Point & Figure Pattern Indicator For MT4 | Download Free Indicator (2024)

The Point & Figure Pattern Indicator is a technical indicator that can help identify trends in the forex market. It is shown as a chart with two lines, one representing the price of an asset (the point) and the other showing the quantity traded (the figure). The indicator predicts where the trend will end based on how far Prices have moved apart from their respective points and figures.

How to use the Point & Figure Pattern Indicator for MT4?

First, open your Forex charting platform and add an indicator to use the Point & Figure Pattern Indicator in MT4. Once you’ve added it, select the Point & Figure Pattern Indicator from the list of options. You will then be presented with a screen that looks like this:

The central portion of this screen displays the current position (in points) and profit/loss (in pips), while the bottom part shows all currently active orders associated with that pattern. To create a new order, click on the green “Add Order” button at the top right corner of this section. Repeat these steps to place multiple orders using different parameters – such as stop-losses or take profits – as needed.

Point & Figure Pattern Indicator MT4 trading settings

There are several settings you can use when trading with this indicator, including:

-Stochastic Oscillator – This setting determines how often the Upper P&F Line will cross above or below the Lower P&F Line. When it does, it indicates elevated buying or selling pressure in the market, respectively.

-Momentum – This helps determine how strong buyers or sellers are currently momentum-ally invested in markets. Overvalued markets tend to have more buyers than sellers, while undervalued markets have more sellers than buyers. Setting this parameter to “High” will cause both lines to move up constantly, while “Low” will cause them to stay stationary all day long; this is usually used as a trade setpoint during intraday trading sessions.

Point & Figure Pattern Indicator Advantages

Forex Point & Figure Pattern Indicator (P&F) is a technical indicator that can be used to identify the presence of a trend and anticipate future price movements.

One of the key advantages of using P&F indicators is that they are effective in both long-term and short-term trading strategies. They are also easy to use, making them an ideal tool for day traders and professional investors.

Below are some reasons why you should consider using this indicator in your trading strategy:

-They provide accurate signals even when markets are volatile or trending rapidly due to their simplicity and ease of use.

-They allow you to stay focused on your trade objectives, no matter how dynamic the market conditions may become.

-The P&F pattern provides directional information about future prices, so you know whether it’s worth investing further into the trend or getting out early before losses occur.

Point & Figure Pattern Indicator Disadvantages

There are a few disadvantages to using the forex Point & Figure Pattern indicator. First, it is not commonly used by most traders and may be unfamiliar to them. Additionally, several factors can affect its accuracy, including market conditions and technical indicators traders use. Finally, Forex Point & Figure Pattern Indicator requires more analysis and interpretation than other strategies.

Indicator installation on MT4

To install the Point & Figure Pattern Indicator on the MetaTrader 4 (MT4) platform, follow these steps:

1. Download the Point & Figure Pattern Indicator file in .ex4 format.
2. Open the MT4 platform and click on the “File” menu.
3. Select “Open Data Folder” to open the folder where the indicators are stored.
4. Copy the Point & Figure Pattern Indicator .ex4 file to the “MQL4” folder.
5. Close the MT4 platform and restart it.
6. Right-click on the chart where you want to add the indicator.
7. Select “Indicators” from the list, then “Custom” from the sub-list.
8. Look for the Point & Figure Pattern Indicator and double-click it to add it to the chart.
9. Adjust the settings for the indicator as desired, then click “OK.”

The Point & Figure Pattern Indicator should now be installed and added to the chart in MT4.

Conclusion

The Point & Figure Pattern Indicator is a valuable tool for traders that want to track directional movements in the market. Despite its limitations, this indicator can provide helpful information about future prices.