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.

 

Syntax:

ValueChart ( series, bars )

 

Parameter:

Description:

series

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

bars

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

 

Notes:

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.

 

Returns:

The value chart level over the specified number of bars.

 

Example:

'  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
'  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:

Value_Chart_US-Bonds_20_2-8

 

 

 


 

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