Value Chart High/Low
February 17, 2016, 2:01 PM
Indicators
12 Comments
The original value chart is made of OHLC candlesticks drowned on a normalized scale. This one only reflect high and low values, that are more useful for its purpose.
This indicator is popular in scalping trading and short-term binary options because of its effectiveness to spot prices excess on a relative short time scale. Period and overbought/oversold areas are configurable to fit your timeframe and trading method.
//parameters :
//ExtDepth = 5
//Overbought = 8
//SlightlyOverbought = 6
//Oversold = -8
//SlightlyOversold = -6
sumHigh = summation[ExtDepth](high)
sumLow = summation[ExtDepth](low)
floatingaxis = 0.1 * (sumHigh+sumLow)
volatilityunit = 0.04 * (sumHigh-sumLow)
vcHigh = (high-floatingaxis) / volatilityunit
vcLow = (low-floatingaxis) / volatilityunit
RETURN vcHigh coloured(255,10,10) as "High Value", vcLow coloured(10,255,10) as "Low Value", Overbought as "overbought area", SlightlyOverbought as "slightly overbought area", Oversold as "oversold area", SlightlyOversold as "slightly oversold area"
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Filename:
Value-Chart.itf
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Junior
Developer by day, aspiring writer by night. Still compiling my bio... Error 404: presentation not found.
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