Point and Figure Charting Indicators Released on Metatrader 4
Mt4 users will now be able to use specialized chart types within Metatrader 4 platform to technical analysis. The new market perspectives gained from using these charts will improve their market analysis.
Singapore, Singapore, March 28th 2013 — Brand new point and figure charting indicator is released for use on the Metatrader 4 trading platform. The point and figure chart indicator is now a free download for limited time only here – MT4 point and figure download.
The indicator is released together with other chart indicators on ForexChartistry.com. Point and figure charting are chart types that work differently from the standard OHLC charts which come as the default charting in Metatrader 4. While the standard charts commonly called bar or candle charts are based on time, these specialized charting package as released by ForexChartistry’s team are based only on market volatility.
Forex Chartistry Point and Figure (PNF) Charting Package
2 Types of PNF Construction Available
Most point and figure traders will know that there are two ways to construct the point and figure chart in the finance industry. The indicator released by Forex Chartistry includes both constructs. The most commonly used type is the high/low PNF construction. While PNF traders who wants a ‘lesser noise’ point and figure chart will opt for this charting construct - using of only the closed price for point and figure chart.
Automated Generated Support and Resistance Levels on PNF Chart
Technical chart formations are also applicable on the point and figure charts. The indicator will have a built in feature to automatically plot support and resistance lines on the chart. In this way, the trader can turn the feature on view the major support and resistance levels as generated by the point and figure analysis.
While this support and resistance studies could still be identified on a usual candlestick charts, the automated generated trendline studies on the PNF chart brings the convenient and simplicity to new beginning forex traders. PNF breakout blocks are also marked with a lighter color for traders to see it immediately that a breakout is happening.
User-Customized PNF Parameters and Trading Alert
The PNF column and the number of pip size as marked by a PNF block can all be assigned to the trading preference of the MT4 traders. As a result, a message alert and email alert can be setup so that when these alerts are triggered, the Forex Chartistry user will be notified by the available alert system to act upon the trading signal.
This point and figure charting indicator is now available for free here. Find out more information on point and figure charting now.
Paid user will enjoy trade entry and exit automation generated by point and figure trend change signals and breakout signals.
The MT4 point and figure charting and automation package can be found at : http://www.ForexChartistry.com./pointandfigurecharting
Flagforex software business was founded in 2009. Over the last 3 years, this business has since worked with over 300 retail and professional forex traders in ways that technological software can increase trading efficiency and effectiveness.
The Flagforex core philosophy is in providing product and services which build to further enforce trade discipline in the trading plan execution during the entire forex trading process. They believe that if trading discipline can be instilled, then performance can be measured and trading results can be consistent.
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