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Creator: Definedge
The XO Line indicator is a point-and-figure chart indicator developed by Prashant Shah.
The indicator is designed using the X, O, and vertical column properties of the Point & Figure chart.
The XO Line is a trend identification indicator plotted on a chart, just like moving averages. However, this indicator does not calculate the price average, but instead calculates the number of ‘X’s and ‘O’s.
“X” represents a bullish print, while “O” represents a bearish print. Thus, this indicator is a price-based indicator plotted on a chart.
A price that is above the XO line when the XO line is rising is bullish; a price that is below the XO line when the XO line is falling is bearish.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.