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Current market trend can be easily identified on a point and figure chart. If chart is showing current market is in the up column, market is uptrend. If market is in the down column, market is in the downtrend. No guess work is required.
Trend line analysis on support and resistance is applicable to point and figure chart too. With much of market noise reduced, a point and figure chart will easily identify major support and resistance levels for which potential breakout can be traded.
Point and Figure Charting Parameters.
The High/Low if set to true, the chart will be plotted based on the high and low of OHLC chart. If set to false, the chart will be plotted with closed value of OHLC chart. The box size will control the amount of pip range per point and figure block.
No of Box on reversal will control the amount of pnf block market will have to reversal in order for the trend to change. Whether you are using a broker with 4th or 5th decimal, you should specify the same value in this field. 20 pip will still be 20 for a 5th decimal broker.
The rest of the parameters control the visual components of the point and figure chart.
There is a also a trading alert where it can set to true to alert you via or simply a pop up box in times of trend change as detected by Mt4 point and figure chart .
What you will see on the MT4 Point and Figure Chart.
The Point and Figure Chart you will download today works on a real time chart. If trading point and figure is what interests you, we encourage you to download the indicator today and have it installed in your Metatrader 4. You'll be surpise by how simple this indicator works and how much it will improve your foresight at trading the forex market.
Benefits of Using Point and Figure Chart:
Key support and resistance lines are easily detected Breakout zones are easily identified and hence traded Noise is eliminated in point and figure chart Point and Figure charts have a longer history than OHLC charts. Presents a clearer idea for the trader to view the current market trend Chart auto-draws trendline for you It displays much more data than OHLC charts - less is more approach It provides you an edge over forex traders who use OHLC charts.
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Note : If you still needed a bit more information and their benefits on point and figure chart trading, look what some of the most popular trading forums have to say on point and figure charts:

Understanding Point & Figure Charts Part I of IV.
Position Trading based on technical set ups, Risk Management & Trader Psychology.
-The History of Point & Figure Charts.
-Why Traders Use Point & Figure Charts.
-The Construction of Point & Figure Charts.
The Point & Figure or P&F charts are unique to every other chart you’ve likely used. This article will get you comfortable with the charting technique that is over 100 years old. Similar to Japanese Candlesticks, the Point & Figure charts have stood the test of time as they make recognizing congestion or trend breakouts easy.
The History of Point & Figure Charts.
Unlike other charting methods, there is no one person credited for creating Point & Figure charts. Before computers, Point & Figures were adapted from a method used by floor traders in the 19 th and pre-computer 20 th century. The basic premise that caused P&F to be born is that there needed to be a simple method for floor traders to record price action to analyze price without unnecessary noise. Over a handful of years, two charts converged into one type of chart known as Point & Figure Charts.
Learn Forex: Point Charts vs. Figure Charts.
Courtesy of the MTA.
To make sense of the far-right chart above, it may be helpful to know what creates a new column which will be explained in detail later in the article. The chart on the right requires a reversal of 3 boxes of $1 each or $3 move against the prior trend to print a new column. As you can see, instead of price being printed, a column of X’s or O’s will occupy the chart.
The first method on the left was simply recording prices up and down without fractions which, you can imagine would become mind-numbing overtime. To make analysis less tedious and thus trading easier, a point chart above was constructed with price marked once on the y-axis and then marked an “X” or “point” for either direction when any whole figure was crosses. The Forex equivalent of this would be an Average True Range equivalent or 1XATR or 100 Pips.
How To Add Point & Figure to Marketscope 2.0.
If you’re yet to utilize Point & Figure charts on FXCM’s Marketscope 2.0, you can easily do so. Please click on File -> Create View -> Point & Figure.
As you can imagine, a column moving higher or lower wasn’t easily recognizable and that was important for traders. Traders then combined these two methods to bring about Point & Figure charts, which you see on the right. Today, you’ll be learning how to use Point & Figures and why many find them helpful for discovering only the most important price action for the trend. The Point & Figure charts came about in the 1950s with “X”s up and “O”’s down and is what we use today.
