Stocks & Commodities V. 23:5 (44-46, 51): Product Review: PFscanRT by Dennis D. Peterson
PFscanRT, the latest in a series of software products offered by David Baker, is a sophisticated point & figure software that uses eSignal for a real-time interface. If you sign up for a year, you pay only $200. No matter which subscription plan you try, you get PFscan2
thrown in for free, normally a $120/year fee. The two together form a powerful package.
POINT & FIGURE VS. BAR CHARTS
Let me digress. My guess is that when you start to read about point & figure charts, you think, “This is just a bunch of antiquated and backward charting techniques.” My response to that would be, “It sounds like you don’t know much about point & figure.” Before the days of bar charts, point and figure was the technique used to represent price activity. Some say the origins of point and figure go back to the late 19th century.
Point & figure charts have three advantages when compared to typical bar charts. First, support and resistance is more easily defined. Second, point and
figure charts are more amenable to finding certain chart patterns than bar charts, and third, they have horizontal counts that can be used for price projections.
One disadvantage to using point & figure charts is that there is no time scale, which means that momentum indicators are not available. But in PFscan, the developer provides ready access to standard bar charts so you can get the advantages of both.