A Point and Figure chart is a study of pure price movement in that time is not taken into consideration while plotting the price action. Since only price changes are recorded, if no price change occurs then the chart is left untouched. A Point and Figure chart is also called a "P&F Chart."
Point & Figure charts use rising columns of X's and descending columns of O's to represent these price movements.
What an investor sees when looking at a P&F chart is the underlying supply and demand of the security. The columns of X's illustrate demand exceeding supply (rally), and the columns of O's illustrate supply exceeding demand (decline).
This article describes the mechanics of using P&F Charts on StockCharts.com. To learn how to analyze and interpret the charts, check out our Chart School.
Ps: the blue and red lines in my p&f charts are the 8ema and 21ema.
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