Point & Figure Simulator

This indicator will simulate "Point & Figure" levels on a bar chart
Written by Adam Hefner
version 01-07-02

[simterann22]

Tams,

First of all with TS I had to change the 'plots' around so that the dot becomes PLot1. This was because TS would plot the gray lines in front of the dots since it had 'first priority'.

I set this up as a standard indicator which is fine, but I can't see some of the price data. In other words, the gray lines cover some of the bar charts. Is there a way to put the indicator 'behind' the data with TS?

I'm sure when I have time later I can play around with a showme version.

Cheers.

[Tams]

Originally Posted by simterann22 »

Tams,
First of all with TS I had to change the 'plots' around so that the dot becomes PLot1. This was because TS would plot the gray lines in front of the dots since it had 'first priority'.
I set this up as a standard indicator which is fine, but I can't see some of the price data. In other words, the gray lines cover some of the bar charts. Is there a way to put the indicator 'behind' the data with TS?
I'm sure when I have time later I can play around with a showme version.
Cheers.

The price bars I have in the illustration are from the symbol.


You can add price bars by inserting:

PlotPaintBar (High, Low, Open, Close );


and changing the rest of the plots to

plot5[lb](sv) ;
plot6(abh);
plot7(abl);

[Tams]

Talk about getting back to the basics...

PnF is a very handy tool for those who
doesn't know how to define "risk" in an entry...
or has problem riding the profit.

just use the yellow dot --

it defines your stop loss in an entry,
(you know exactly how much you are risking in the trade)

and it will help you hang on to the winner.
(you just ride the wave until the yellow dot comes home!)


This is Price Action at its best; you cannot get more basic than this!

[PFtrader]

Originally Posted by Tams »

Talk about getting back to the basics...

PnF is a very handy tool for those who
doesn't know how to define "risk" in an entry...
or has problem riding the profit.
...

This is Price Action at its best; you cannot get more basic than this!

I agree totally, and I would even add a "Talk about keeping it simple"! :-)

I love the point and figure method and I would rather suggest getting a dedicated point and figure charting software like Bulls Eye Broker (Point and Figure charting software Bull's-Eye Broker) where you can better analyze the actual point and figure charts clearly than to "follow some dots".

I tried to start a point and figure charting thread before but I didn't have time back then to continue, I should really find time to keep it up.

For point and figure beginners I would recommend reading the point and figure book Point and Figure Method of Anticipating Stock Price Movements It can be read online for free

[3monkeys]

Point and Figure users should note that both the upcoming Multicharts 6 and Ninjatrader 7 will support Point and Figure charts.

Currently, you can use Roonius' Point and Figure add-on for NT6 here at a reasonable price:
TradingStudies.com - Point and Figure