Get Updates:
Email
Twitter
RSS
«
»

Value Chart

Feb 16th, 2009 by ThinkScripter

UPDATE 16 Feb 09: Changed a bit of the code around to make the study look a little better. You can hide the open and close dots as well for an even cleaner look.

I had numerous reader requests to create the Value Chart in thinkScript. The development, concepts and usage of these charts can be found in Dynamic Trading Indicators: Winning with Value Charts and Price Action Profile by Mark Helweg and David Stendahl. In a nutshell, this indicator seeks to capture the “Value” of a given underlying at the current price and time. The region between +4 to -4 is considered fair value; between +/- 4 to 8 is considered moderately overbought/sold; greater than +/- 8 is significantly overbought/sold. The default length is 5 per Helweg’s original description but I have found a value of 21 to be very useful. (Note: You’ll need to set the “BackgroundColor” plot color to your ToS background color for the chart to look right.)

Value Chart

Value Chart

GoProButton

Tags: , , ,

Posted in Indicator

7 Responses to “Value Chart”

  1. Alan says:
    February 25, 2009 at 2:06 am

    Just wanted to say I like your substituting 21 for 5. Nice. Thanks again for all your work.

    Reply
  2. Prospectus says:
    February 27, 2009 at 2:46 pm

    What does the Round100 function do?

    Reply
  3. Wendi Stalder says:
    May 9, 2009 at 4:13 pm

    ThinkScripter – when I add this study on a black background, I cannot see the lines (zero, moderately O/B or O/S, Significantly O/B or O/S) on the indicator. Please advise. Tx!

    Reply
  4. TK says:
    November 22, 2009 at 4:03 pm

    I’m working through the Helweg/Stendahl book to code this indicator myself. Could you reveal how you got ThinkScript to draw bars on a lower study?

    Thanks,
    -TK.

    Reply
  5. Jay Vince-Cruz says:
    February 1, 2010 at 10:05 am

    Eric, I have been having prob with the value chart lately, I dont know whether its TOS or my 2 pc’s. One pc maybe but both…. Anyway, On a 1 min and 3 min chart of the /ES or /6E I dont get the paint of the Value chart until the candle of the underlying has closed. If I turn on the high low dots, I just get a dot until the price bar closes. If I change the setting of the High low dots from display to not display the VC bar paints. Any suggestions?
    I have the probelm on my laptop and my Desktop.

    Reply
  6. Jay Vince-Cruz says:
    February 1, 2010 at 11:06 am

    Eric, I deleted the script and reloaded it and it seems to be working
    ok now.

    Reply

Leave a Reply