Why Traders Use Point & Figure Charts.
Due to technology, Point & Figure charts have fallen out of favor due to the likely fact that Point & Figure charts do not update in real-time, for a reason you’ll soon learn, and they may not appear as exciting as a short-term scalping chart. Point & Figure charts do not utilize time but only price. Therefore, you will not see a new candle print because there is a new day or time period like you do with candlestick charts. If price has not reversed or broken out from your predetermined levels discussed below, then there will be no change to the chart. In other words, the Point & Figure charts are famously objective.
Learn Forex: It’s Hard to Argue that this trend is up.
Courtesy of Marketscope 2.0.
Some traders feel that Point & Figure charts are one of the great secrets of the trading world that deserve to be uncovered and utilized once again. You can come to your own conclusion after this four-part series to see if you should combine Point & Figure with your trading. One common thread among many traders who have found Point & Figure charts is that you’ll have an easier time seeing a strong trend that shouldn’t be fought until a reversal takes way first.
The Construction of Point & Figure Charts.
This is likely the most important aspect of Point & Figure charts that you need to understand before you move on to the next articles. Constructing the Point & Figure chart takes some decisions on your part that we’ll discuss shortly. Another great advantage to Point & Figure charts as you’ll see is that you have control over how much action you see.
There are 3 main components that will be needed to construct a Point & Figure charts. The components are:
-Reversal Size Parameter.
-Box Size Parameter.
-Price Data used for Chart Construction.
Once these three components are determined, you will come up with a specific name for your Point & Figure chart like a 10X3 chart or 1ATRX3 chart for example. This name type comes from Box size X Reversal. Also, please note that higher prices will be marked by X’s and O’s for down-columns.
The reversal size will determine how sensitive your charts are. This will be determined by how many X’s or O’s the price must reverse before changing columns. The most common choices are 1-box reversals and 3-box reversals. A 3-box reversal chart will require 3x the amount of price action against the prior trend before reversing than a 1-box reversal.
Learn Forex: 1-Box vs. 3-Box Reversal on EURUSD.
Courtesy of Marketscope 2.0.
The chart above has a 1-box reversal on the left and a 3-box reversal on the right. The parameter used to calculate box-size is the current ATR on EURUSD which sits near 75 pips. You can easily see the recent price action calculated presented differently through these different manners.
Changing the box size effectively changes your time horizon and method of analysis. There are different trading signals for 1-box reversal charts vs. 3-box reversal charts. You can also make price projections with Point & Figure charts which will differ for each chart. This will be described in an upcoming article.
Learn Forex: Short-Term Traders May Prefer to Reduce Box Size.
Courtesy of Marketscope 2.0.
Short-term traders may wish to have smaller boxes such as a 1-box or 3-box reversal chart with a box size of 10-pips. Here is a snap shot of EURUSD. The chart on the left is a 1x10-pip Point & Figure chart and the chart on the right is a 3x10-pip Point & Figure chart. You can easily see that the direction is the same on this smaller time scale only the 3-box reversal displays a lot more data. 1-box charts were commonly used when floor traders used Point & Figure charts in the early part of the 20 th century.
Learn Forex: Which High-Low-Open-Close Data Will You Use?
Courtesy of Marketscope 2.0.
The last component is the data that you will use to construct the Point & Figure chart. This is a critical question and will also determine the high or low that you use. You can use the high or low for every minute which is the original method or the high or low for every day. Another data source often used to construct Point & Figure charts is the high, low, or closing price at the end of the day. The trouble with using tic by tic data is that there is more noise than signal.
End of day close or End of day high or low have become the gold-standard for most who use Point & Figure charting. The reason that Point & Figure charting uses the High or Low vs. High & Low is that you can’t use both. Point & Figure is a directionally biased charting method favoring the prevailing trend and if you’re currently in a series of X’s or rising prices, you’ll use the high of the day to see if a new box is warranted.
