Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Soultrader

Value Chart Indicator

Recommended Posts

Those who are interested in this indicator should go to the original authors Helweg and Stendahl, in their book:

Dynamic Trading Indicators - Winning with Value Charts and Price Action Profile by Stendahl, David & Helweg, Mark

 

and the many existing threads and code samples on the TS forum. Helweg was generously enough to post it as open code in 2001 and the copyright should be acknowledged.

 

If you noticed in their book and code, there are two ways to trade this, one is the 21 period High or Low and the other is an absolute +8 or -8 play.

 

Recently, TTM revived this fairly old indicator by incorporating it with Clayburg's DDF (Day Directional Filter) and then calling it the TTM ddf vc indicator, which tries to find the Day's trend by usually the trend of the first hour and then trade the VC (Value Chart) in the direction of the DDF trend. The attached picture shows such a chart with all open source code.

 

[LegacyColorValue = true]; 

{*******************************************************************
Description	:	This Indicator plots Value Chart prices. 
Provided By	: Mark W. Helweg (c) Copyright 2001
********************************************************************}

5aa70e39b889a_ESddfvc2008-02-03_171800.png.4c40855ba714360128c92e3b20ae9a06.png

Share this post


Link to post
Share on other sites

Anyone know if it would be possible to trigger an Alert in TS when the VC hits a certain level like +6/-6?

 

I tried mimicking it with horizontal lines and breakouts intra/interbar with no luck. At least the alert never fired.

 

Any ideas? It would simplify my life 100x's.

Share this post


Link to post
Share on other sites

I just wanted to add my 2 cents to this thread. I did download it and did some tweaking and got it working really well with my approach to trading. In the picture that I am posting when the value has a positive close above the zeroline you go long and if you get a negative close of value below the zeroline you go short. This method helps you hold onto winning trades longer without exposing you to large potential stop losses and keeping your winners running.

 

VinceB

valuechart.thumb.jpg.c95e06d55a81216a797775cb8d33a712.jpg

Share this post


Link to post
Share on other sites

This detrender tracks pretty well within fixed bounds but just for snicks I put slightly dynamic / variable ones on it… those who use the extremes might find it useful…

btw daedalus the skeleton for alerts is started in the fixed band case part of the code. No warranty expressed or implied :) but it should help get you going… hth

 

 



[LegacyColorValue = true]; 

{Value Chart Indicators.  And yes thanks and credits to David Stendahl, et al 
RFA is Relative Float Axis
VU is Volatility Unit 
}
Input: 
FixedBand(7.5),	
Length(7),
sdLength(21   {89}  {43}),
StDv(1.61), {why?}
bandType(2) //bType 0 = none 1 fixed 2 bb-like  2 Keltner-like (not implemented)
; // End Input

Var: 
RFA(0),
VU(0),
RfaH(0),
RfaL(0),
medRfa(0),
Avg(0),
SDev(0),
UpperBand(0),
LowerBand(0)
; // End Var

RFA = Average(MedianPrice, Length);
VU = (Average(Range, Length))* 0.2;

if VU = 0 then
VU = 1;

RfaH = (High-RFA)/VU;
RfaL = (Low-RFA)/VU; 

Plot1 (RfaH, "VCHigh");
Plot2 (RfaL, "VCLow");

if bandType = 0 then begin // select case
noplot(3);
noplot(4);

end; // if bandType = 0

if bandType = 1 then begin
Plot3 (FixedBand, "");
Plot4 (-FixedBand, "");

if RfaH > Plot3[0] and RfaH[1] <= Plot3[1] then
 Alert( "UpperValueBoundTapped") 
else if RfaL < Plot4[0] and RfaL[1] >= Plot4[1]  then
 Alert( "LowerValueBoundTapped") ;	

end; // if bandType = 1

if bandType = 2 then begin 
Avg = XAverage(RfaH,sdLength);
SDev = StdDev(RfaH, sdLength);
UpperBand = Avg + StDv * SDev;

Plot3 (UpperBand, "");

Avg = XAverage(RfaL,sdLength);
SDev = StdDev(RfaL, sdLength);
LowerBand = Avg - StDv * SDev;

Plot4 (LowerBand, "");

{
if RfaH > Plot3[0] and RfaH[1] <= Plot3[1] then
 Alert( "UpperValueBoundTapped") 
else if RfaL < Plot4[0] and RfaL[1] >= Plot4[1]  then
 Alert( "LowerValueBoundTapped") ;	
}

end; // if bandType = 2

//keltner-like
{if bandType = 3 then begin
//medRfa = (RfaH - RfaL) / 2;
Shift = Factor * AvgTrueRange( atrLength ) ;
UpperBand = Avg + Shift 
LowerBand = Avg - Shift ...
}

Share this post


Link to post
Share on other sites

Has anyone put one together for Sierra Charts? I asked at their board, but admin seemed to think that it would be difficult to do. More than I thought, but then, I don't code. Thanks in advance for any help!

Share this post


Link to post
Share on other sites
If AFL version of Amibroker is available, please post it.

 

Here is the afl for amibroker...

