P&F Label Overlay

🧙 The Wizard's Challenge: P&F Label Overlay on Your Chart

This is a custom Pine Script indicator designed to overlay the classic Point & Figure (P&F) pattern directly onto your standard candlestick or bar chart. While Pine Script offers built-in, dedicated P&F charts, this indicator was created as a challenging and experimental project to satisfy the goal of visualizing the P&F X's and O's directly on the price bars.

❶. How to Use This Code on TradingView

1. Copy the Code: Copy the entire Pine Script code provided above.

2. Open Pine Editor: On TradingView, click the "Pine Editor" tab at the bottom of your chart.

3. Replace Content: Delete any existing code in the editor and paste this P&F script.

4. Add to Chart: Click the "Add to Chart" button (usually located near the top right of the Pine Editor).

5. Access Settings: The indicator, named "P&F Label Overlay: The Wizard's Challenge," will appear on your chart. You can click the gear icon ( ) next to its name on the chart to adjust the inputs.

❷. 🎛️ Key Settings & Customization (Inputs)
The indicator provides core P&F settings that you can customize to fit your analysis style:

✅ Enable Auto Box Size (Default: True): When enabled, the box size is automatically calculated as a percentage of the current price, making it dynamic.

・Auto Box Size Basis (%): Sets the percentage used to calculate the dynamic box size. (e.g., 2% of the price).

・Fixed Box Size (Price Units): When "Enable Auto Box Size" is disabled, this value is used as the static box size (e.g., a value of 5.0 for a $5 box).

・Reversal Count (Default: 3): This is the crucial P&F parameter (the Reversal Factor). It determines how many boxes the price must move in the opposite direction to trigger a column reversal (e.g., 3 means price must reverse by 3 \times \text{BOX\_SIZE}).
Calculation Source: Allows you to choose the price data used for calculations (e.g., close, hl2 (High/Low/2), etc.).

❸. 🎯 The Challenge: Why an Overlay?
This indicator represents an experimental and challenging endeavor made in collaboration with an AI. It stems from the strong desire to visualize P&F patterns overlaid on a conventional chart, which is not a native function in Pine Script's standard indicator plotting system.

・Leveraging Drawing Objects: The core of this challenge relies on cleverly using Pine Script's label.new() drawing objects to represent the "X" and "O" symbols. This is a highly non-standard way to draw a P&F chart, as it requires complex logic to manage the drawing coordinates, price levels, and column spacing on the time-based chart.

・The Current Status: We've successfully achieved the initial goal: visualizing the X and O patterns as an overlay. Achieving a perfectly aligned, full-featured P&F chart (where columns align precisely, and price rounding is fully consistent across all columns) is far more complex, but this code provides a strong foundation.

❹. 🛠️ Technical Highlights
Tick-Precision Rounding: The custom function f_roundToTick() is critical. It ensures that the calculated box size and the lastPrice are always rounded to the nearest minimum tick size (syminfo.mintick) of the asset. This maintains high precision and accuracy relative to the market's price movements.

・Column Indexing: The currentColumnIndex variable is used to simulate the horizontal movement of P&F columns by adding a fractional offset to the bar_index when drawing the labels. This is what makes the pattern appear as distinct columns.

・Garbage Collection: The activeLabels array and the MAX_LABELS limit ensure that old labels are deleted (label.delete()) as new ones are drawn. This is a crucial performance optimization to prevent TradingView's label limit (500) from being exceeded and to maintain a smooth experience.

❺. 🚀 A Platform for Deep Customization
While TradingView's built-in indicators are excellent, every trader has their "personal best settings." View this code as a starting point for your own analytical environment. You can use it as a base to pursue deeper custom features, such as:

・Different drawing styles or colors based on momentum.

・Automated detection and signaling of specific P&F patterns (e.g., Double Top Buy, Triple Bottom Sell).
Please feel free to try it on your chart! We welcome any feedback you might have as we continue to refine this experimental overlay.

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