Calculate target by Range [Wyckoff,PnF]First of all, I would like to thank the author @LonesomeTheBlue.
This indicator developed on the source code "Point and Figure (PnF)" by author @LonesomeTheBlue.
This indicator calculate the range (Cause) of Phase accumulation or distribution to calculate the taget (Effect) based on the Wyckoff Method.
Formula for calculate move value target : Col * BoxSize * Reversal
Col -> Number of Column (PnF) in the range (Cause)
BoxSize -> Value in one Box (PnF)
Reversal -> Reversal (PnF)
PNF
Point and Figure on Candlestick ChartLive plotting of Point and Figure chart on a candlestick chart. With its own construction engine, it plot "X" and "O" column using a line chart. It plots the "X" column with green color and the "O" column with red color. Color of the line chart change from green to red when the column reversed from "X" to "O". It plot "Double Top Buy" and "Double Bottom Sell" level which help to do candlestick pattern analysis along with Point and Figure chart. Works on all timeframes with given parameters.
Options :
Box Size Assignment Method : Select a method to construct Point and Figure chart. There are two options "Fix" and "Percentage". The default value is "Percentage".
Box Size : The size of box. Minimum price movement to plot a new box. Smaller box size shows greater price movement and Bigger box size shows more filtered price movement compare to smaller box size. The default value is "0.25%"
Reversal Size : Minimum boxes required for column reversal. The default value is "3".
Stoploss Size In Box : To get affordable trade give the number of boxes for stop loss.
[RESEARCH] Point-and-Figure (P&F) Chart Identifier(Republishing of the hidden script)
A heuristic approach to identify P&F chart type. Catches all variations.
Works correctly with other chart types:
Classic Candles
Heikin-Ashi
Line Break
Kagi
ATR Renko
Traditional Renko
Range Bars
Point and Figure (PnF) Moving Averages HistogramThis is live and non-repainting Point and Figure Chart Moving Average Histogram tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
Moving averages on Point & Figure charts are based on the average price of each column while bar chart moving averages are based closing price. Average Price means (ClosePrice + OpenPrice) / 2.
Because of there is double smoothing, you should use shorter lengths for moving averages. Double smoothing means: using average price smooths once, using length greater than 2 smooths price second time.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
Options for P&F Bollinger Bands:
MA Type: MA type can be EMA or SMA
MA Source: Moving averages on P&F charts are based on the average price of each column. Bar chart moving averages are based on each close price. Average price means “(ClosePrice + OpenPrice) / 2”. You can choose Close Price or Average Price as source. Default is Average Price.
Fast MA Length : Length of Fast Moving average, shorter length than Slow MA
Slow MA Length : Length of Slow Moving average, greater length than Slow MA
There are alerts when Fast MA Crossed over/under Slow MA conditions. While adding alert “Once Per Bar Close” option should be chosen.
Point and Figure (PnF) Moving AveragesThis is live and non-repainting Point and Figure Chart Moving Averages tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
Moving averages on Point & Figure charts are based on the average price of each column while bar chart moving averages are based closing price. Average Price means (ClosePrice + OpenPrice) / 2.
Because of there is double smoothing, you should use shorter lengths for moving averages. Double smoothing means: using average price smooths once, using length greater than 2 smooths price second time.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
Options for P&F Moving Averages:
Moving averages on P&F charts are based on the average price of each column. Bar chart moving averages are based on each close price. While 10-day SMA on a bar chart is the average of the last ten closing prices, on a P&F chart, a 10-period SMA is the average price of the last 10 column averages. Average price means “(ClosePrice + OpenPrice) / 2”
2 P&F moving averages are shown on the chart.
It can show Exponental Moving Average ( EMA ) or Simple Moving Average ( SMA )
Source: You can choose Close Price or Average Price as source. Default is Average Price.
“Fast Length” and “Slow Length” are lengths for two moving averages. Default values are 1 and 5.
“Fill between MAs” is the option to fill between Moving averages by predefined colors 'Lime/Blue', 'Lime/Red', 'Green/Red', 'Green/Blue', 'Blue/Red'
There are alerts when Fast MA crossover or crossunder Slow MA. While adding alert “Once Per Bar Close” option should be chosen.
