Volatility adjusted overbought/oversold oscillator. Value chart levels between -4 and +4 are considered “fair value”;  +4 to +8 moderately overbought; -4 to -8 moderately oversold. Levels above +8 are considered significantly overbought and below -8 significantly oversold.


Value Charts are discussed in the book “Dynamic Trading Indicators” by Mark W. Helweg & David C. Stendahl.



ValueChart ( series, bars )





Name of the series. The series must be one of Instrument.High, Instrument.Low, Instrument.Close, Instrument.Open.


The number of bars over which to find the value chart level.



In copyright publication dated 2002 Value Charts are described on page 127 to 145.


Book uses the value of the Value Chart return to decide if a bar on the chart qualifies for a signal.



The value chart level over the specified number of bars.



'  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
'  Update Indicators
'  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
'  Boundary Levels above and below zero
'  Two Parameter positive numbers feed upper and boundary
'  levels by inverting values for lower boundaries
VC_Level2Up = VC_Level2   '  8  IPV Series Plot
VC_Level1Up = VC_Level1   '  2  IPV Series Plot
VC_Level1Dn = -VC_Level1 ' -2  IPV Series Plot
VC_Level2Dn = -VC_Level2 ' -8  IPV Series Plot
'  Value Chart Indicator Feeds IPV Series with BarCoun length
Value_Chart = ValueChart(Instrument.Close, BarsCount)
'  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


Chart Display:






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