Point & Figure channel indicator

Here you can post and download custom indicators. PLEASE: Do not start topics unless you are posting your own indicator, they will be moved to appropriate section even if you do.

Moderator: admin

Point & Figure channel indicator

Postby Nikolay.Gekht » Mon Jan 03, 2011 4:52 pm

The indicator is just an interpretation of classic X&O (Point & Figure) diagram (read more about such kind of diagrams here: http://www.investopedia.com/articles/te ... 081303.asp), which combines the classic chart view and Point & Figure approach to detect the trend.

The indicator highlights the candles which forms X and O columns using different colors. Also, the indicator provides an estimation whether following to the detected trend is profitable or not. For the profitable areas it puts "Check" sign and for non-profitable areas it puts "No" sign. You can see the parameters of the area by moving the mouse cursor over the mark and wait a bit until tooltip appears.

Unlike the earlier Point & Figure implementations on this forum, this algorithm is pretty optimal and is safe to use it on the "live" charts because it calculates only the latest X or O column on each tick, not the whole diagram as before.

xochannel.png


Download:
xochannel.lua
(10.46 KiB) Downloaded 1232 times


The idea of this indicator belongs to skipper

The indicator was revised and updated
Nikolay.Gekht
FXCodeBase: Site Admin
 
Posts: 1235
Joined: Wed Dec 16, 2009 6:39 pm
Location: Cary, NC

Re: Point & Figure channel indicator

Postby Nikolay.Gekht » Mon Jan 10, 2011 11:42 am

Moved from the beta forum to the production forum.
Nikolay.Gekht
FXCodeBase: Site Admin
 
Posts: 1235
Joined: Wed Dec 16, 2009 6:39 pm
Location: Cary, NC

Re: Point & Figure channel indicator

Postby Apprentice » Sun Feb 12, 2017 7:21 am

Indicator was revised and updated.
User avatar
Apprentice
FXCodeBase: Confirmed User
 
Posts: 36341
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia


Return to Custom Indicators

Who is online

Users browsing this forum: Baidu [Spider], Google [Bot] and 52 guests