Point and Figure (PnF) MomentumThis is live and non-repainting Point and Figure Chart Momentum tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
Momentum indicator measures the rate of change or speed of price movement. It compares the current price with the previous price from a number of periods ago. By analysing the rate of change , possible to gauge the strength or “momentum”. By using this script we get Point and Figure chart momentum.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
There is 2 options for P&F Momentum
Length: Length for the P&F Momentum, default value is 10
Display as: there are two options and can display as “Histogram” or “Line”
Point and Figure (PnF) MACDThis is live and non-repainting Point and Figure Chart MACD tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
P&F MACD is calculated and shown by using its own P&F engine.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
P&F MACD Part
Fast Length: Fast Length for P&F MACD , default value is 12
Slow Length: Fast Length for P&F MACD , default value is 26
Signal Smoothing: Signal Length, default value is 9
Source: Moving averages on P&F charts are based on the average price of each column. Bar chart moving averages are based on each close price. Average price means “(ClosePrice + OpenPrice) / 2”. You can choose Close Price or Average Price as source. Default is Average Price.
There are 2 Alerts:
If PNF MACD line crossover the signal line
If PNF MACD line crossunder the signal line
While adding alert “Once Per Bar Close” option should be chosen.
Point and Figure (PnF) CCIThis is live and non-repainting Point and Figure Chart Commodity Channel Index - CCI tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
Commodity Channel Index – CCI was developed by Donalt Lambert. CCI can be used to identify overbought or oversold, a new trend or warn of extreme conditions. CCI measures the difference between a security's price change and its average price change. High positive readings indicate that prices are well above their average, which is a show of strength. Low negative readings indicate that prices are well below their average, which is a show of weakness.
The Formula for the Commodity Channel Index ( CCI ) Is:
CCI = (Typical Price – L-period SMA of TP) / (0.015 * Mean Deviation)
Mean Deviation = (SumOf 1->L ( |TP – MA| )) / L
L = Length
TP = Typical Price
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
Upper Band : as default, Upper band is 100
Lower Band : as default, Lower band is -100
There are alerts when P&F CCI moves above Upper Band or moves below Lower Band.
Point and Figure (PnF) Bollinger BandsThis is live and non-repainting Point and Figure Chart Bollinger Bands tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
P&F Bollinger Bands is calculated and shown by using its own P&F engine. Because of Point and Figure Chart Moving averages are already smoothed, better to use smaller moving average periods, 5 or 10 etc. This period can be chosen by prives movements and characteristics. You can see the consolidation areas and with P&F Breakout signals it’s possible to see the direction. Narrowing bands indicate a consolidation and narrowing does not provide a direction clue. You must look for the next P&F signal to establish direction. But beware of the ‘head fake’. This occurs when prices break a band, then suddenly reverse and move the other way (Trap).
An example for Head Fake:
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
Options P&F Bollimger Bands:
Length: Base Moving Average Length, default value is 5
StdDev: Standart Deviation, default value ise 2. (Standart deviation is calculated by the engine)
MA Source: Moving averages on P&F charts are based on the average price of each column. Bar chart moving averages are based on each close price. Average price means “(ClosePrice + OpenPrice) / 2”. You can choose Close Price or Average Price as source. Default is Average Price.
Point and Figure (PnF) RSIThis is live and non-repainting Point and Figure Chart RSI tool. The script has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
P&F RSI is calculated and shown by using its own P&F engine.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
you can use PNF type RSI or RENKO type RSI.
What is the difference between them?
While calculating PNF type RSI, the script checks last X/O column's closing price but when using RENKO type RSI the scipt calculates RSI on every price changes according to number of boxes. and also with RENKO type RSI, calculation is made for each boxes on price changes.
Important note if you use this PNF script with reversal = 2 then you get RENKO chart. So, with this RENKO chart better to use RENKO type RSI ;)
Point and Figure (PnF) ChartThis is live and non-repainting Point and Figure Charting tool. The tool has it’s own P&F engine and not using integrated function of Trading View.
