Here is the value chart indicator coded for the new ProRealTime v10.3 with custom candles made with DRAWCANDLE and alerts BUY/SELL arrows.
This indicator draw candlesticks over a normalized scale created dynamically from the last highest/lowest values over n period. It attempts to spot market oversold and overbought area on a short time scale, when price would revert to its mean value.
This kind of indicator is well used in binary options trading, in many different strategies.
When price make rebound over the oversold/overbought levels (candle spike rejection), arrows are drawn to specify trades entries.
//ExtDepth = 5
//Overbought = 8
//SlightlyOverbought = 6
//Oversold = -8
//SlightlyOversold = -6
if barindex>ExtDepth then
sumHigh = summation[ExtDepth](high)
sumLow = summation[ExtDepth](low)
floatingaxis = 0.1 * (sumHigh+sumLow)
volatilityunit = 0.04 * (sumHigh-sumLow)
vcOpen = ((open-floatingaxis) / volatilityunit)
vcClose =((close-floatingaxis) / volatilityunit)
vcHigh = ((high-floatingaxis) / volatilityunit)
vcLow = ((low-floatingaxis) / volatilityunit)
if vcClose>vcOpen then
if vcLow<Oversold and vcClose>SlightlyOversold then
if vcHigh>Overbought and vcClose<SlightlyOverbought then
RETURN Overbought COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "overbought area", SlightlyOverbought COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "slightly overbought area", Oversold COLOURED(250,250,250) STYLE(DOTTEDLINE,1) as "oversold area", SlightlyOversold COLOURED(250,250,250) STYLE(DOTTEDLINE,1) 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 :