From the beginning of my friendship with Forex and Stocks – until this blog was born – I’ve tested a lot of strategies based on: MA’s(moving avarage), Bollinger Bands, Fractals, Stochastics, MACD, Parabolic SAR, CCI, Zig-Zag, Channel(figure) trading, support, resistance and much, much more.
After hundreds of unlucky tries to find 100% profitable method(also called “holy grail”) in forex(stocks) – i concluded that there is no “holy grail”.(by the way“ from the beginning, my brother LS had pessimistic view about “holy grail” and was talking me about that thousands of times)
The main method which looked explainable and sometimes profitable for me was – support/resistance trading. In spite of it i wanted more accurate signal for “jump in” or closing the trade. Because of my trading style – 1h/4h charts – i was used to spent a lot of time opposite my PC monitor to understand whats going on the “stage”. Also that support/resistance lines at short period trading were so unclear and unstable… that was killing me.
After a while – my sufferings were spotted – I discovered Point & Figure charting method. This kind of charting gave me clear(filtered) support/resistance image. Later i discovered the world of Point & Figure patterns, what gave me an opportunity to find accurate buy and sell signals.
At the beginning i used classic Point & Figure drawing method – based on pencil & paper. Later, internet gave me special PnF MS EXCEL sheets. MS EXCEL was not bad, anyway the disadvantages were: importing/exporting market data and poor graphical side of charting.
So, this is the way how i started programing of my own Point & Figure indicator for MetaTrader 4 with MQL4 language. I called this indicator – Cute Point & Figure indicator.
Cute Point & Figure indicator’s features:
* Very easy in use and understanding
* Customizable boxsize & stepsize
* Added ability to add and customize two moving averages
* Trend Lines plotting ability
* Alert signals when new column of X’s or O’s appears
* Mail alert function on X/O column change
* Column’s reverse time
* Ability to attach: Fibonacci Retracement, Gann Fan, Gann Line, Gann Grid and all other object based on two coordinates(Fibonacci Time Zones, Arcs, Fans etc.).
* Customizable user interface(colors, font sizes etc)
* Two views: X/O & boxes
* Date showing(with ability to on/off: year, month, day displaying)
* Fast grid painting algorithm
* Warning messages when selected time frame is too big(helps to avoid crash of MT4)
* Warning messages about incorrect moving averages inputs
* Ability to be attached to Forex, stocks, indices, metal charts
* Suitable for scalping and for longer period trading
* Really Cute and simple look of X/O chart
Print screens of indicator are at photo section.