point and figure charts

[fishbed]

Hi

I am looking to start a new strategy (and possible indicator), using the point and figure chart but I am unsure as to how I would go about controlling the OnBarUpdate() event.

Will this still be triggered everytime a new column is formed or if I am using ticks would I be able to use IsFirstTickOfbar()?

Do you have any examples of using point and figure charts or for creating indicators or strategies to use on P&F charts?

Any insights appreciated
thanks

[NinjaTrader_Jim]

Hello fishbed,

Thanks for opening the thread.

Point and figure charts are based upon price movement without regard to time, and each bar formation occurs when the price exceeds the Brick Size or the Reversal. Each bar formation would call OnBarUpdate() for Calculate.OnBarClose.

When using Calculate.OnEachTick, you would be able to use IsFirstTickBar, but the implications on using a price based bar type should be understood when using it.

I wasn't able to find any NinjaTrader 8 NinjaScripts that could be used as an example for use with Point and Figure charts.

I would advise to use a simple strategy or indicator to print out the OHLC values so you can observe these values and bar formations in a way that you can take advantage of in your strategy.

How Point and Figure Bars are formed - https://ninjatrader.com/support/help...tAndFigureBars

Please let me know if I can be of further help.