MetaTrader 5 Point Chart Indicator - MetaTrader 5 Script - MT4/MT5 Resources

Point and Figure Chart MetaTrader 5 Indicator It is an indicator that can draw point and figure charts directly in the main window of ordinary MT5 charts. You can set all point plot method parameters such as box size and inversion distance to your liking. Additionally, you can control all display parameters of PnF charts. This dot chart indicator supports various alerts. It is based on real quote data and therefore only available for MT5.

point and figure chart is another way to show price changes. Its main feature is to ignore time and only consider large enough changes in exchange rates. Where "big enough" is defined by traders based on their trading goals and strategies.

The example chart below shows 4 days of EUR/USD price action compressed into 47 columns of X's and O's using the Points indicator in MT5. The box size is set to 60 points (6 points) and the inversion is equal to 3.

You can still use point and figure charts for classic support and resistance and trendline analysis. Some traders even operate using PnF chart patterns such as pennants, triangles, double tops and double bottoms.

Here is a sped-up video of the Point and Figure MT5 indicator, charting the BTC/USD currency pair using $10 (1000 pips) as the box size and setting the reversal value to 3:

Attachment download

📎 point-and-figure.mq5 (13.32 KB)

Source: MQL5 #55463