Point and figure (P&F) is a charting technique used in technical analysis, used to attempt to predict financial market prices. Point and figure charting is unique in that it does not plot price against time as all other techniques do. Instead it plots price against changes in direction by plotting a column of Xs as the price rises and a column of Os as the price falls.
NinjaTrader is a great charting platform, but it is sorely missing Point and Figure bars. This innovative indicator takes the best from both worlds.
These Point and Figure bars are calculated based on any one of 11 key indicators.* The Indicator Powered Point & Figure bars help determine momentum or trend direction using the classic point and figure methodology. However, the algorithm is calculated based on indicator price as opposed to the underlying instrument.
*Currently used with 11 built in NinjaTrader indicators (RSI, MACD, StochasticD, StochasticK, ROC, CCI, ErgodocOscillator, Fisher Transform, Momentum, PriceOscillator, WilliamsR).
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