Over the last few months, our team has been listening to traders who use Point and Figure charts. One common request is the need for a special one step back building process. Today, we’re happy to say we’ve added that for you! To use it, go to the the chart settings, select P&F style, reverse amount = 1, and enable the new One Step Back Building feature.
A feature like this is an important component of the Wyckoff chart analysis method and helps P&F chartists more clearly see patterns. Here’s how it works: if in the process of plotting the price, the price unfolds and changes by one box size (1), and then again unfolds and changes by at least one box size (2), then new figures are shown in the same column as the previous figure (1) until the next turn. Now, with the one step back building feature, the X and O can be combined into one column:
We hope this new release helps any and all P&F chartists. Please let us know what you think by sharing your feedback or thoughts. We’re always building for the financial community!
Thanks for reading,
TradingView