What happened to the Point(original) charts?

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tosk
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What happened to the Point(original) charts?

Postby tosk » 28 Jun 2009

Back at Christmas I upgraded from 2.999 to version 4.0 only to find barstatus no longer works. Today I attempted to upgrade from 4.0 to 5.0. To my dismay, shock and horror I found that Point(original) charting is no longer offered!!

Am I the only one using this type of chart? I see no one else expressing outrage at this removal.

I have been trading full time since 1994. I have never found anything better or easier to trade. Think about what a Point(original) chart is doing and what advantages it offers. The close price moves in quantum steps. This in effect normalizes many indicators producing very repeatable patterns. What is a trader looking for? Repeatable patterns. Repeatable patterns = profit!

I switched back to version 4.0 but hope you will reconsider your removal of this remarkable charting type in the future.

Tom

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RobotMan
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Postby RobotMan » 29 Jun 2009

Happy Easter Egg hunting!
http://forum.tssupport.com/viewtopic.php?p=26473#26473

Andrew was thinking of you.

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Postby bowlesj3 » 01 Jul 2009

I haven't heard of this type of chart. I did a google search and did not find it (WOW! stumped Dr Google!!!!). What type of chart is this? Is it misnamed? Just for my own curiosity, where can I research it?
Last edited by bowlesj3 on 01 Jul 2009, edited 5 times in total.

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TJ
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Postby TJ » 01 Jul 2009

it should have been called Point (legacy) !

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Postby bowlesj3 » 01 Jul 2009

Is it anything like "point and figure" charting. There is lots on that in the book "Trading Systems and Methods" by Perry J. Kaufman.

tosk
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Postby tosk » 02 Jul 2009

Bob Perry, thank you for pointing me to that thread. I found the comment by Tresor to be interesting. He stated:

<<Point Original was not calculated properly. I support TSS on having removed this resolution. MC should be a piece of software that is deprived of anything that is not optimal. Just my two cents.>>

Tresor, I would appreciate an explanation concerning why you would feel point(original) is "not optimal". If this based on extensive testing on your part. If so, we certainly have come to opposite conclusions as I use only point(original) and volume charting for day-trading.

Or do you say it is "not optimal" because you don't use it? If so, I no longer use tick charts, I never found a use for range charts (what MC calls point charts). Of the hundreds of canned indicators MC provides the only one I use is EMA - so from my standpoint, the rest of them are "not optimal" for my use. Should MC eliminate all of these because I don't have a use for them? Of course not, but then they should not have deleted the charting type I have been using profitably for over three years.

Or do you say it is "not optimal" because it came into being due to a misunderstanding of how range charts should be calculated? Much of modern civilization would not be in place if not for ideas that came about through a mistake. Off the top of my head three would be: penicillin, vulcanization of rubber and the microwave oven. The fact that they developed a valid charting technique that can be traded profitably is all the proof one needs to keep it.

Andrew, I still don't understand why this was deleted. Can you shed some light on this? The names should probably be changed. The point chart should be called range because that is what it is. The name point is much more appropriate for point(original) but changing it to point would cause confusion.

Bowlesj3, no, it's not like "point & figure". The closest analogue would be a Renko chart - a modified Renko chart which allows tails on the bar, does not include phantom bars, places an additional bar on turns and only shows real prices. So it's like a Renko chart but it's kept real. It is actually a better implementation of the Renko chart in my opinion.

Tom

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Postby bowlesj3 » 02 Jul 2009

Hi tosk,

Now Dr Google found it. Here is the first hit on Renko Chart.

http://www.investopedia.com/terms/r/renkochart.asp

It is interesting. I use time as one method of triggering stalls and I find it very good (if proper qualifying rules are applied) so I would never use a Renko Chart. Time alone without extra rules can get one in trouble. I don't use volume at all so I am in line there.

John.


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