Point-and-Figure Charts in .NET framework

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Point-and-Figure Charts
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the reversal amount, and a new column will not be started until price has retraced by that amount. Standard plots would usually be stated as something like 10 by 3, that is, 10 points per box with a three-box (30 points) reversal amount. Thus, a new column of Xs or Os would not begin unless the market reversed by 30 points. When you update a point-and-figure chart, you re only concerned with high and low prices. The closing price is unimportant. You remain in the current column as long as the price action continues in the same direction. If you are making a column of Xs and the high for the period moves up at least one more box, then add an X to the column. Of course, if the high is more than one box higher, then fill in all of the boxes to match that high price. As long as the market continues to make higher highs, continue filling Xs in the current column and ignore the lows during the period you are plotting. If the market does not make a higher high and the low for the session is not three boxes lower than the highest X (assuming that is your reversal amount), then there is no update for the chart for that period. In a quiet market, you may not make a mark on a point-and-figure chart for an extended period of time, whereas you add a bar to a bar chart for every time period, even when there is minimal price movement. For more volatile markets such as the stock indexes or bonds, I would suggest 8 by 3 as parameters, as Figure 3.8, the September 2003 bond futures
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September 2003 T-bond futures
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(8/32 box size X 3)
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FIGURE 3.8
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Point-and-figure chart. (Source: eSignal. Reprinted with permission.)
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TECHNICAL ANALYSIS: The Art of Charts
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chart, illustrates. Increasing the reversal number will effectively make the point-and-figure chart less sensitive; decreasing the reversal number will make it more sensitive to recording price moves. The important fact to remember is that the price action on a point-andfigure chart may occur over the course of a day, a week, a month, or a year. The time period is irrelevant for the point-and-figure chartist. I have seen some floor traders use the point-and-figure method for intraday charts, penciling Xs and Os on the backs of trading cards and on graph paper. For them, these charts make it easy to see trend lines and breakout points because the focus is on specific price points. For a beginning chartist, I would strongly consider starting with bar charts. Point-and-figure charting needs tweaking or optimizing to determine the right box size and reversal amounts for each market and for the time frame and sensitivity that you might want to fit your own trading style. For those who enjoy a challenge of learning a different charting method, Point & Figure Charting by Thomas J. Dorsey discusses this type of charting in more detail.
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MARKET PROFILING
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Market profiling is a relatively new (1984) and highly sophisticated method of plotting market action and is a truly unique way of organizing and collecting market-generated time, price, and volume information. This method converts the data into recognizable structures based on the bell curve and helps traders decipher and identify where and how buyers and sellers enter the market. Market profiling effectively organizes price and time information so that traders can see which price levels the market accepts or which price areas the market rejects. Using sophisticated software, market profiling outlines the market s assessment of true value, volume analysis by price level and market participant type, and a long-term overview of the balance and imbalance of buying and selling pressure and its application to long-term and shortterm trading strategies. The Chicago Board of Trade holds copyrights to the data in the Liquidity Data Bank (LDB), which is the basis of its marketprofileSM software. Using the marketprofile program, time brackets are typically assigned to each 15-minute period of trading and then cataloged. (The time bracket period was changed from the original 30 minutes to 15 minutes on January 2, 1990.) For example, the y bracket may start at 7 a.m. and go to 7:14:59 a.m. A small y is placed at each price increment where a trade occurs during the first 15 minutes of trading and identifies the opening range. The
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