Indicator Powered Point and Figure Bars
Description - Click here to view the full size chart
- NinjaTrader is a great charting platform, but it is sorely missing Point and Figure bars. This innovative indicator takes the best from both worlds.
- It is very helpful at determining momentum or trend direction using the classic point and figure methodology.
- However, the algorithm is calculated based on any one of 11 underlying indicators, instead of price.
Key Features
- Note: The box Size is determined from the scale of the indicator. RSI has a max value of 100, and a min value of 0. Since we know it moves in a 100 point range, a decent box size may be 10%, or 10. The same applies to Stochastic.
MACD is a little different in that it does not have a set min/max value, but it still trades in a certain range, which can be used to determine the box size.
- Show Arrows, can currently be used with 11 built in indicators (RSI, MACD, StochasticD, StochasticK, ROC, CCI, ErgodocOscillator, Fisher Transform, Momentum, PriceOscillator, WilliamsR).
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