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No, it doesn't seem that way. To my knowledge FX5 usually make his/her indicators open source, but this one seems to be an exception. FX5 is truly one of the best mql programmers out there...
I'm sorry about the previous post as the link is to a zipped file. I'll attach the compiled file here. Just drop it into the indicator folder and restart metatrader. Of the parameters that can be adjusted I think you would have to set reversalAmount = 3.
By the way - there are som threads in forexfactory where they work with and discuss Point and Figure charts. This thread looks good: Trading with Point and Figure - Page 6
Comparing FX5 and jlpi's Points and Figures charts
After a brief comparison of the two charts I find FX5's chart somewhat better. It is easier to spot support, resistance and breakouts. I'm curious about what others think. I did two successful 5 min scalps in the cable with FX5's indy today so I might be a little biased...
I have done this indicator, and it will be slightly improved in the near future.
I have not thought yet about adding the volume on it because I am not sure how we can use the information (the volume divided by the number of boxes could give an idea if the market is trending strongly or ranging but then maybe it is better to display an average volume per box of the same column instead of the total)
Anyway this indicator can be improved as the source code is published (but copyright so please do not copy it everywhere and don't sell it).
For the other indicator we have only ex4 isn't it?
I have done this indicator, and it will be slightly improved in the near future.
I have not thought yet about adding the volume on it because I am not sure how we can use the information (the volume divided by the number of boxes could give an idea if the market is trending strongly or ranging but then maybe it is better to display an average volume per box of the same column instead of the total)
Anyway this indicator can be improved as the source code is published (but copyright so please do not copy it everywhere and don't sell it).
For the other indicator we have only ex4 isn't it?
Hi jlpi!
Yes, we only have the ex4 of FX5's indy. We could of course try to contact him to get the source code. When you use his indy his email is added to the chart.
There are a couple of noteworthy differences:
- yours obviously has a better interface
- FX5's indy consumes a lot of memory
- FX5's indy can show volume, but maybe this is not important
However, an important aspect is: With the same reversal amount, box width and amount of pips in each box your indicators looks quite different. This aspect worries me a little bit as Point and Figure trades have some entry & exit rules. My own experience from yesterday was that FX5's indy better indicates support and resistance both in ranging and trending markets. But I'm not an expert on 'Point and Figure' charts...
Linear Mode
