Discussion of article "The Last Crusade"

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New article The Last Crusade is published:

Take a look at your trading terminal. What means of price presentation can you see? Bars, candlesticks, lines. We are chasing time and prices whereas we only profit from prices. Shall we only give attention to prices when analyzing the market? This article proposes an algorithm and a script for point and figure charting ("naughts and crosses") Consideration is given to various price patterns whose practical use is outlined in recommendations provided.

Author: Roman Rich

[Sergey Golubev]

Forum on trading, automated trading systems and testing trading strategies

Indicators: Point and Figure

newdigital, 2013.09.12 16:29

Point & Figure Charting

Point & Figure Charting reduces the importance of time on a chart and instead focuses on price movements. Point & Figure charts are made up of X's and O's, X's being new highs and O's being new lows. There are two inputs to a Point & Figure chart:

1. Box Size: The size of movement required to add an "X" or an "O". For example, a stock at a price of $20 may have a box size of $1. This means that an increase from $20.01 to a high of $21.34 means another "X" is added. If the high price only increased to $20.99, then another "X" is not added because the stock didn't close another box size ($1) more.
2. Reversal Amount: The size of reversal before another column is added to a Point & Figure chart. To illustrate, if the reversal amount is $3, then the $20 stock would have to fall down to $17 before a new column (in this example of O's) would be started.

One of the main uses for Point & Figure charts, and the one emphasized in this section, is that Point & Figure charts make it easier for traders to see classic chart patterns. In the chart below of the E-mini S&P 500 Future, the Point & Figure chart emphasized support and resistance lines as well as areas of price breakouts:

Again, the Point & Figure chart makes it easy for traders to see the double bottom pattern below in the chart of the E-mini S&P 500 Futures contract:

The e-mini chart above illustrates the two bottoms of the double bottom pattern, as well as the confirmation line that is pierced, resulting in a buying opportunity.

Point & Figure is a very unique way to plot market action. The strongsuit of Point & Figure charting is that it eliminates the element of time and focuses on what is truly important - price

[pejman-m]

Attached files

pnf.zip (659.49 KB)

cintbmp.mqh (39.68 KB)

pnf2.mq5 (27.36 KB)

lic.txt (1.35 KB)

 How can i use these indicator and others for MT5?  i insert these in mt5,but don't see them in platform.

perhaps i insert them in a incorrect places,,,,,anybody advise me. thx

[myalcin]

hi 

also i couldnt show in chart whats the problem i couldnt understand can you help me how we can setup file?

[Muhammad Fraz]

myalcin #:

hi 

also i couldnt show in chart whats the problem i couldnt understand can you help me how we can setup file?

Brother You have to open that indicator and compile it. then refresh the Indicators List in Navigator Pane.