Point and Figure chart for MT5
Point and Fignure (P&F) chart plots price against changes in direction by plotting a column of Xs as the price rises and a column of Os as the price falls.
Features
- Support for several kinds of price types - High/Low and Close.
- Clean and easy-to-read chart.
- Displays column high and low prices as indicator values.
- Support for both 4 and 5-digit brokers.
- Customizeable colors.
Advantages
- Filter insignificant price movements and noise. Less noise and more stable work.
- Focus on important price movements.
- Remove the time aspect from the analysis process.
- Make support/resistance levels and certain patterns such as double top/bottom, flags, wedges, etc, much easier to identify.
Parameters
- BoxSizePips - box size, in pips. The indicator detects 4 or 5-digit brokers automatically.
- ReverseBoxCount - amount of boxes that the price needs to move in the opposite direction to warrant a column reversal.
- PriceType - price type to be applied to the chart.
- priceHighLow: the default value. The indicator uses high price in up columns and low price in down columns.
- priceClose: the indicator uses close price in both up and down columns.
- IncludeIncompleteBar - default is false, which causes the indicator does not use the latest bar to calculate the chart. Setting it to true will cause the indicator use the latest bar, which will cause extra columns.
- UpColor - color for Xs.
- DownColor - color for Os.
Usage
After the indicator is placed on the chart, the indicator will show Xs and Os for the chart.
To use P&F chart efficiently, you need to learn the patterns of P&F chart.
Some good references:
- https://en.wikipedia.org/wiki/Point_and_figure_chart
- Or just search Point and Figure chart in your favorite search engine.
How to check prices on the P&F chart
To make the chart clean and easy to read, the indicator does not displace price lines.
To check the price on the chart, we can either
- Move the mouse over an X or O to see the price of that box.
- Or use the Crosshair tool in MetaTrader (the icon "+" next to the arrow).
Note: the indicator doesn't work with timeframe under 5 minutes, for performance reason.
