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Point and Figure charting with MT4

  • #1
  • First Post: Edited May 29, 2008 8:18am May 13, 2008 9:26am | Edited May 29, 2008 8:18am
Hi,

it is not a standard feature in MT4 to get Point and Figure charting so I have coded my own indicator with the features I needed inside.

Here are some explanations:
you can use it on any pair any time frame.
X correspond to green boxes, O are red boxes
the parameters are as follow:
- BoxSize: value in pips : gives the size for one box (one X or one O)
- MinBox: number of boxes you want to have to consider a reversal. if it is for instance 3 then you need to get 3 boxes in the opposite direction to get a reversal, before the boxes won't be drawn. If this feature doesn't interest you, just put 1 (not 0!)
- WidthBox: with of the box in bars. for instance 4 mean that one box will be as wide as 4 bars (or candlesticks)
Attached File(s)
File Type: mq4 PointAndFigure.mq4   7 KB | 14,288 downloads | Uploaded May 29, 2008 8:18am
  • #2
  • May 28, 2008 9:17am May 28, 2008 9:17am
Thanks for posting to my thread on P&F - I downloaded your indicator and have a suggestion. If the indicator could be modified to appear in a separate window, right-justified it would be a great companion to my P&F indicator. I will take a look and see if this is feasible.
Old Benjamin was right
  • #3
  • May 28, 2008 11:14am May 28, 2008 11:14am
Yes it is a good idea to have it in a separate window. As it is based on objects that are created they have to be created on a different window. I will have a look at it.
  • #4
  • May 28, 2008 12:33pm May 28, 2008 12:33pm
I have updated the indicator in the first post.
Now it displays in a separate window.
I had to do some interesting tricks that it automatically takes optimal range for the indicator window y axis but it should be ok.
  • #5
  • May 28, 2008 3:04pm May 28, 2008 3:04pm
That is really excellent work. Not to be overly picky but each new column should begin one box above/below the previous column. If I can understand your code I will try to modify the indicator to do this.

Thank you for this effort.
Old Benjamin was right
  • #6
  • May 28, 2008 4:43pm May 28, 2008 4:43pm
I have posted a link to your thread - I hope you don't mind.

I was toying with the idea of writing one using histograms and calculating backwards (from the current bar back in time) but yours is about as good as it can be done.
Old Benjamin was right
  • #7
  • May 29, 2008 5:34am May 29, 2008 5:34am
Quoting Lou G
That is really excellent work. Not to be overly picky but each new column should begin one box above/below the previous column. If I can understand your code I will try to modify the indicator to do this.

Thank you for this effort.
Yes you are right about the columns, I was expecting somebody to make this comment
Personally I prefere how it is now but it is true that it is not the true P&F chart. I may have a look at it soon to change it, it is not difficult.
If you make any modification you can post it here and I will also check and if it is OK I will replace the version in the first post.

For the link, no problem. It is good to have put a link instead of putting a copy of the indicator.
  • #8
  • May 29, 2008 8:19am May 29, 2008 8:19am
Ok updated a new release in the first that looks ok in my opinion
  • #9
  • May 29, 2008 11:48am May 29, 2008 11:48am
Thank you.
Old Benjamin was right
  • #10
  • May 29, 2008 12:57pm May 29, 2008 12:57pm
what are the ways , ideas on boxs,reversal sizes to use,
is their a common size for the euro/usd
does the box size relate to ATR


Quoting jlpi
Hi,

it is not a standard feature in MT4 to get Point and Figure charting so I have coded my own indicator with the features I needed inside.

