Structure of the traded instrument. In the case of forex trading, trade using point & figure charts is to trade based on pure price action. One of the best-kept secrets about Here’s an age-old charting technique that you can use effectively in the foreign exchange markets. Get up-to-date currency trading data with our live forex charts. Our free trading charts make it easy for you to access live exchange rates and historical price patterns of global currencies.

Hi Traders, recently I read a book of John J. Murphy - Technical Analysis of the Financial Markets. There's is a fascinating chapter about point and figure charts. It could be a helpful tool to analyze the forex market, and powerful too because no one uses them. Well, I made a research on FF and strategybuilderfx.com and forex-tsd. But unfortunately it seems that there is no script or indicator (call it as you like) for point and figure charts to use on MT4. I found one, but the manual for that indicator was in russian.

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Okay, I learned some russian decades ago - but it seems it was not enough This russian code seems to work but it has a strange behavior. Attached you'll find the one I've found. To be honest - I don't understand what this indi is doing on the chart. Then it was told, that VT Trader offers point and figure charts. Okay, made a download - and was a little disappointed. The look back period on that demo was not worth to call it as look back.

Now back again at FF with a request: Is there someone out there who's using point and figure on MT4 and is willing to share the code or indicator with us? Thanks Freewheelin. Hi Traders, recently I read a book of John J. Murphy - Technical Analysis of the Financial Markets. There's is a fascinating chapter about point and figure charts. It could be a helpful tool to analyze the forex market, and powerful too because no one uses them. Well, I made a research on FF and strategybuilderfx.com and forex-tsd.

But unfortunately it seems that there is no script or indicator (call it as you like) for point and figure charts to use on MT4. I found one, but the manual for that indicator was in russian. Okay, I learned some russian decades ago - but it seems it was not enough This russian code seems to work but it has a strange behavior. Attached you'll find the one I've found. To be honest - I don't understand what this indi is doing on the chart. Then it was told, that VT Trader offers point and figure charts. Okay, made a download - and was a little disappointed.

The look back period on that demo was not worth to call it as look back. Now back again at FF with a request: Is there someone out there who's using point and figure on MT4 and is willing to share the code or indicator with us?

Thanks Freewheelin.

Even though point and figure charts have never been too popular, they are one of the most interesting charts used for long-term investment goals and predictions. Their aim is minimize the superfluous data and present a clear view of the trends. The main focus here is on supply and demand, but emerging trends are not being ignored. Overall, the idea is to determine the best points of when to buy and when to sell on the stock market. Despite the fact that these charts have their critics, many consider them to be reliable, even through their lack of popularity. Construction Point and Figure Charts Much like with line charts, traders who use P&F charts aren’t all that concerned about the highs and lows, but the closing prices of an asset. They believe that the highs and lows provide irrelevant information that can’t (and shouldn’t be) used in the decision making process of the trades or investments.

Traders who use these charts are only interested in the big picture and consider the price fluctuations during the day to be but mere noise. Unlike line charts, however, P&F charts are not interested in time, which is why they lack a time axis.

The main focus here is price. The price movements of the asset are symbolically represented not by lines or bars, but by Xs and Os. free forex training videos If the price has gone up, then we see an X and if the price has gone down, we see an O. There is no point in adding these changes to the chart unless there has been a movement of at least one unit of price one of the two directions; as you can see, even though P&F charts can look quite confusing, they are going for a minimalistic approach.

Each movement in price is represented by a symbol. If we move four units of price up, then we will see four Xs in the same column. If there is a change in the direction, then a new column begins and the change is reflected by the use of an adequate number of Os in the new column. You can never see Xs and Os sharing a column due to this main principle of the chart creation process. There is an important point to be made, here. The chartist is the one who has to determine how many units the price has to move in the opposite direction for a new column to be created. Once this number is determined, it’s called a box.