Value Chart Indicator

Value Chart Indicator

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.

//parameters :
//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
  DRAWCANDLE(vcOpen,vcHigh,vcLow,vcClose)coloured(10,240,10) bordercolor(0,200,0)
  DRAWCANDLE(vcOpen,vcHigh,vcLow,vcClose)coloured(240,10,10) bordercolor(200,0,0)

 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"


Risk disclosure:

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 : How to import ITF files into ProRealTime platform?

New! PRC is also now on YouTube, subscribe to our channel for exclusive content and tutorials

  1. ALEALE • 307 days ago #

    dear Nicolas,

    I can’t copy indicator , could you help me?

    • Nicolas • 307 days ago #

      Why not? You can also download the itf file and import it directly into the platform.

  2. • 296 days ago #

    Does it work only with 10.3, I got errors with ig ?


  3. m-zeter • 284 days ago #

    Dear Nicolas,

    I tried the indicator, but it doesn’t work. I don’t get an errror, I get a new empty window without the overbought  line and so on. And at the scale on the right site there are not the parameters of the indicator (6, 8, ….), there are the points of the index. I tried it with the beta 10.3. Could you or anybody help me? Or is it because of the beta, that not everything is working correctly?

    Many thanks in advance

    • Nicolas • 284 days ago #

      Yes I got this problem too. You have to scale yourself with your mouse the ’empty window’ which is not so empty, you’ll find it by yourself 🙂 Hope it helps.

  4. m-zeter • 283 days ago #

    Ups…you are right! My fault. Now I try to scale it 😉
    Thanks for your quick answer.

  5. Cris48 • 281 days ago #

    Dear Nicolas,

    Why I’m not able to draw the arrows in the indicators?


  6. m-zeter • 273 days ago #

    Hello Nicolas,

    it`s me again. Maybe you know the answer. Is it possible to make a alarm for the down arrow and up arrow. I don’t find a possibility in version 10.3, because there is no option for the arrows.  Or I change it and say for example: add 100 for the uparrow and make a alarm >100. but this would be a temporary solution 😉
    best wishes

    • Nicolas • 273 days ago #

      No sorry, it’s not possible to launch sounds alerts by code.

    • Cris48 • 272 days ago #

      Hi Nicolas, thank you for your answer . I’m using the 10.3 beta version (end of day data), and I really can’t draw anything (segment, line, arrow ….)

      I’m a quite skill with the code, but in this area, very interesting for me (I’m now using for forex trade, metatrader), I’m not able to visualize graphical object.



  7. Hockeytrader • 272 days ago #

    i have the v10.2 version of this. I’ve been working on a automated strategy containing this indicator. Anyone more that had those thoughts?

  8. Cris48 • 272 days ago #

    Hi Nicolas, thank you for your answer . I’m using the 10.3 beta version (end of day data), and I really can’t draw anything (segment, line, arrow ….).I’m a quite skill with the code, but in this area, very interesting for me (I’m now using for forex trade, metatrader), I’m not able to visualize graphical object.


  9. Cris48 • 270 days ago #

    Dear Nicolas, I tried all the graphical example, with cut & paste your code. The only one that it works in the change backround colors, not all the others. Maybe is my Imac, or some settings?


    • Nicolas • 270 days ago #

      Very strange.. Are there any error messages in the platform?

  10. Cris48 • 269 days ago #

    No Nicolas, any kind of errors …. If you want I can send you some snapshot.. 


    • Nicolas • 269 days ago #

      Please use the forum for that, it could of interest for any other person in the same case. Thanks a lot.

  11. Cris48 • 259 days ago #

     Dear Nicolas, 

    Problem is solved . Not all the graphics feature can be calculate with EOD data. With realtime, everythings works well.


    • Nicolas • 259 days ago #

      Thanks for feedback about this trouble. Didn’t knew that!

  12. Vin's Regnault • 252 days ago #

    Hi dear nicolas,

    Your work is awesome !

    I’m interessed by the mathematical formula of the value chart, if it’s possible and if isn’t a problem for you, Could i take contact with you ?

    I want to know how this indicator work to programme an other indicator.

    Yours Sincerely

    Vincent Regnault

    • Nicolas • 252 days ago #

      Hi Vincent, you can use the forum for any question regarding trading or programming. Regards.

  13. Vin's Regnault • 252 days ago #

    My question was about how work the value chart, because thank’s to my research i think that the MBFX timing is a king of value chart but apply to the Gravity Center.

    Knowing how work this indicator could help me !

    I have took contact with doc trading and he is agreed to programme this indicator if i find the formula !

    Thank’s for your answer !

    (Sorry for my english , i’m not already fluent in english but i try to improve it )

    • Nicolas • 252 days ago #

      Don’t waste your time, the MBFX timing is nothing else than a stochastic oscillator. This indicator is a pure commercial repackage of an already best-known indicator,  a so-called “scam”. In fact, the MBFX came after the gravity center to find better entry points to the mean-revert function of the GC. Stochastic like RSI or any other bounded indicator try to identify the center point of price and so draw its deviations. You should investigate on how indicators work and why and for what they were made instead of follow them blindfolded, believe me you will learn a lot! 🙂

  14. Vin's Regnault • 251 days ago #

    Ok, if you tell it, I believe you ! Your work is great you have a real experience in trading so i  listen to you ! Thank you ! have a nice day !

  15. Sofitech • 211 days ago #

    On peut avoir la version 10.3 par défaut en utilisant l’offre Prorealtime CFD ou il faut le demander spécifiquement ??


  16. leyoy • 69 days ago #

    Bonjour, je viens de l’installer sur 10.3 … comment faire apparaitre les flèches sur l’indicateur ?

    Merci 🙂

    • Nicolas • 69 days ago #

      Les flèches apparaissent d’elles-mêmes selon les signaux de l’indicateur.

    • leyoy • 69 days ago #

      Elles viennent d’apparaitre après redémarrage. Merci Nicolas. Du coup, les signaux sont à prendre que lorsqu’il y a les flèches ou aussi dans zones en pointillées ?

Register or


avatar avatar avatar avatar avatar avatar avatar avatar
Related users ' posts
David Nicolas I've looked at it again and there's a problem.  As an example here's a simple cross...
Nicolas You'll need to preload bars to get the good calculations of you indicators. I did not test i...
David Nicolas I tried DEFPARAM Preloadbars = 5000 And still the same drawn output of entries/exit...
Nicolas @Renato I have this code in my indicators list since a while and honestly I don't remember ...
Renato Di Lorenzo Agree; thanks.
rpreviteri Hi Nicolas, thanks a  loto for sharing your knowliedge, Wasn't the original momentum pinball...
Dimi.A Perfect for counter-trend scalping. I like this!
jctrader Bonjour . CAC 40    1988 = 1000   today = 4900  soit 490%  en buy and hold  .... + 370% av...
Nicolas Aucune immobilisation du capital. Quel est le drawdown du buy & hold ? Je ne l'ai pas ca...
jctrader ok pour le codage mais le choix "indice" n'est pas le bon : moins de 5%/an pour le meilleur ...
DonDollar ...and I do not see any opened positions...strange...
DonDollar I found the answer by myself for the second question. But still no idea about the False and ...
Nicolas The line 12 of the code is the answer of your question. Before launching a new trade, the co...
Nicolas I do not have any error Alfredo, even while testing on 150000 bars in the past. By the way, ...
alfredo thank for the council, when i do start the strategie on Italy at 1h some mornings happen tha...
Nicolas I think it's because of price gaps and/or quote interrupt. Anyway, be aware that this strate...