Here are some explanations:
you can use it on any pair any time frame.
X correspond to green boxes, O are red boxes
the parameters are as follow:
- BoxSize: value in pips : gives the size for one box (one X or one O)
- MinBox: number of boxes you want to have to consider a reversal. if it is for instance 3 then you need to get 3 boxes in the opposite direction to get a reversal, before the boxes won't be drawn. If this feature doesn't interest you, just put 1 (not 0!)
- WidthBox: with of the box in bars. for instance 4 mean that one box will be as wide as 4 bars (or candlesticks)
  • #11
  • May 29, 2008 1:40pm May 29, 2008 1:40pm
Quoting toddanderson
what are the ways , ideas on boxs,reversal sizes to use,
is their a common size for the euro/usd
does the box size relate to ATR
Inmy opinion the box size should be adapted to the time frame.
It needs to remain constant for one time frame otherwise you cannot compare the boxes.
After for each TF and each pair you need to determine yourself what is a "significant" move for this TF. It could be like only 20 pips for short TF, and 50 or more for daily.
Of course that is just my opinion and everybody has to find the right settings for him.
  • #12
  • Sep 8, 2008 3:46pm Sep 8, 2008 3:46pm
I greatly appreciate you providing the indicator..

If someone has been using the indicator on a few pairs and time frames, I would like to see what you think settings should be.

Thanks


dave
  • #13
  • Jan 23, 2009 7:00pm Jan 23, 2009 7:00pm
I am experimenting with the settings
Attached Image (click to enlarge)
Click to Enlarge Name: daveM - snag -0017.png Size: 10 KB
  • #14
  • Feb 26, 2009 12:08pm Feb 26, 2009 12:08pm
hi are any one using this indic
  • #15
  • Feb 28, 2009 5:33am Feb 28, 2009 5:33am
Quoting lotsofmoney
hi are any one using this indic
I am using a similar indicator, see the attached screenshot. There's also a discussion about Point and Figure trading in this thread: http://www.forexfactory.com/showthread.php?t=19253

I hope many more will contribute!
Attached Image (click to enlarge)
Click to Enlarge Name: gj_3r_10bs.gif Size: 47 KB
  • #16
  • Mar 1, 2009 12:33pm Mar 1, 2009 12:33pm
Quoting pnf-trader
I am using a similar indicator, see the attached screenshot. There's also a discussion about Point and Figure trading in this thread: http://www.forexfactory.com/showthread.php?t=19253

I hope many more will contribute!
thanks will look at thread
  • #17
  • Edited 2:03am Mar 11, 2009 2:02am | Edited 2:03am
Quoting jlpi
Yes you are right about the columns, I was expecting somebody to make this comment
Personally I prefere how it is now but it is true that it is not the true P&F chart. I may have a look at it soon to change it, it is not difficult.
If you make any modification you can post it here and I will also check and if it is OK I will replace the version in the first post.

For the link, no problem. It is good to have put a link instead of putting a copy of the indicator.
Later jlpisaid he posted an update, but it is unclear to me if the update was a response to this suggestion. I have downloaded the Indy, and very much appreciate the effort that went into this. Thanks for sharing.
  • #18
  • Mar 27, 2009 12:08pm Mar 27, 2009 12:08pm
Thx for the indicator, but it really is a resource hog. Eats lots of memory and processor juice. Is there any way to optimize it?
  • #19
  • Jan 14, 2010 8:29pm Jan 14, 2010 8:29pm
Quoting valasindo
Thx for the indicator, but it really is a resource hog. Eats lots of memory and processor juice. Is there any way to optimize it?
Pretty kewl there is more interest in point and figure.

I have 2 different mt4 point and figure indicators and they both suck so much resources.

One is fxpnf the other I can't recall the name.
  • #20
  • Feb 20, 2010 9:07am Feb 20, 2010 9:07am
Quoting peregrine
Pretty kewl there is more interest in point and figure.

I have 2 different mt4 point and figure indicators and they both suck so much resources.

One is fxpnf the other I can't recall the name.
Here is a P&F that is very efficent from FXI. I don't have the mq4.
Attached File(s)
File Type: ex4 FXI_Point&Figure-Adv.ex4   52 KB | 5,234 downloads
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