This Point & Figure v1.2 indicator is an indicator for MT4 that operates according to the basic principles that are based on the Point & Figure chart. The indicator chart is different from candlesticks and creates columns to determine which direction the trend is heading. The columns are described as Xs and os.
The indicator operates using the same principles; however, it creates white and green columns that are below the window that is used for main navigation. The indicator creates blue and red bars, using these green and white columns to display the level of support and resistance. The indicator is best used on longer time frames since it may generate false signals when using shorter timeframes.
Point and Figure v1.2: Indicator Buy/Sell Signals
To identify the buy or sell signals, traders should take a look at the levels of support and resistance. The indicator draws blue lines to indicate resistance levels. If these lines are visible, traders are able to take short positions.
On the contrary, this indicator identifies red bars as support levels. This is where traders are able to take long positions. Another way to identify how the trends are moving is by using white and green bars. White bars signify upward momentum. In this case, traders can take long positions.
Contrarily, the green bars signal an upward trend, which means traders are able to opt for short positions. Investors can also combine the indicator alongside other indicators like those of the RSI or MACD for additional confirmation of signals.
What is an order for a point-and-figure signal?
This Point and Figure Buy signal signals the price is moving upwards in the direction. The indicator will draw support levels. It also mentions buy signals.
Can points and figures work?
This Point & Figure v1.2 indicator, which is most efficient, is a reliable trend detector. The indicator can be used by traders in two ways: by taking a look at the levels of resistance and support and the green and white bars.
Conclusion
Its Point & Figure v1.2 indicator shows resistance and support levels, as well as white and green bars to identify the direction of the trend. With these indicators, traders are able to discern which direction the trend is heading. Additionally, you can obtain our Point & Figure v1.2 indicator at no cost from our site.
