Point and Figure Displacement Indicator

kelmarinThe PnF Displacement indicator is my custom script for TradingView, designed to analyze Point and Figure (PnF) charts with displacement features.

Key components of the script include:

User Inputs:

Require FVG: A boolean input to determine if a Fair Value Gap (FVG) is required for displacement calculations.

Displacement Type: Allows users to choose between "Open to Close" and "High to Low" for column range calculations.

Displacement Length: Defines how far back to look for calculating the standard deviation of the column range.

Displacement Strength: Multiplier for the standard deviation to adjust sensitivity.

Box Size: Sets the size of each box in the PnF chart.

Number of Boxes for Minimum Displacement: Specifies how many boxes to consider for calculating the minimum displacement.

Displacement Logic:
The script calculates the column range based on the selected displacement type.

It computes a standard deviation of the candle range and determines a minimum displacement based on user-defined box size and count.

The displacement condition combines the FVG check and the column range against the calculated minimum.

Visual Representation:
The bars are colored based on displacement conditions, enhancing visual analysis on the chart.

This indicator aids traders in identifying significant price movements in PnF charts while incorporating user customization options for better analysis.