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Value Chart Delux Indicator

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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. Not like other similar indicators Value Chart Delux indicator updates only the Value Chart Bars that have changed. So you are free to put it on multiple charts. Additional features: 1-   Adjustable Value Chart Bar and Wick Color, Bar and Wick Width, Adjustable overbought and oversold area and color, Built in Alert and alert levels. 2-   Value Chart delux indicator works on any standard time-frame. 3-   Value Chart delux indicator is not designed to be traded alone in fact it works great as an addition to an existing strategy. (e.g. using the Value chart with a standard stochastic set to 3,3,5. when the Stochastic crosses above the 80 level and the Value chart is between 8 and 10 consider a sell or if the stochastic is crossing below 20 and headed up and the Value Chart is between -8 and -10 then consider a buy. 4-   Value Chart delux indicator works best for Binary options Value chart delux indicator

Input parameters:

  • 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;
Copyrights: Upgraded and developed by William Kreider while it was initiated by David Stendhal.

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