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PnF Charts for Metatrader 4

This indicator displays Point & Figure charts (PnF charts) in the indicator window or in the main chart area. PnF charts show only price movements that are bigger than the specified box size. It helps to eliminate noise and allows focusing on main trends.

Point & Figure charts consist of columns of X's and O's that represent filtered price movements. X-Columns represent rising prices and O-Columns represent falling prices. Each price box represents a specific value that price must reach to warrant an X or an O. Time is not a factor in P&F charting. These charts evolve as prices move. No movement in price means no change in the P&F chart. That is why PnF chart is not synchronized with the main chart it is attached to. Time scale is meaningless.

Indicator can work in two modes:


The chart is updated only after closing of each bar. It means that PnF chart will be updated more frequently when attached to M1 and less frequently when attached to charts of higher timeframes. The chart is not updated with every tick.

Features:


Bollinger Bands and Moving Averages can not be used in compressed 1-box reversal mode.



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Main Parameters

Keys:

Links

Read more about Point and Figure charts at Stockcharts.com.

Books explaining PnF charting:





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