Indicator Review: Trader On Chart

Trader On Chart is a Forex indicator built for manual traders that are looking to calculate lot size and open trades quickly in their MT4 platform. The main purpose of the software is to assist traders with their pre-trade calculations in order to limit mistakes and take home more profits. Today we will be providing a full review, and letting you know if this is the type of indicator that will work for your personal trading style.

Rimantas Petrauskas is the sole proprietor and coder behind this new indicator. Petrauskas is well-known in the Forex community, as he owns EA-Coder.com. He has produced a multitude of different trading products that we’ve reviewed including FX Magnetic, Equity Sentry EA and Local Trade Copier by MT4Copier.com. The majority of the trading tools he creates are built to help traders by giving them more information or control over their trading platform.

For support, traders can email support@ea-coder.com.

Trader On Chart Review

The overall presentation is straightforward and gives direct insight into what you will receive as a client when you purchase the Trader On Chart indicator. Unlike most products we review, the tool does not provide you with the signals or automated trades. It is simply a software that you will attach to your charts that will assist you with your manual trading. Obviously if you are not a manual trader, then this indicator would serve no purpose for you. Though, if you do, ” you can open trades 10 times faster in one click because it will calculate lot size automatically based on your preset stop loss, take profit and money management settings.”

The sales page also includes a video explanation which is 23 minutes long and really quite helpful if you are interested in the software. So, we do recommend that you watch this if you are interested.

How it Works

There are 3 simple steps to follow in order to get the Trader On Chart indicator up and running.

1. Attach the indicator to your meta-trader 4 chart. This is a simple process that Petrauskas most will take less than 5 minutes for even an inexperienced trader.
2. Choose the amount of risk you are comfortable with per trade. Then, preset your design lot size, take profit, stoploss and other trading parameters available within the indicator. The lot size can be fixed or based on a percentage, thus giving you a semi-automated money management that you generally only see in Forex robots.
3. Open your trades with a single click. After you have preset all of the settings, you can simply click buy or sell and the order will be placed immediately.

Client Feedback

The client feedback is positive, with a 4.4/5 star rating on FPA. Only 2 of the 11 reviews are negative, that these comments don’t exactly make sense in seem to be in about a different iteration of the software. The clients complaining talk about how the software is losing trades, but this software doesn’t even provide trades, so they must be talking about something else.

From what we can see, clients are happy with the software.

Features

The Trader On Chart indicator advertises 4 main features which makes this software unique from its competitors.

1. Auto calculate position size. The indicator will calculate the exact lot size based on all of the settings and parameters that you enter. For example, if you sent a risk percentage of 1%, then the lot size will calculated so that your maximal loss will only be one percent of your account.
2. Trading easily from the chart. Traders can click on the chart data to place trades immediately without having to open up another window.
3. Easily Price breakouts in the direction. The software makes it easier to create straddle pending orders because of how quickly you can open trades.
4. Smart break even. If you use this feature the software Cover the expenses of the trade so that you are surprised by commissions or swaps.

Pricing

The indicator is currently being sold with 3 different plans. The monthly plan which costs €15 EUR per month, the yearly plan which costs €120 EUR year and the 4 year plan which costs €240 EUR for 4 years. While the tool seems helpful, we aren’t so sure that it’s worth this price point.

With an indicator like this, we would prefer an outright license that cost somewhere in the $100 range. Many of the best Forex indicators, that don’t provide signals but assistance like this one cost around the $100 mark, with no extra subscription fees.

Conclusion

We see no real drawbacks when it comes to the Trader On Chart indicator. The vendor is a very clear about how the software works, and exactly what the trader receives when they purchase it. Our only real concern is about the price, and the mere fact that you will have to pay subscription fee for life if you want to use it for that long.

If you have anything you would like to add to the review, please leave your comments now.