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ValueChart

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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 Indicator

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 Indicator

Links:
Numeric Series

See Also:
Data Group and Types

Edit Time: 9/26/2020 1:32:55 PM

Topic ID#: 644

ValueChart

Syntax:

Parameter:

Description:

Notes:

Returns:

Example:

Chart Display:

Links:

See Also: