A technical analysis tool that has no time line at the bottom of the chart but instead indicates shifts in the direction of price movements. Entries are made when a price change occurs. Xs represent price increases and Os represent price declines. To simplify matters, point-and-figure charts indicate when a security should be bought when the current column of Xs rises one box higher than the top box in the immediately prior column of Xs. A sell signal occurs when the current column of Os falls one box lower than the lowest O in the immediately prior column of Os.