One last important note about not using the high or low is that you don’t know which manner they occurred. If a high produces a new X in a column of current X’s, the chart will post a new X for the new box size. If a reversal of an uptrend has happened according to your rules above, then you’ll look to the low of the day to plot the reversal. If there is no new high or reversal then you’ll ignore the day.
To answer the question, which is better? There is no clear answer however, most western methods of technical analysis like the simple moving average utilize the close price. You can choose which method you prefer but the Daily close data seems to incorporate the preference of majority of traders who utilize Point & Figure Charts for analysis purposes.
Today’s introduction to Point & Figure opens up an exciting avenue of analysis for your trading. It may be helpful for you to see Point & Figure as a new objective way of identifying price action but not necessarily a chart that you will enter trades on. The next article will divulge into how you can use 1-box & 3-box reversal charts together for a full view that many other traders are not considering to possibly bring you an edge.
---Written by Tyler Yell, Trading Instructor.
To be added to Tyler’s e-mail distribution list, please click here.
Tyler is available on Twitter ForexYell.
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Point and figure forex chart

Cute Point & Figure indicator for MetaTrader 4.
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Point And Figure Charting Basics.
Designed for long-term investment, point and figure (P&F) charts have been described as one of the simplest systems for better determining solid entry and exit points in stock market trading. The system monitors supply and demand of each issue while keeping a keen eye on developing trends. While point and figure charting has never been on the top of the list of popular techniques used by technical analysts, there is a growing interest in P&F from all corners of the charting community. Here we take a close look at P&Fs and how to read and construct them. (For more on charting, check out Charting Your Way To Better Returns .)
Constructing P&F Charts.
The key to P&F charts is the establishment of the unit of price, which is the unit measurement of a price movement that is plotted on the graph. On P&F charts, there is no time axis, only a price axis. Rising stock prices are shown with X's and falling prices are shown with O's. These points appear on the chart only if the price moved at least one unit of price in either direction.
So say the closing prices of a stock moved up one price unit three times. This would appear as a column of three X's. If the price movement reverses direction, the chart shows a new column of O's, wherein an O is plotted for each unit of price movement. X's and O's never appear in the same column. The chartist, however, must establish how many price units make up a box, which is how much the price must move in the opposite direction for the chart to begin a new column.
Let's say, for an example, the stock you were tracking was trading at $25, and you were using a $1 unit measurement and a reversal box is three units. Now, if the stock had been trading upward to $25, the stock would have to close at $22 before the chart would reverse to a column of O's. Because each unit of price movement must be plotted, each unit of price movement down from the $25 level must, in this new column of O's, be represented by one O. The next reversal would have the stock trading up at least $3, or three points, before a new column of X's came back into view on our P&F chart. Assume then that the issue continues to fall to $20 before reversing itself; the X's would reappear once the price hits $23. Remember, you choose the unit size. It could be $0.50, $1 or even $2 if the stock price is high enough. Graphically, the first two columns of our example would look like this:
Here are some examples:
The following will give you a solid base to further study two important principles of P&F charting: support levels and resistance levels.
A support level is a level at which investors and traders alike believe prices will start to move higher after hitting the support mark. Have a look at the three O's in the example above to see what this means. A horizontal row of O's is what you are looking for when zeroing in on a trend reversal and an uptrend to begin.
A horizontal row of X's marks the resistance levels you need to be looking for in the P&F charting study. Studies of trendlines have shown that a break through resistance levels generally occurs with great gusto, that is, with big volume and a rapid increasing stock price.
Trends take a long time to reverse, so traders should remember that P&F charting is designed for long-term investors and has no value whatsoever for the short-term trader. By using point and figure charting to identify overall price trends, technical investors can take positions that have a strong probability of profiting. This is just a basic overview of P&F charts. The best book ever written on the subject is "Point and Figure Charting", written by Thomas Dorsey. This book is a must for all those who want a thorough understanding of this popular charting method. Since the introduction of P&F charts, they have been deeply integrated in other technical analysis and trading strategies. (Learn about another type of charting in Introduction To Swing Charting .)