Point and Figure charting with MT4

I modified the OP's P&F indicator so it displays nice X's and O's so it's more like the proper P&F chart appearance. I also added a nicer display of the current price.

I think this is the best-looking P&F chart implementation for MT4 anywhere on the internet, if I may say so myself. It was very hard to make those little circles and have them automatically scale to fit in the grid squares.

BTW, I think the P&F chart is most accurate if you set the chart to M1. I also added some parameters you can set for the color of the grid in case you want to use a different background color.

Hi stevegee58,

I downloaded your indicator and attach it to EJ M1 chart. But nothing appeared.

Please advice.

Thanks for the help...

I am trying to understand the P&F used for currency, can you guide me for this?

If i use an ETF, will that P& Chart will suffice for the currency, or i should use the different indicator for this ?

Scanning around to find the best and easiest way of understanding/learning how to us this way of trading.

is there a question in that sentence somewhere?

p and f is not a 'way of trading' it is a different way to represent price action on a chart. nothing more.

Yess freddy you understand that

Seems he has nothing else to offer then that remark, as if I am new to the forex world.

well then congratulations.

i would have offered a potential answer if you had a question. but since you are not new to forex trading then happy trading.

Hi All,

Found this Pnf spreadsheet on the web that it get data from web & display on the spreadsheet, can anybody modify it to get a “realtime” data & update itself every minutes or something once I choose the particular stock of example??

thanks for the indicator, i was looking everywhere to find one.

I have a question on the one that jlpi provided. Take a look at the 2 images i'm posting. The first shows the indicator with the last collumn of green boxes (X) ending at about 1.43 for EUR/USD but the price has never been so high recently.

Shouldn't the indicator wait until the price goes to that level before it shows the box on the chart?

I'm using the default criteria, box size 30, reversal 3 which are best suited for H1 charts for currency.

In the second image i'm showing a daily chart of EUR/USD that shows where the maximum price of the pair was.

I'm also looking at the same thing again happening now, showing another collumn of 3 green boxes after the last collumn that is shown on the first image, price on PnF chart at 1.3966 and the price on the candlestick chart hasn't passed the 1,3940.

I'm not sure if this thread is still active but I've been searching for a good MT4 Point and Figure indicator. I've read Jeremy du Plessis' "Definitive Guide" and am excited to put into action what I've learned. I can't seem to find a good indicator showing the X's and O's but then found and downloaded stevegee58's file in this thread but when I drag the indicator onto my charts it doesn't do anything and locks up my Interbank FX account and chart. Can someone explain how to set up the indicator correctly? Many thanks!

Wow y'all be postin' in a zombie thread.

I'll have a look at the indicator I posted when I get a chance. The freezing that people are seeing could just be due to how long it takes to initially display. If you're using M1 data and there's a lot of history data on your chart it has to do lots of processing before it displays.

I looked in my code repository and found I'd created a version that lets you limit how many bars the indicator looks at. The problem is that if you have 50,000 bars on your chart it will take a really long time to process. There is a parameter (MaxBars) you can set that limits the bars processed. The default is 5,000 which just take a few seconds.

I'm back on the grid - downloaded this newer indicator and when I try to run it, it adds an indicator window at the bottom of my charts but no data (on M1 chart). I noticed on the right it's only trying to take the EURUSD to the 4th decimal point. I wonder if why it's not pulling anything up for me other than the window is because it needs to be retooled for the newer 5th decimal point charts? I tweaked the XO colors to make sure I could see it on my white background chart but no luck. Thank you for looking into this for me.

You have to resize the lower pane so that the PnF chart is visible, then you'll need to zoom in until it looks best.
The default colors on the indicator assume you have a black background. If you're using a light colored background you'll have to pick a different grid color.

I realize now that the indicator does some weird things when the bar chart it's attached to updates. Next update should fix that. I'll make the X and O colors independently controllable too. The XOColor parameter isn't used in the code and has no effect.

Here's how mine looks after adjusting the size and zoom:

New version with independent control of the X and O colors. I also noticed the display getting messed up when each new bar formed on the main display so I fixed that.

Regarding the 4 and 5 digit question someone had, it doesn't care about how many digits the broker supports. On my broker it displays 5 digits as it should.

I put the indicator on my desktop and a new chart and it worked. I'll try again and see if I can get it to work on my trading laptop. I'll download this new version and see how it works as well. Thanks much - just wish the trendlines stayed put and on the charts. I'm excited to get P&F trading going.

Just downloaded her and cant wait for the market to open and get a look at how she looks. Looks like a great looking indy! Anybody traded her yet?

Please post the indicator featured in the screenshot. I have scoured all of FF and seen nothing like it for MT4. Thanks in advance!

The PnF chart in that post is from a commercial MT4 indicator. The one I wrote is the best *free* alternative.