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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:

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Cute Point & Figure indicator for MetaTrader 4.
Point and Figure - Forex Blog.
Cute PnF indicator v 1.3 released!
Hello, newest version – 1.3 of Cute Point and Figure indicator is released! What’s new in v1.3: * Added ability to add fully customizable(width, period, color) moving averages * Added mail alert when new...
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If you are interested – there is 19% discount for any commercial version of Cute PnF. More info here: forexpnf. info/discount/ Coupon code is: givemethat * Redemption count is limited.
Moving averages in point and figure.
Hello, few users asked in their comments about moving averages in point and figure charting method. How to draw moving averages, how to calculate and how to get signal from MA – when to...
Point and Figure MS Excel Spreadsheet (free)
Hey there, some of you were asking about MS Excel Spreadsheet for drawing PnF charts. So here it is, free to download and use. Press here to download. *If download doesn’t start – try...
Point and Figure patterns added.
Hello, nice to see you again! Point and Figure pattern is special X’s and O’s column’s formation, which give us more clear and filtered view of a chart, which we trade on. Decision –...
New blog section – 1000 free forex indicators.
Hi all, i have updated forexpnf. info blog a little bit. Now in upper menu you can find “Other Forex Indicators” section, which includes about.
1200 freely downloadable indicators for Meta Trader 4 platform. So,...
Moving Avarage and alert feature addition.
Hi, I’m working on MA(moving average) addition to Cute PnF. There will be two customizable moving averages (look at the picture below). Newest version will also include OnNewColumn alert feature. Cute Point and Figure...
How to deal with trendlines.
Hi, i’ve get an question from David, who asked me: “Is there a way to make the grid/box a perfect square. It makes 45deg lines easier.” I thought – it can be useful to...
Site was under maintenance 04.05-07.
Forexpnf. info was down for 2-3 days. This issue was due to moving from one hosting to another(really fast one). It is possible that some of the comments and voting results are lost… Sorry for...
New Cute PnF indicator v1.2 features discovered!
Hello everybody. As i said some time before – i am still working under the 1.3 version of Cute Point and Figure indicator. There are still a lot of things that must be done…...
Plotting trend-lines with Cute Point and Figure indicator v.1.2 (instructional video)
Good evening 🙂 ! Trend-lines plotting instructional video is finished, watch it below or here: youtube/watch? v=_ZLM3dZZi_M For written step-by-step instructions – how to plot trend-lines with Cute PnF v.1.2 – go to new section...
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Hey all, i have updated forexpnf blog. From now in upper menu you can find “Other FX stuff” section, which includes: *Realtime FX Charts – kind a cool stuff – online Point and Figure...
Cute Point & Figure indicators installation and customization (instructional video)
Hello all! Finally indicator’s installation video is finished! You can watch it below or by following this URL: youtube/watch? v=HZ9BzRzRXkM * Pay attention at 2:55min of the video – this option saves your CPU speed....
Polls results: do you need Point and Figure(PnF) indicator for Meta Trader?
Hello, i am back! This are results of oldest poll. 42 from 52 said – yes we need it, so lets use it and talk about it! If you have any questions about Point...
Hello dear friends and Cute Point and Figure users! Want to announce that i will be offline for a week(maybe two) and i will not be able to answer to your comments and questions...
* for 4 digit price MetaTrader 4 plaftorm (i. e 1.2513)
* for 5 digit price MetaTrader 4 plaftorm (i. e 1.43312)
* for 4 digit price MetaTrader 4 plaftorm (i. e 1.2513)
* for 5 digit price MetaTrader 4 plaftorm (i. e 1.43312)
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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 .)

Point and Figure Charts.
Point and Figure charts are used to identify support levels, resistance levels and chart patterns. Point & Figure ignores the time factor and concentrates solely on movements in price: a column of X's or O's may take one day or several weeks to complete.
Point and Figure Calculation.
By convention, the first X in a column is plotted one box above the last O in the previous column (and the first O in a column is plotted one box below the highest X).
Point & Figure Box Size.
Each X indicates that price has increased (and each O indicates that price has decreased) by one box. The sensitivity of the chart can be varied by altering the box size . The box size is the minimum price movement recorded and serves to eliminate minor price fluctuations. Larger box sizes are used for charting longer time periods.
Point & Figure Reversal Amount.
A column of X's represents a price advance and a column of O's represents a retracement. A price reversal equal to one box size will result in the formation of a new column. A method of further smoothing out fluctuations is to only record price reversals that exceed a set number of boxes. The number of boxes is called the reversal amount and a new column is only started when price has retraced by that amount.
