We compute the structure factor of the $J_1$-$J_2$ Ising model in an external field on the square lattice within the Cluster Variation Method. We use a four point plaquette approximation, which is the minimal one able to capture phases with broken orientational order in real space, like the recently reported Ising-nematic phase in the model. The analysis of different local maxima in the structure factor allows us to track the different phases and phase transitions against temperature and external field. Although the nematic susceptibility is not directly related to the structure factor, we show that because of the close relationship between the nematic order parameter and the structure factor, the latter shows unambiguous signatures of the presence of a nematic phase, in agreement with results from direct minimization of a variational free energy. The disorder variety of the model is identified and the possibility that the CVM four point approximation be exact on the disorder variety is discussed.
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