I'm not disagreeing with you. I'm just referencing the only materials that I've found that tries to explain them. Please tell me more on how to set the parameters or if you have a website like I found, I'd be interested in finding out more about them - particularly on how to use them as PnF charts. How did you find out they are like PnF charts? Why aren't they called PnF charts?
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Monkey bars expanded (3 point) plots a new number every time /ES moves 3 points
PnF charts plot a new point (3 point) every time a stock moves 3 points.
They both do this for the duration the time period you have selected on your chart.
I wouldn't use PnF for anything below the daily although I did use it on the hourly for a short period.
I'd rather use candles.
Using Wyckoff's method of counting the number of points within a give price range and deducing
the target for which price should hit is the main reason to use PnF. Other than that I don't have use
for PnF. I am not currently using PnF.
What I liked about PnF was that it took into account market excess for the trendlines.
It made some of the moves very easy to see and filtered out some of the noise you have with candlesticks.
However, I started drawing my trendlines using the top/bottom of the wicks to take into account
market excess like that of PnF.
I do not use the counting method implemented by Wyckoff and others for price targets.
There are no special settings to use Monkey bars expanded except setting the row height to 3
for 3 point charts. This is best for an Index like S&P Futures. 5 point works as well.
I set the parameters as you shown and using a 6 month 1 day chart, but getting the MB chart to work properly takes a lot of effort. It doesn't seem too user friendly. How did you learn how to get them working? Also, do you know what the numbers on the chart mean?
I think that if TOS intended them to be PnF charts, they would have called them that. I can't find any documentation to substantiate your claim that they are the same. If you know of any, I'd be happy to read it. I texted with TOS Live Support and they say that they are not the same.
Last edited by StockJock; June 16th, 2011 at 10:54 AM.