What is this indicator?
A classic method that records only meaningful price changes using X's and O's, ignoring time entirely. It still has its own dedicated following for identifying long-term support/resistance levels.
How to read the chart
A pattern forming completely and getting confirmed by volume or the next candle raises the signal's validity; an incomplete or unconfirmed pattern can produce the opposite result.
Practical tip
A pattern's validity increases on higher timeframes and with heavier trading volume; on very low timeframes there's a lot of noise.