One Box Reversal.
Three Box Reversal.
The diagram above plots an identical price sequence with different reversal amounts. A 3-box reversal eliminates some of the columns: a new column is not started until price reverses by 3 boxes.
Point and Figure Setup.
To view Point & Figure charts:
Click View >> Point And Figure on the chart menu; or Select on the toolbar.
To create custom Point & Figure chart styles:
Select Indicators on the chart menu or on the toolbar. Select Point and Figure on the Indicator Panel.
See Point & Figure Construction (below) for more details. Choose a price option: High/Low, Closing Price or Typical Price Save your selection > in the right column Close X the Indicator Panel Select Logarithmic or Normal scale on the toolbar or under View on the chart menu.
Compare our market views.
Point and Figure Chart Construction.
There are numerous methods of constructing Point and Figure charts and supporters still argue over which is the best or correct method. Three main factors affect chart presentation:
The data used to construct the charts: either the day's high, low, close, some combination of these or intra-day data; The reversal amount; and Box size.
Most Point and Figure charts use end of day data which is not entirely accurate. Price movements during the day may be incorrectly summarized. For example, an intra-day rally will not be recorded if the end of day close is lower than the previous day. It is therefore advisable to minimize distortion, from end of day data, by using larger box sizes.
Point & Figure Chart Options.
Incredible Charts offer the following Point and Figure options:
Boxes are calculated using end of day data.
- High or low price for upward movements and downward movements respectively;
- Closing price. Box sizes between 1 and 10 can be selected. Box sizes can either be calculated on a Normal scale or a Logarithmic scale The Reversal amount can be set from 1 to 5 boxes.
Point & Figure Chart Methods.
De Villiers' Method.
The earliest method of Point and Figure charting, introduced by DeVilliers in the 1930's, was a $1 box and a 1 box reversal - used to track intra-day price movements. It cannot be accurately reproduced on Incredible Charts because the technique mixes X's and O's in the same column and because of the need for intra-day data.
Classic Point & Figure Method.
The Classic method displays X's and O's in separate columns and can be accurately reproduced. Classic Point and Figure chart is set with the following variables:
Hi/Lo Price.
The HiLo method attempts to better identify bullish and bearish sentiment. Price movements are calculated using the day's high when prices are rising and the day's low when prices are falling.
Here is an example of how these charts are plotted using a box size of 1 and a reversal amount of 1. Assume, for this example, that the last box plotted was an X at 20. The boxes are colored according to the day they are plotted (for illustration purposes only).
Compare the High to the last box [20]: Is it at least one box greater? No - Then check for reversal.
Compare the Low to the last box: Is it lower by at least the reversal amount? Yes, 17 is less than (20-1) -
Draw O's from 19 to 17. Compare the Low to the last O [17]: Is it at least one box less? No - Then check for reversal.
Compare the High to the last O: Is it greater by at least the reversal amount? No - Then do nothing. Compare the Low to the last O [17]: Is it at least one box less? Yes - Draw O at 16. Compare the Low to the last O [16]: Is it at least one box less? No - Then check for reversal.
Compare the High to the last O: Is it greater by at least the reversal amount? Yes, 19 is greater than (16+1) - Draw X's from 17 to 19. Compare the High to the last X [19]: Is it at least one box greater? No - Then check for reversal.
Compare the Low to the last X: Is it lower by at least the reversal amount? Yes, 15 is less than (19-1) -
Draw O's from 18 to 15. Compare the Low to the last O [15]: Is it at least one box less? No - Then check for reversal.
Compare the High to the last O: Is it greater by at least the reversal amount? No - Then do nothing. Compare the Low to the last O [15]: Is it at least one box less? No - Then check for reversal.
Compare the High to the last O: Is it greater by at least the reversal amount? Yes, 20 is greater than (15+1) - Draw X's from 16 to 20.
Typical Price.
Typical price is calculated as: (High + Low + Close) / 3.
Point and Figure Price Scales.
Normal Scale.
Originally, point and figure boxes were set at a fixed figure of $1.00 no matter what the price. This presented some difficulty when plotting very low or very high prices: plotting a stock price of $3.00 using $1.00 boxes would not show much movement. The normal scale incorporates several steps in box sizes to allow for this:
The above steps are for a selected box size of 1.
Logarithmic Scale.
Logarithmic scale is useful when plotting substantial price changes, especially over long time periods.
With log scaling, box sizes increase as price increases, enabling you to see the relative changes over a long period of time. Each box size is increased by a set percentage of the box below it.
Box size is set at 1% if you set the box size as 1 on the Indicator Panel (and 10% if you select 10 as the box size).