Discussing the article: "Building a Traditional Point and Figure Indicator in MQL5"

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Check out the new article: Building a Traditional Point and Figure Indicator in MQL5.

This article implements a custom Point and Figure indicator in MQL5 that maps price movement into X/O columns using a fixed box size and three-box reversal logic. We define the base price, convert prices into box intervals, manage trends and reversals, auto-scale the indicator window, and render symbols with objects, providing a clean, time-independent view of trends, breakouts, and support/resistance.

In contrast to traditional charting methods, Point and Figure charting treats price movement as the only relevant aspect. Instead of creating a new bar every minute, hour, or day, the chart doesn't change unless the price shifts by a predetermined box size. The resulting chart helps traders concentrate on the most significant price changes and provides a clearer picture of market direction by excluding periods of negligible movement.

A Point and Figure chart is made up of columns containing X's and O's. An X column represents rising prices, while an O column represents falling prices. As the market continues moving in the same direction, additional X's or O's are added to the current column. When the price reverses by a specified amount, known as the reversal amount, a new column is started in the opposite direction.

Figure 1. What We Are Building

Author: ALGOYIN LTD

 
I wonder if using the technique in this article would have made the P&F chart resemble the standard more closely.: MetaTrader 5: Build a Market to Suit Your Strategy — Renko/Range/Volume, Synthetics, and Stress Tests on Custom Symbols - MQL5 Articles
MetaTrader 5: Build a Market to Suit Your Strategy — Renko/Range/Volume, Synthetics, and Stress Tests on Custom Symbols
MetaTrader 5: Build a Market to Suit Your Strategy — Renko/Range/Volume, Synthetics, and Stress Tests on Custom Symbols
  • 2026.05.21
  • www.mql5.com
In this article, we demonstrate how to use API of the MetaTrader 5 custom symbols to transform your terminal into a data constructor for generating timeless Renko, Range, and Equal-Volume charts and assembling synthetic instruments. We will analyze tick aggregation and history modification for stress tests (spread widening, stop level changes) taking into account platform limitations. Besides, you will get some practice of handling CiCustomSymbol and routing orders to a real symbol through the CustomOrder wrapper with ready-made code fragments.
 
Max Brown #:
I wonder if using the technique in this article would have made the P&F chart resemble the standard more closely.: MetaTrader 5: Build a Market to Suit Your Strategy — Renko/Range/Volume, Synthetics, and Stress Tests on Custom Symbols - MQL5 Articles

Thanks for posting that. As a long time Renko trader, I have no idea how I missed it in May. I might add that to my Renko arsenal.

I'm not sure exactly what you mean. It's a bit of an apples-to-oranges comparison. The present P&F indicator is, well, an indicator and a sub-window indicator at that. To the best of my knowledge, P&F is really intended to be used as a standalone tool. In contrast thereto, scripts, indicators, and EA's can be attached to custom Renko, range, and equal volume charts. Obviously, these are custom charts and not indicators.

 
Ryan L Johnson #:

Thanks for posting that. As a long time Renko trader, I have no idea how I missed it in May. I might add that to my Renko arsenal.

I'm not sure exactly what you mean. It's a bit of an apples-to-oranges comparison. The present P&F indicator is, well, an indicator and a sub-window indicator at that. To the best of my knowledge, P&F is really intended to be used as a standalone tool. In contrast thereto, scripts, indicators, and EA's can be attached to custom Renko, range, and equal volume charts. Obviously, these are custom charts and not indicators.

To be fair, I made a couple of assumptions on my side — and in hindsight they weren’t great ones. Before the custom‑symbol article came out, I think most of us (myself included) simply assumed MT5 couldn’t produce a true P&F chart. That perceived limitation is exactly why so many developers built P&F indicators in the first place. I took that ecosystem at face value and didn’t question it.

The custom‑symbol approach changes the picture completely. Once you realise MT5 can generate a proper timeless bar stream, it becomes obvious that P&F belongs in that category rather than being forced into a subwindow indicator.

Maybe you’ve seen a use case I haven’t, but I still struggle to find any transferable purpose for a P&F indicator beyond drawing a P&F sub‑chart. I suppose some traders might like having the time‑based chart above and the P&F representation below, but outside of that niche, the indicator route feels like a workaround for a limitation that turned out not to exist.

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