{"id":12231,"date":"2026-05-22T13:39:13","date_gmt":"2026-05-22T13:39:13","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/glossary\/point-and-figure-charts\/"},"modified":"2026-05-22T13:39:13","modified_gmt":"2026-05-22T13:39:13","slug":"point-and-figure-charts","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/point-and-figure-charts\/","title":{"rendered":"Point and Figure Charts"},"content":{"rendered":"<p>Point and Figure (P&amp;F) charts are one of the oldest charting methods, dating back to the late 1800s. Instead of plotting price against time, P&amp;F uses columns of Xs (rising prices) and Os (falling prices). A column changes direction only when prices reverse by a specified amount. P&amp;F filters out noise dramatically and is loved by long-term investors and counter-trend traders for spotting clean support, resistance and breakout signals.<\/p>\n<div><strong>Key takeaways:<\/strong>\n<ul>\n<li>P&amp;F charts plot price moves as Xs (up) and Os (down) without time on the x-axis.<\/li>\n<li>Two key parameters: box size (price move per X or O) and reversal amount (how many boxes to reverse the column).<\/li>\n<li>Box-size selection matters: small boxes capture noise; large boxes capture only major moves.<\/li>\n<li>Common signals include <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/double-top\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">double top<\/a>s, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/double-bottom\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">double bottom<\/a>s, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/triple-top\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">triple top<\/a>s, and <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/bullish\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">bullish<\/a>\/<a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/bearish\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">bearish<\/a> catapults.<\/li>\n<li>P&amp;F is excellent for support-resistance analysis and price targets via vertical\/horizontal counts.<\/li>\n<\/ul>\n<\/div>\n<h2 id=\"how-p-f-charts-are-constructed\">How P&amp;F charts are constructed<\/h2>\n<p>Choose a box size (e.g. &#x20B9;5) and a reversal (e.g. 3 boxes). Start a column of Xs as price rises. Each &#x20B9;5 rise adds another X. When price falls by 3 &#xD7; &#x20B9;5 = &#x20B9;15 from the high, a new column of Os begins. This continues, alternating columns as price reverses by the reversal amount.<\/p>\n<h2 id=\"why-p-f-removes-time\">Why P&amp;F removes time<\/h2>\n<p>Traditional charts spread noise across the time axis. P&amp;F skips the noise entirely &mdash; quiet periods produce no new boxes, while volatile periods may generate several columns in a single day. The result is a focused view of only meaningful price changes.<\/p>\n<h2 id=\"classic-p-f-signals\">Classic P&amp;F signals<\/h2>\n<ul>\n<li><strong>Double top breakout:<\/strong> A column of Xs exceeds a prior column&#x2019;s high by one box &#x2014; bullish.<\/li>\n<li><strong>Double bottom breakdown:<\/strong> A column of Os falls below a prior column&#x2019;s low by one box &#x2014; bearish.<\/li>\n<li><strong>Triple top\/bottom:<\/strong> Three previous tops\/bottoms broken &mdash; stronger ve<a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/rsi\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>rsi<\/a>on of the double pattern.<\/li>\n<li><strong>Bullish\/bearish catapult:<\/strong> Combination of multiple breakouts indicating powerful momentum.<\/li>\n<\/ul>\n<h2 id=\"price-targets-via-p-f-counts\">Price targets via P&amp;F counts<\/h2>\n<p>P&amp;F offers two ways to project price targets:<\/p>\n<ul>\n<li><strong>Vertical count:<\/strong> Take the column length from a breakout, multiply by box size and reversal, and add to the breakout price.<\/li>\n<li><strong>Horizontal count:<\/strong> Use the width of a base pattern to project upward by the same number of columns.<\/li>\n<\/ul>\n<h2 id=\"choosing-box-size-and-reversal\">Choosing box size and reversal<\/h2>\n<table>\n<tr>\n<th>Time horizon<\/th>\n<th>Box size<\/th>\n<th>Reversal<\/th>\n<\/tr>\n<tr>\n<td>Intraday<\/td>\n<td>0.1% of price<\/td>\n<td>3<\/td>\n<\/tr>\n<tr>\n<td>Swing (daily)<\/td>\n<td>0.5% of price or ATR\/2<\/td>\n<td>3<\/td>\n<\/tr>\n<tr>\n<td>Positional (weekly)<\/td>\n<td>1% of price<\/td>\n<td>3<\/td>\n<\/tr>\n<\/table>\n<h2 id=\"limitations-and-best-practices\">Limitations and best practices<\/h2>\n<ul>\n<li>P&amp;F ignores <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/volume\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">volume<\/a>, which is valuable context. Overlay or cross-check with volume tools.<\/li>\n<li>Signals can lag in fast-moving markets because reversals need multiple boxes.<\/li>\n<li>Apply P&amp;F mainly to liquid <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/stocks\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">stocks<\/a> and indices for cleaner patterns.<\/li>\n<li>Use as a confirmation tool alongside trend lines and <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/moving-averages\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">moving averages<\/a>.<\/li>\n<\/ul>\n<h2 id=\"frequently-asked-questions\">Frequently asked questions<\/h2>\n<div>\n<h3 id=\"are-p-f-charts-still-relevant\">Are P&amp;amp;F charts still relevant?<\/h3>\n<p>Yes. Many professional traders use P&amp;F for long-term S\/R analysis and target projection.<\/p>\n<h3 id=\"can-i-use-p-f-intraday\">Can I use P&amp;amp;F intraday?<\/h3>\n<p>Yes, but with smaller box sizes. The signals can be choppy on very small time frames.<\/p>\n<h3 id=\"where-can-i-plot-p-f-charts\">Where can I plot P&amp;amp;F charts?<\/h3>\n<p>Most modern charting platforms &#x2014; including Lemonn, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/trading\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Trading<\/a>View and major <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/broker\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">broker<\/a> apps &mdash; support P&amp;F.<\/p>\n<h3 id=\"do-p-f-price-targets-always-work\">Do P&amp;amp;F price targets always work?<\/h3>\n<p>No method works always. P&amp;F targets are probabilistic; combine with <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/risk-management\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">risk management<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Point and Figure (P&amp;F) charts are one of the oldest charting methods, dating back to the late 1800s. Instead of plotting price against time, P&amp;F uses columns of Xs (rising prices) and Os (falling prices). A column changes direction only when prices reverse by a specified amount. P&amp;F filters out noise dramatically and is loved [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"menu_order":0,"template":"","meta":{"_uag_custom_page_level_css":"","footnotes":""},"class_list":["post-12231","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"web-stories-poster-portrait":false,"web-stories-publisher-logo":false,"web-stories-thumbnail":false},"uagb_author_info":{"display_name":"Team Lemonn","author_link":"https:\/\/lemonn.co.in\/blog\/author\/ashu\/"},"uagb_comment_info":0,"uagb_excerpt":"Point and Figure (P&amp;F) charts are one of the oldest charting methods, dating back to the late 1800s. Instead of plotting price against time, P&amp;F uses columns of Xs (rising prices) and Os (falling prices). A column changes direction only when prices reverse by a specified amount. P&amp;F filters out noise dramatically and is loved&hellip;","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/12231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/3"}],"version-history":[{"count":0,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/12231\/revisions"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=12231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}