Point_And_Figure Review: Settings, Strategy & How to Use It

Point_And_Figure Review: Settings, Strategy & How to Use It

I’ve tested dozens of P&F implementations on TradingView, and this one—simply called Point_And_Figure—is a breath of fresh air. No over-engineered overlays, no confusing math. It’s a faithful, visual representation of classic Point & Figure charting that actually helps you see supply and demand zones without time distortion.

Let’s cut through the noise.

What This Indicator Actually Does

Point & Figure (P&F) strips away time and focuses purely on price movement. This indicator plots X’s (rising prices) and O’s (falling prices) in fixed-size boxes. Unlike traditional candlestick charts, it filters out minor noise and only records a new column when price reverses by a defined number of boxes.

You’re not watching the clock—you’re watching momentum.

Key Features That Set It Apart

• Customizable Box Size: You can set it to ATR-based, percentage-based, or a fixed value. I usually run 0.5% on BTC/USDT for intraday swing trades.
• Reversal Threshold: Classic 3-box reversal is default, but you can tweak it. I’ve found 2-box works better for scalping on lower timeframes.
• Auto-scaling: The indicator adjusts the chart height automatically so you don’t get weird compression.
• Clean Visuals: No cluttered lines or unnecessary labels. Just X’s and O’s with optional breakout markers.

Best Settings With Specific Recommendations

For Swing Trading (Daily / 4H):

• Box Size: ATR(14) multiplier of 1.5
• Reversal: 3 boxes
• This catches major trends without whipsaws.

For Scalping (15min / 1H):

• Box Size: Fixed 0.3%
• Reversal: 2 boxes
• You’ll get more signals, but expect a few false breakouts—tighten stops.

Pro tip: Overlay this on a clean chart with no other indicators. P&F already shows you support/resistance. Adding RSI or MACD just clutters the view.

How to Use It for Entries and Exits

• Long Entry: Wait for a column of X’s to break above a prior column of X’s (double-top breakout). Place a stop below the last O in the column.
• Short Entry: A column of O’s breaking below a prior column of O’s (double-bottom breakdown). Stop above the last X.
• Exit: Trail your stop at the previous column’s extreme. When the first reversal column appears (e.g., X’s turning to O’s after a breakout), take partial profits.

Example from the chart above: In the recent ETH/USDT run, the P&F showed a clear triple-top breakout at $1,850. The subsequent column of X’s extended to $2,100 without a single 3-box reversal. That’s a clean trend.

Honest Pros and Cons

Pros:

• Eliminates time-based noise—pure price action.
• Works on any timeframe, but shines on daily and 4H.
• Customizable for different trading styles.
• Lightweight script, no lag.

Cons:

• No built-in alert system for breakouts (you have to set manual alerts).
• Not ideal for range-bound markets—you’ll get false reversals.
• Takes a few days to get used to reading X’s and O’s if you’re new.
• The auto-scaling can sometimes compress the chart too much on volatile pairs.

Who It’s Actually For

• Trend traders who hate choppy price action.
• Swing traders looking for clean, time-independent support/resistance levels.
• Anyone tired of lagging moving averages—P&F reacts to price, not time.

Not for: Scalpers who need second-by-second granularity or traders who rely on candlestick patterns like dojis or hammers. P&F doesn’t show those.

Better Alternatives If They Exist

• Renko Charts (TradingView native) – Similar concept but uses bricks instead of X/O. Better for visual beginners.
• Volume Profile P&F – Combines P&F with volume bars. More data-heavy but great for confirming breakouts.
• Supply & Demand Zones (manual drawing) – More subjective but works well alongside P&F for confluence.

If you want a simpler, more modern take, try Renko. If you want the classic raw P&F experience, this indicator wins.

FAQ: Real Trader Questions

Q: Does it repaint?
A: No. Once an X or O is printed, it stays. The only repainting-like behavior is when a new column forms—but that’s how P&F works.

Q: Can I use it on crypto?
A: Yes, works on any market. I use it on BTC, ETH, and forex pairs.

Q: How do I set alerts?
A: Manual only. Set a price alert above the current column’s high for breakouts.

Q: Best timeframe?
A: 1H and above for reliability. Lower timeframes produce too many micro-columns.

Final Verdict

Point_And_Figure is a solid, no-nonsense indicator that does exactly what P&F should do. It’s not flashy, but it’s reliable. The lack of built-in alerts and the learning curve for new users keep it from a perfect 5 stars. For anyone serious about trend trading without time distortion, this is a 4-star tool you’ll keep on your charts.

Rating: ⭐⭐⭐⭐ (4/5)

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Data source: TradingView. This review is based on publicly available indicator information and hands-on testing. Always test indicators in a demo environment before live trading.