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.
//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"
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :