You can now download the Value Chart Delux Indicator for free on the AtoZ Markets indicators gallery. The Value Chart was developed to show the valuation of the market and it could be described as a DeTrended Oscillator in which the higher or lower the value on the Value Chart the more likely the market is to reverse direction. This technical analysis tool is not like other similar indicators, instead, Value Chart Delux indicator updates only the Value Chart Bars that have changed.
The indicator can be used in any timeframe and currency pair. However, it is recommended to use it for M30 and above timeframes.
How to trade with the Value Chart Delux Indicator?
- Adjustable Value Chart Bar and Wick Color, Bar and Wick Width, Adjustable overbought and oversold area and color, Built-in Alert, and alert levels.
- You won’t find anything else like this and best of all I’m giving it away.
- This indicator works on any standard timeframe.
- This indicator is not designed to be traded alone in fact it works great as an addition to an existing strategy.
For example, using the Value chart with the Zero Lag Stochastic set to 5,3,3. Therefore, if you don’t have Zero Lag Stochastic you can use a standard stochastic set to 3,3,5. When the Stochastic crosses above the 80 levels and the Value chart is between 8 and 10 consider a sell. On the other hand, if the stochastic is crossing below 20 and headed up and the Value Chart is between -8 and -10 then consider a buy.
- extern int NumBars=5;
- extern color Bullish_Color=LimeGreen;
- extern color Bearish_Color=Red;
- extern color Actual_Color=Yellow;
- extern string Note0=”**** VC Bar Width ****”;
- extern int Wick=2; * The width of the VC Candle Wick
- extern int Body=6; * The width of the VC Candle Body
- extern string Note1=”**** OB/OS Levels ****”;
- extern int OBHigh_Upper=12; * Top of the OverBought Area
- extern int OBHigh_Lower=8; * Bottom of the OverBought Area
- extern int OSLow_Upper=-8; * Top of the OverSold Area
- extern int OSLow_Lower=-12; * Bottom of the OverSold Area
- extern string Note2=”**** OB/OS Level Colors ****”;
- extern color OBHigh_Color=C’255,164,177′; * OverBought Area Color
- extern color Normal_Color=C’5,116,5′; * Normal Area Color
- extern color OSLow_Color=C’255,164,177′; * OverSold Area Color
- extern string Note3=”**** Alert Settings ****”;
- extern bool useAlerts=false;
- extern int NumLevels=4;
- extern int level1=10;
- extern int level2=-10;
- extern int level3=11;
- extern int level4=-11;
- extern int level5=10;
- extern int level6=-10;
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom.
- Save the file to your computer.
- Extract and move the files into the MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Value Chart Delux Indicator” template to apply it on the chart.
Note: William Kreider upgraded and developed it while David Stendhal initiated it.