Modified Chartmill Value Indicator
November 1, 2015, 8:23 PM
Indicators
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The indicator is an oscillator which highlights overbought and oversold conditions.This one kindla act like any other overbought and oversold indicator but this one is not bounded and give better reaction.
Deviation from the N average price is spotted when the oscillator gain much higher or lower than the overbought and oversold zones. Because any instrument has different deviations from their N average periods, this one could adapt much more because of multiplying by the square rooting of the periods N, the ATR denominator.
//parameters :
//N = 14
//hi = 0.5
//lo = -0.5
once result = close
VC = average[N]((High+Low)/2)
R = RANGE[1]
ATR = average[N](R)
Result = (Close - VC) / (ATR*SQRT(N))
RETURN Result as "MCVI", 0 as "mid level", hi as "overbought level", lo as "oversold level"
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Filename:
Modified-Chartmill-Value-Indi.itf
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