Step Charts

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

Originally Posted by igorad

Hi lion of gail,

As I understand the xoindatr_123 refers to the Point & Figure Charts(XO charts), so I can assert that this indicator belongs to large class of so-called Step Chart indicators. And it's not new that sometimes they can look same.

Moreover, it is necessary to compare indicators with the same input parameters. In your case, you are comparing the period(14) with pips(20).

And please try to get the same picture like mine with your indicator.


Attachment 1820


Regards,
Igor

thanks for reply me i m belong to India
ur indicator work nice awesome
but look in this pics where i drown square there is going up and down so many time in this position what i do

Originally Posted by newdigital

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

Is there an indicator MT4 for Point & Figure Chart?

This one is very similar to point & figure

You can also look at this thread with all free indicators listed here trading forum wiki (just to find something)

This maybe be a useful tool. It is free by the programmer Kevin Eaton


Forex Renko Strategy » Download Renko Charting Suite For MetaTrader 4

The download link and video is within the link.

Renko Bar |Day Trading | What are Renko Bars | How do Renko Bars Work | Part 1

Renko Bars can be viewed as merely a different way to reflect price on a chart; in my opinion, I feel they paint the clearest picture of price available.

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Here are my top 6 reasons of why I choose Renko Bars and charts:

1. They REALLY help filter the noise
2. They help smooth Indicators
3. They can provide better entries
4. They may help to provide smaller stops
5. In my opinion they are just “cleaner”
6. They help to filter noise and may help, keep us out of the chop.

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Hi,

Please check out the updated StepChartChannel, StepChartTrend and StepChartAge indicators for the new MT4.

Attachment 7455

Regards,
Igor

Renko chart: What kind of strategy fits it?

Marcin Nowogórski
Chief Strategy Officer w Comparic.pl

My article about Renko Chart. Do you use it? Im wondering what kind of strategy you find useful for Renko charts. Breakout strategies seem natural here, but I might be wrong.

Renko charts – trading based on volatility.
To some traders "Renko" sounds like some exotic philosophy, while others have no idea what is it about. Actually, it's pretty simple and brilliant idea how to visualize price movement.

Originally Posted by igorad

Hi,

Please check out the updated StepChartChannel, StepChartTrend and StepChartAge indicators for the new MT4.

Attachment 7455

Regards,
Igor

Hi Igor thanks for the indicators. I have been searching for this. Can i request to add alert to this 3 indicators. Or maybe just Step Chart Channel add alert on it with pop out symbol when colour change. Will be grateful for that thanks.

Modern Step Charts

- StepChart_v7 indicator is on this post. This indicator can be used instead of famous Renko charts. Explanation of the parameters - see this post.
- StepChart_v7 600+ indicator is on this post. This version is for the build 600 and above
- StepChart_v7.2 600+ indicator is on this post. This is updated StepChart indicator with ability to use the last set of MAs.
This version is for the build 600 and above

- UniEMA on StepChart_v1 indicator is on this post. This Modern Step Charts tool is having the ability to apply technical indicators so please find 'UniEMA on StepChart_v1' indicator.
- UniEMA on StepChart_v1.1 indicator is on this post. This version is for the build 600 and above
- UniMACD on StepChart_v1 indicator is on this post. This is the UniMACD on StepChart_v1 indicator which is the first oscillator developed for the Modern Step Charts. The settings for this indicator to get non-normalized Juice indicator.
- UniMACD on StepChart_v1.1 indicator is on this post. This version is for the build 600 and above
- UniRSI on StepChart_v1 indicator is on this post.
- UniRSI on StepChart_v1.1 indicator is on this post. This version is for the build 600 and above

- StepChartBricks_v2 indicator is on this post. Indicator is having ability to plot wicks.
- StepChartBricks_v2 600+ indicator is on this post. This version is for the build 600 and above
- StepChartBricks_v3.1 600+ indicator is on this post. This is updated StepChartBricks indicator with the new set of MAs and with ability to plot the Point & Figure Boxes.The version is for the build 600 and above

- UniParabolic on StepChart_v1 indicator is on this post.
- UniParabolic on StepChart_v1 600+ indicator is on this post. This version is for the build 600 and above

- PointAndFigureChart_v1.0 600+ indicator is on this post. This is the advanced PointAndFigureChart indicator with ability to plot the Point & Figure boxes. This version is for the build 600 and above