The value high and value low pivot is from the concept of Market Profile. It has nothing to do with the previous days high or low.
If you are not aware of Market Profile, browse through the market profile forum. You will find some good resources there.
Also Tradestation does not provide such indicator for market profile. Only third party data vendors provide this.
Here is a list of data vendors that provide market profile:
http://cbot.com/cbot/pub/page/0,3181,1183,00.html
Also if you are interested, Antonio or ant wrote a great indictor for Tradestation that will give you a similar market profile structure. If you are interested check this thread out:
http://www.traderslaboratory.com/for...3.html#post777
If you want to learn about market profile, I highly recommend you pick up "
Mind over Markets". This is my favorite trading book by far.
Also check out the videos:
http://www.traderslaboratory.com/for...resources.html
If you have any questions, feel free to post it here.