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After taking a closer look at the discussion between jlpi and Lou G in a thread in forexfactory it seems that they will adjust jlpi's indy so that it behaves according to the rules of Point and Figure charts...
After taking a closer look at the discussion between jlpi and Lou G in a thread in forexfactory it seems that they will adjust jlpi's indy so that it behaves according to the rules of Point and Figure charts...
Thanks in advance, jlpi
I have published a new release in the original thread. Still no volume info, just pure P&F
one more thing: for the moment the first box on the chart is calculated from the first open price as a reference. That may explain differences from different indicators as it may start from a different bar or have different rules for rounding numbers. For instance if the first bar open is at 1.4531 and the box size is 20 pips, where the first box starts? In my code it starts at 1.4531. But maybe other indicators might calculate that it starts at 1.4520 , or 1.4540.
I have published a new release in the original thread. Still no volume info, just pure P&F
one more thing: for the moment the first box on the chart is calculated from the first open price as a reference. That may explain differences from different indicators as it may start from a different bar or have different rules for rounding numbers. For instance if the first bar open is at 1.4531 and the box size is 20 pips, where the first box starts? In my code it starts at 1.4531. But maybe other indicators might calculate that it starts at 1.4520 , or 1.4540.
Thanks, jlpi!
I had a brief look at it and it looks good. It is easy to spot support and resistance levels etc.. Time to test it in the jungle ;-)
Point and Figure chart is only about price action?
Quote:
Originally Posted by jlpi
I have published a new release in the original thread. Still no volume info, just pure P&F
one more thing: for the moment the first box on the chart is calculated from the first open price as a reference. That may explain differences from different indicators as it may start from a different bar or have different rules for rounding numbers. For instance if the first bar open is at 1.4531 and the box size is 20 pips, where the first box starts? In my code it starts at 1.4531. But maybe other indicators might calculate that it starts at 1.4520 , or 1.4540.
Hi jlpi!
There is still one aspect that puzzles me with your indy. Number of boxes on each column varies for each timeframe. Here is what they say about Point and Figure charts:
"In P&F charts both axis are dependent on price rather than one being based on price and the other on date. The key unit in a P&F chart is the point, or unit of price. The point size may change in value along the y-axis to provide consistent and relative price movements."
This means that if you keep BoxSize, MinBox and WidthBox constant there should be no difference whether you use 5M, 1H or Daily charts. The structure of the chart should look the same. However, I'm no expert on P&F so maybe someone could comment on this?
Edit: I'm sorry, but I was a little bit tired when I wrote the above reflections. You can of course adjust the boxSize according to timeframe (e.g. BoxSize = 10 on 5M timeframe and 50 on Daily). Nevertheless, I still think my concern is valid since P&F represents price action without the time aspect (my guess). But maybe it is impossible to avoid the timeframe problem in Metatrader? The initial reason for why I wondered about this was that jlpi's Daily chart didn't update with new boxes for the EURUSD move from 1.563 to 1.55 until a new daily candle.
OK some answers:
- yes the indicator will not update until the current candle is closed. And that is the correct way to proceed because the P&F charting technique is first to check if the price goes in the established direction before checking a reversal. If you would make intrabar calculation you could end-up with a wrong reversal if the reversal occurs before the move in the establish direction for the same bar. Does that make sense? an example:
beginning of the candle= 1.5000, box = 100 pips current direction up, reversal 3 boxes.
Let's say that inside the same candle the price goes first to 1.47 and then to 1.51. If you apply to the current price you will get a reversal, but that is wrong as the result should be 1 box up as per original P&F strategy.
So for different TF you may get different results because in the example above if the original candle was split in 2 candles and the first one had the reversal only then it is ok to display it.
Since the graph time is distorted, I found an idea from an Italian site (I am Italian and I apologize for my poor English), he says returning the right time to chart expanding the box with the passage of time. I do not know if it can be a useful and how we can do (I am not a programmer)
This is the chart found on that site.
You have some idea?
Luke
Last edited by lukegeniol; 08-27-2008 at 07:12 AM.
I downloaded the FX5 Points&Figures v1.4.ex4 file into my platform and it opened fine but it has numbers covering up the elipses and triangles. how do I remove them? or do I want to remove them? what do they mean? I'm a 59-year-old grandma, and new to this, guys, so go easy on me!
Linear Mode
