness (or otherwise) will most likely be down to the trader and how they use it - rather than anything inherent in Autochartist itself. That said, baring one caveat, it's probably a perfectly decent service that, in broad terms, does what it says on the tin. I can't say with 100% certainty, but I suspect your fears about it skewing the odds in Oanda's favour our unfounded. There are quite a number of 3rd party TA providers of this kind and they're really no more than a marketing tool for the broker.

So, what's the caveat? No surprises here: it's your comment about offering setups with 80+% probability. This is pretty much meaningless and certainly doesn't mean what many novice traders might think it means. For example, here's a high probability chart setup . . .

On any given time frame, in an uptrend, price will rise above the candle/bar open and, in a downtrend, price will fall below the candle/bar open. All I've done is to describe the essence of trend, but that doesn't help you to trade it. And even though the 'setup' (it's not really a setup per se but that's not relevant here), has a high probability of occurring, it doesn't mean you'll win 8 trades out of 10.

To conclude, Autochartist is just another tool, much like an EA on MT4. It may help you or it may hinder you. But one thing's for sure: it's not the holy grail.
Tim.

 

[Nowler]

Hi Nowler,
No, I can't speak to it's effectiveness which is why I didn't reply. Besides which, its effectiveness (or otherwise) will most likely be down to the trader and how they use it - rather than anything inherent in Autochartist itself. That said, baring one caveat, it's probably a perfectly decent service that, in broad terms, does what it says on the tin. I can't say with 100% certainty, but I suspect your fears about it skewing the odds in Oanda's favour our unfounded. There are quite a number of 3rd party TA providers of this kind and they're really no more than a marketing tool for the broker.

So, what's the caveat? No surprises here: it's your comment about offering setups with 80+% probability. This is pretty much meaningless and certainly doesn't mean what many novice traders might think it means. For example, here's a high probability chart setup . . .

On any given time frame, in an uptrend, price will rise above the candle/bar open and, in a downtrend, price will fall below the candle/bar open. All I've done is to describe the essence of trend, but that doesn't help you to trade it. And even though the 'setup' (it's not really a setup per se but that's not relevant here), has a high probability of occurring, it doesn't mean you'll win 8 trades out of 10.

To conclude, Autochartist is just another tool, much like an EA on MT4. It may help you or it may hinder you. But one thing's for sure: it's not the holy grail.
Tim.

Thanks for the reply Tim.

Firstly, yes, I totally agree that it's no holy grail, but instead a mere tool, like many others.
Secondly, I guess that the best answer for me would be the results of tests I run on it. I posted this thread to get the input from others but Id really like to take a chunk of setups it gives and then see how accurate they are. I know I should really be looking to take more than 1000 samples to have much statistical power but what a pain in the rectum that would be.. taking 20/week would take me a year to accumulate

I'll aim for a sample of 100 first and see what the results are... i'll have the option to keep collecting, so maybe after collecting 100 I might have more drive to aim for 1000.

Surely if they are going to have a filter for the 80+% setups, with target level, they surely cannot be that far off the mark...
I say surely, but I know how murky claims from businesses can be, so that was quite a naive statement

I know the Autochartist is larger than what I use. I only use it for the 80+% set ups AND I always pull the target level back to more reasonable levels. That's kinda why I wanted to know how much say Oanda have over this. I am not assuming they are being sketchy, but I am checking. They have enough conflict of interest as it is with me. Some of the target levels are funny, imo

 

[kalott]

i dont know about oanda

but with IG you can open autochartist i a new window (tools > autochartist) and get info about certain formations and win rate and other things, scan and more

you also have "signal centre" in the platform where you can open trade on a recent signal

and also a metastock plug-in

 

[Nowler]

i dont know about oanda

but with IG you can open autochartist i a new window (tools > autochartist) and get info about certain formations and win rate and other things, scan and more

you also have "signal centre" in the platform where you can open trade on a recent signal

and also a metastock plug-in

I wouldn't say I have searched the Oanda offering of Autochartist exhaustively but I did give more than just a scan (no pun intended) and didn't see much statistical info.

I'll have a closer look and perhaps check out the IG offering of it also...i'd imagine they'll be the same...why would IG's Autochartist have more than Oanda's...

I emailled Autochartist directly to get some input from them. I asked if me using it via Oanda is the same as me purchasing it direct from them.

 

[kalott]

about IG, i dont know if they have changed anything with the new platform but with the old one you could open autochartist in a new window

best pattern was inverse head and shoulders on 240 min and daily

Inverse Head and Shoulders 63% 65% 69% 72% (240) 86% (daily)

and there are other things like best time of the day and so on