Value Chart

[Nikolay.Gekht]

The value chart indicator is developed by David Stendhal.

He has explained the indicator in his interview to TradeStation Technologies Inc.

Traditional bar charts may not provide the information traders need to make appropriate trading decisions. Value Charts represent a market analysis tool that allow traders to trade stocks, bonds and futures with additional poise and confidence. It's a different view of the markets because they were developed to display the valuation of the market.

Read the full interview text for details about this indicator and it's usage: http://www.chartresearch.com/TSInterview.htm

The formula of the indicator is:
OPEN = (OPEN - MVA(TYPICAL)) / (ATR / ATR_N)
HIGH = (HIGH - MVA(TYPICAL)) / (ATR / ATR_N)
LOW = (LOW - MVA(TYPICAL)) / (ATR / ATR_N)
CLOSE = (CLOSE - MVA(TYPICAL)) / (ATR / ATR_N)
TYPICAL = (HIGH + LOW + CLOSE) / 3

Download:

VALUECHART.lua

(2.17 KiB) Downloaded 1484 times

The indicator was revised and updated

[keyrama]

Excuse me but, In the formula, what does the ATR_N stands for, and why it doesn't seem to be implemented in the code ?

I'm not syaing it's an error, I just want to undersand.

Thank you !!

keyrama

(btw, great indicator)

[Apprentice]

ATRN represents the number of periods to calculate the ATR

This parameter is used in line 36,
when establishing the call for ATR indicator.

ATR = core.indicators:create("ATR", source, N);

[keyrama]

Hello,

since the new marketscope version, value chart indicator has lines at 8 4 -4 -8.
You can't remove them and it's really annoying especially if you set the indicator at a higher number of periods.( because these levels are fitted (kind of...) only at periods=5. )

Thank you for adding an option to remove them !

[Apprentice]

Show Line Option Added.

[keyrama]

Thanks !

[Apprentice]

Indicator was revised and updated.