As seen on the NinjaTrader platform! An alternative for range & renko chart users. Unlike traditional range bars, Point-O bars hold the range from open to close at a constant level. They only require the price to retrace to the original open value of the previous bar in order to form a new bar. This form of charting makes it very easy to spot support & resistance levels and simplifies catching of reversal points.
This charting type also enables the trader to maintain the correct OHLC values for a given day (ones that correspond to the day’s Open, High, Low & Close values) by providing a special setting which enables this feature (notice the circled points on the chart, where the open price have been reset when the new day started on the charting platform).