PnF High/Low

michaeldardis
michaeldardis ✭
in Scanning
I want to run scans on PnF using close only prices. My understanding is "close only'" is superior than "high/low". I can change the charts PnF default settings to close only- however when running scans its the "high/low" method that the
system uses. Any thoughts of getting the system to scan using Close only prices

Comments

  • Kevo
    Kevo ✭
    You ask an interesting question. I was stumped at first on what to say, but here is what I have so far. I think I have to do more research to better understand this:

    Closing prices are important on Bar and CandleStick charts. PnF charts are a completely different type of chart.

    PnF charts use a Box, Box size, and Reversal method for its construction. A box represents a range of prices, not closing prices. So closing prices are less emphasized.

    Every change in a PnF chart is significant. Thus, this puts less emphasis on the importance of closing prices.

    I don't see or know if the scans use high/low or closing prices. How do you know it uses high/low? Also, I don't know if they can be manually built in the scan engine or changed. Maybe someone else could comment on this.

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