TTM/DDF Value Chart

[wsam29]

I take it some of you have seen their newest indicator they are promoting.

Just by eyeballing it, it looks like a good indicator.

I've tried searching for it and came up short.

Value Chart Video

Value Chart Video 2

From what I understand the indicator was created by John Clayburg, correct me if I am wrong.

Either way, I like the indicator

Clayburg.Com - Your Source on the Web for Self-Adaptive Systems and Indicators

[thrunner]

Stratman has published some capable code in this thread based on earlier eKam and goose studies over at the TS forum.
The idea of opening range break out or establishing trend based on other opening range price action has been around for quite some time. It seems like every few years they add a new twist or flavor to the old indicators and call it the latest thing.

I would be very careful about believing claims of 80% accuracy or some such number in predicting trend. If it is 80%, not too many people have seen the details (actual data) of such studies. Anything approaching 80% in trading is probably not wildly published.

[wsam29]

I was inquiring about the +8/-8 value chart indicator, not the Directional Day Filter.

Thanks

[Blu-Ray]

Hi Winfred

Good to see you back, here's the Value Chart Indicator you're after.

Cheers

Blu-Ray

[wsam29]

Omg, I Love You!!!

[Soultrader]

Hi,

Is there a link to a site where it explains the calculations behind this indicator? Thanks

[Blu-Ray]

Originally Posted by Soultrader Hi, Is there a link to a site where it explains the calculations behind this indicator? Thanks

I've had a quick look and couldn't find a link to explain the exact calculations, however I can provide the code if you wanted. What I did find was an interview by the creator of the value chart, David Stendahl, talking to Tradestation.

Here's the link:

Chart Research - TradeStation Interview

Hope this helps

Blu-Ray

[Soultrader]

HI Blu-Ray,

The code would be perfect if you dont mind. I am trying to replicate this in IRT. Thanks

[Blu-Ray]

Originally Posted by Soultrader HI Blu-Ray, The code would be perfect if you dont mind. I am trying to replicate this in IRT. Thanks

Sure here goes, the first part is for the function VChart:

Inputs:NumBars(Numeric),P rice(NumericSeries);

Variables:VarNumBars(0),V ar0(0),LRange(0),YDiv(0), RanVar4(0),VOpen(0),VHigh (0),VLow(0),VClose(0),
VarA(0),VarB(0),VarC(0),V arD(0),VarE(0),VarP(0),Va rR1(0),VarR2(0),VarR3(0), VarR4(0),VarR5(0);

{Insure NumBars is between 2 and 1000}
If NumBars < 2 then VarNumBars = 2;
If Numbars > 1000 then VarNumBars = 1000;
If Numbars >= 2 and NumBars <=1000 then VarNumBars = NumBars;

VarP=Round(VarNumBars/5,0);

If VarNumBars >7 then begin
VarA=Highest(H,VarP)-Lowest(L,VarP);
If VarA = 0 and VarP=1 then VarR1=absvalue(C-C[VarP]) Else VarR1 = VarA;
VarB=Highest(H,VarP)[VarP+1]-Lowest(L,VarP)[VarP];
If VarB = 0 and VarP=1 then VarR2=absvalue(C[VarP]-C[VarP*2]) Else VarR2 = VarB;
VarC=Highest(H,VarP)[VarP*2]-Lowest(L,VarP)[VarP*2];
If VarC = 0 and VarP=1 then VarR3=absvalue(C[VarP*2]-C[VarP*3]) Else VarR3 = VarC;
VarD=Highest(H,VarP)[VarP*3]-Lowest(L,VarP)[VarP*3];
If VarD = 0 and VarP=1 then VarR4=absvalue(C[VarP*3]-C[VarP*4]) Else VarR4 = VarD;
VarE=Highest(H,VarP)[VarP*4]-Lowest(L,VarP)[VarP*4];
If VarE = 0 and VarP=1 then VarR5=absvalue(C[VarP*4]-C[VarP*5]) Else VarR5 = VarE;
LRange=((VarR1+VarR2+VarR 3+VarR4+VarR5)/5)*.2;
End;


If VarNumBars <=7 then Begin
If AbsValue(C-C[1]) > (H-L) then Var0=AbsValue(C-C[1]) else var0=(H-L);
If H=L then Var0=absvalue(C-C[1]);
LRange=Average(Var0,5)*.2 ;
End;

If LRange > 0 then begin
If Price = Open then
VChart=((Open-Average((H+L)/2,VarNumBars)))/(LRange);
If Price = High then
VChart=((High-Average((H+L)/2,VarNumBars)))/(LRange);
If Price = Low then
VChart=((Low-Average((H+L)/2,VarNumBars)))/(LRange);
If Price = Close then
VChart=((Close-Average((H+L)/2,VarNumBars)))/(LRange);
End;

and the second part is the indicator

Inputs:NumBars(5);
Variables:Vopen(0),VHigh( 0),VLow(0),VClose(0),Var1 (0),Var2(0);
Var: VcloseLam(0),ValueSOB(" "),ValueMOB(" "),ValueMOS(" "), ValueSOS(" "), ValueFair(" "), lastdate(0);


{Calcualte Value Chart}
VOpen = VChart(NumBars,Open);
VHigh = VChart(NumBars,High);
VLow = VChart(NumBars,Low);
VClose = VChart(NumBars,Close);


If currentbar > Numbars then Begin
Plot1(VOpen,"VOpen");
Plot2(VHigh,"VHigh");
Plot3(VLow,"VLow");
Plot4(VClose,"VClose");
Plot5(8,"8");
Plot6(4,"4");
Plot7(-4,"-4");
Plot8(-8,"-8");
Plot9(0,"0");
End;

Cheers

Blu-Ray

[Soultrader]

Thank you very much Blu-Ray. Much appreciated.