Point and Figure method is over 150 years old. It consist of columns that represent filtered price movements. Time is not a factor on P&F chart but as you can see with this script P&F chart created on time chart.
P&F chart provide several advantages, some of them are filtering insignificant price movements and noise, focusing on important price movements and making support/resistance levels much easier to identify.
If you are new to Point & Figure Chart then you better get some information about it before using this tool. There are very good web sites and books. Please PM me if you need help about resources.
Options in the Script
Box size is one of the most important part of Point and Figure Charting. Chart price movement sensitivity is determined by the Point and Figure scale. Large box sizes see little movement across a specific price region, small box sizes see greater price movement on P&F chart. There are four different box scaling with this tool: Traditional, Percentage, Dynamic (ATR), or User-Defined
4 different methods for Box size can be used in this tool.
User Defined: The box size is set by user. A larger box size will result in more filtered price movements and fewer reversals. A smaller box size will result in less filtered price movements and more reversals.
ATR: Box size is dynamically calculated by using ATR, default period is 20.
Percentage: uses box sizes that are a fixed percentage of the stock's price. If percentage is 1 and stock’s price is $100 then box size will be $1
Traditional: uses a predefined table of price ranges to determine what the box size should be.
Price Range Box Size
Under 0.25 0.0625
0.25 to 1.00 0.125
1.00 to 5.00 0.25
5.00 to 20.00 0.50
20.00 to 100 1.0
100 to 200 2.0
200 to 500 4.0
500 to 1000 5.0
1000 to 25000 50.0
25000 and up 500.0
Default value is “ATR”, you may use one of these scaling method that suits your trading strategy.
If ATR or Percentage is chosen then there is rounding algorithm according to mintick value of the security. For example if mintick value is 0.001 and box size (ATR/Percentage) is 0.00124 then box size becomes 0.001.
And also while using dynamic box size (ATR or Percentage), box size changes only when closing price changed.
Reversal : It is the number of boxes required to change from a column of Xs to a column of Os or from a column of Os to a column of Xs. Default value is 3 (most used). For example if you choose reversal = 2 then you get the chart similar to Renko chart.
Source: Closing price or High-Low prices can be chosen as data source for P&F charting.
Chart Style: There are 3 options for chart style: “Candle”, “Area” or “Don’t show”.
As Area:
As Candle:
X/O Column Style: it can show all columns from opening price or only last Xs/Os.
Color Theme: different themes exist => Green/Red, Yellow/Blue, White/Yellow, Orange/Blue, Lime/Red, Blue/Red
Show Breakouts is the option to show Breakouts
This tool detects & shows following Breakouts:
Triple Top/Bottom,
Triple Top Ascending,
Triple Bottom Descending,
Simple Buy/Sell (Double Top/Bottom),
Simple Buy With Rising Bottom,
Simple Sell With Declining Top
Catapult bullish/bearish
Show Horizontal Count Targets: Finds the congestion or consolidation pattern and if there is breakout then it calculates the Target by using Horizontal Count method (based on the width of congestion pattern). It shows how many column exist on congestion area. There is no guarantee that prices will reach the target.
Show Vertical Count Targets: When Triple Top/Bottom Breakouts occured the script calculates the target by using Vertical Count Method (based on the length of the column). There is no guarantee that prices will reach the target.
For both methods there is auto target cancellation if price goes below congestion bottom or above congestion top.
trend is calculated by EMA of closing price of the P&F
Whipsaw protection:
Last options are “Show info panel” and Labeling Offset. Script shows current box size, reversal, and recommanded minimum and maximum box size. And also it shows the price level to reverse the column (Xs <-> Os) and the price level to add at least 1 more box to column. This is the option to put these labels 10, 20, 30, 50 or 100 bars away from the last bar. Labeling content and color change according to X/O column.
do not hesitate to comment.
[RESEARCH] Chart Type IdentifierA viable and workable concept of chart type identification using Pine Script.
Was wollen wir trinken , sieben Tage lang
Was wollen wir trinken, so ein Durst!
Was wollen wir trinken, sieben Tage lang
Was wollen wir trinken, so ein Durst!
