Point and figure chart
- Thread starter ume68
- Start date
The posts by BVP and others are nearly one and half years old. I donot know how far my posts will help. If some newbie reads these posts and if he is interested in PnF charting and trading, I think these points may help.
When compared to Amibroker, slightly visually better PnF chart can be obtained in Metastock. Only visually better chart and not for any practical purpose. The formulas written by Graham Kavanagh (links to which have been provided by BVP), though displayes PnF charts they are not useful for making analysis. Basic point in PnF chart is the box itself. They must be perfect square boxes. Both Amibroker and Metastock do not plot in perfect square boxes. When that itself is not there, there is no point in relying on the chart displayed by these softwares. If you are having FCharts paid version, see how chart is dispayed there. Iam attaching a screenshot taken from FCharts full version (i.e. paid version) just to show how these boxes should be drawn. See the image below.
But FCharts has its own limitation. You cannot adjust box sizes. What I mean to say is that right from Rs. 1/- to Rs. 10000/- or whatever it may be, you will have same standard size box. If you draw chart like that, it will be horribly wrong. You will have to adjust box size depending upon the price. Further in FCharts you cannot use hi-lo data. F Charts uses close data only. You cannot draw trendlines. You cannot draw percentage boxes. If you try to plot a chart as per Wyckoff method (i.e. one box reversal), you will not get the desired chart. Practically you cannot do anything. If you are seriously considering using PnF charts, then you will have to purchase Bulls Eye Broker. Mind you, even Bulls Eye Broker will be helpful only in EOD charts and for swing trading and not for Real Time charting or day trading analysis.
When compared to Amibroker, slightly visually better PnF chart can be obtained in Metastock. Only visually better chart and not for any practical purpose. The formulas written by Graham Kavanagh (links to which have been provided by BVP), though displayes PnF charts they are not useful for making analysis. Basic point in PnF chart is the box itself. They must be perfect square boxes. Both Amibroker and Metastock do not plot in perfect square boxes. When that itself is not there, there is no point in relying on the chart displayed by these softwares. If you are having FCharts paid version, see how chart is dispayed there. Iam attaching a screenshot taken from FCharts full version (i.e. paid version) just to show how these boxes should be drawn. See the image below.
But FCharts has its own limitation. You cannot adjust box sizes. What I mean to say is that right from Rs. 1/- to Rs. 10000/- or whatever it may be, you will have same standard size box. If you draw chart like that, it will be horribly wrong. You will have to adjust box size depending upon the price. Further in FCharts you cannot use hi-lo data. F Charts uses close data only. You cannot draw trendlines. You cannot draw percentage boxes. If you try to plot a chart as per Wyckoff method (i.e. one box reversal), you will not get the desired chart. Practically you cannot do anything. If you are seriously considering using PnF charts, then you will have to purchase Bulls Eye Broker. Mind you, even Bulls Eye Broker will be helpful only in EOD charts and for swing trading and not for Real Time charting or day trading analysis.
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Infact, after posting last message, I tried to plot a PnF chart in Metastock. The chart looks slightly better only when I leave the software itself to decide the box size and reversal boxes. When I set the box size, the chart displayed was totally useless. I am attaching two screen shots of RCOM taken from Metastock. In the first image, software itself has decided the boxe size and reversal box. In the second chart I have set box size to 3 and reversal boxes to 3. In both these charts close data is being used so as to give a comparison to the chart drawn by FCharts paid version.
Software dediced image
My box size setting image
But in Metastock you can use close data as well as hi-lo data. But what is the point is using these datas to draw the chart when the chart itself is useless with whatever data you have drawn it?
Software dediced image
My box size setting image
But in Metastock you can use close data as well as hi-lo data. But what is the point is using these datas to draw the chart when the chart itself is useless with whatever data you have drawn it?
Mandeep,
The afl you published on Amibroker website seems to contain errors. May I have the actual afl which is being used in your amibroker please? Also, I could not understand the colums of dashes on the extreme left of the chart in your post. What is that? Can you post chart of Shree Ashtavinayaka Cine Vision?
The afl you published on Amibroker website seems to contain errors. May I have the actual afl which is being used in your amibroker please? Also, I could not understand the colums of dashes on the extreme left of the chart in your post. What is that? Can you post chart of Shree Ashtavinayaka Cine Vision?
I discovered it plots only close instead of high low. I am gonna fix same tonight and test the new AFL and let you guys know!
Plot(C,"P&F Chart Close",IIf( PFC > PFO, ParamColor("UpColor",colorWhite), ParamColor("DownColor",colorRed) ),stylePointAndFigure);
Notes
- The dashed columns are compressed view of X or views as I am zoomed in shown area only! You don't worry about that!
- There is a Switch whose value if set = 0, you can manually define box size, else it takes the pre- defined input matched with Stockcharts parameters!
Plot(C,"P&F Chart Close",IIf( PFC > PFO, ParamColor("UpColor",colorWhite), ParamColor("DownColor",colorRed) ),stylePointAndFigure);
Notes
- The dashed columns are compressed view of X or views as I am zoomed in shown area only! You don't worry about that!
- There is a Switch whose value if set = 0, you can manually define box size, else it takes the pre- defined input matched with Stockcharts parameters!
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