Admission is closed Submit your email to register for a product key. This product key allows you to work with Point and Figure chart indicator on your Metatrader 4 trading forex point of control. 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. 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. 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 email or simply a pop up box in times of trend change as detected by Mt4 point and figure chart. The Point and Figure Chart you will download today works on a real time chart.