 

 

////  Vchart
//This was converted from code created for TradeStation by Mark W. Helweg of ValueCharts.com
VarNumbars = Param("Number of Bars",5,2,1000,1);
Color = Param("Bar Color",colorBlue);
Top = Param("Top Chart Line",8);
TopMid = Param("Top Mid Chart Line",4);
BottomMid = Param("Bottom Mid Chart Line",-4);
Bottom = Param("Bottom Chart Line",-8);
Plot(Top,"Top Chart Line",colorRed);
Plot(TopMid,"Top Mid Chart Line",colorLightGrey);
Plot(BottomMid,"Bottom Mid Chart Line",colorLightGrey);
Plot(Bottom,"Bottom Chart Line",colorRed);

LRange = 0;
VarP = round(VarNumBars/5);
if (VarNumBars > 7) 
{
VarA=HHV(H,VarP)-LLV(L,VarP);
VarR1 = IIf(VarA==0 AND VarP==1,abs(C-Ref(C,-Varp)),VarA);
VarB=Ref(HHV(H,VarP),-VarP+1)-Ref(LLV(L,VarP),-VarP);
VarR2 = IIf(VarB==0 AND VARP==1,abs( Ref(C,-VarP)-Ref(C,-Varp*2) ),VarB);
VarC=Ref(HHV(H,VarP),-VarP*2)-Ref(LLV(L,VarP),-VarP*2);
VarR3 = IIf(VarC == 0 AND VarP==1,abs(Ref(C,-Varp*2)-Ref(C,-Varp*3)),VarC);  
VarD = Ref(HHV(H,VarP),-VarP*3)-Ref(LLV(L,VarP),-VarP*3);
VarR4 = IIf(VarD == 0 AND VarP==1,abs(Ref(C,-Varp*3)-Ref(C,-Varp*4)),VarD);	
VarE = Ref(HHV(H,VarP),-VarP*4)-Ref(LLV(L,VarP),-VarP*4);
VarR5 = IIf(VarE == 0 AND VarP==1,abs(Ref(C,-Varp*4)-Ref(C,-Varp*5)),VarE);	
LRange=((VarR1+VarR2+VarR3+VarR4+VarR5)/5)*.2;
};


CDelta = abs(C - Ref(C,-1));
if (VarNumBars <=7)
{
Var0 = IIf(CDelta > (H-L) OR H==L,CDelta,(H-L));
LRange = MA(Var0,5)*.2;
}
MidBarAverage = MA( (H+L)/2,VarNumbars);
VOpen = (Open- MidBarAverage)/LRange;
VHigh = (High-MidBarAverage)/LRange;
VLow = (Low-MidBarAverage)/LRange; 
VClose = (Close-MidBarAverage)/LRange; 
PlotOHLC(VOpen,VHigh,VLow,VClose,"ValueChart",color,styleBar | styleThick ,-12,12);
Title= Name() + " " + WriteVal( DateTime(), formatDateTime )+
"\nVOpen " + VOpen + "\n"+ " VHigh "+ VHigh + "\n"+ " VLow " + Vlow  + "\n"+ " VClose " + VClose;

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • $AIZ Assurant stock nice breakout, from Stocks To Watch , see https://stockconsultant.com/?AIZ  
    • Date: 28th March 2024. The US Dollar Strengthens As Economists Believe The ECB Will Struggle To “Hold”. Early this morning, the Fed Governor advised “there is no rush to cut rates” and “the data within the upcoming months” will be vital. The US Dollar Index rises to a 1-month high. The value of the USD will largely be based on today’s data on economic growth, consumer sentiment and pending home sales. Dollar and index traders are closely monitoring tomorrow’s Core PCE Price Index which analysts expect will read 0.3%. A higher inflation reading can potentially pressure stocks and support the Dollar. Strong declines in NVIDIA and Netflix stocks pressured the NASDAQ on Wednesday. Though, buyers entered late in the session to boost the overall price. EURUSD The latest comments from members of the Federal Reserve are supporting the US Dollar. The forward guidance between members of the Federal Reserve is mainly not aligned. The Chairman advises the Fed does not need much more proof for the regulator to feel comfortable reducing rates. Whereas the Fed Governor, Mr Waller, advises there is no rush, and he wants to see a few months of data before determining the next move. Therefore, the upcoming inflation and employment data will remain vital and could even push back rate hikes further. According to economists, the Federal Reserve will cut the interest rate on 3 occasions this year, but the timing of the first cut is less certain and may change depending on upcoming data. A positive factor for traders is that EURUSD exchange is not witnessing conflicting currencies. The US Dollar is trading 0.12% higher while the Euro is declining against most currencies. The Euro is trading 0.06% lower against the Pound and the Canadian Dollar and 0.16% lower against the Japanese Yen. Yesterday, the head of the Bank of Italy, Mr Cipollone, said that the authorities were confident that inflation would return to the target of 2.0% by mid–2025. He also supports the lower of interest rate and will use this as a basis for adjusting monetary policy. The Euro is generally under pressure as investors believe the European Central Bank will struggle to avoid cuts if the Fed decide to delay their adjustments. The US Dollar will be influenced by four major economic data releases. The US Final GDP, Weekly Unemployment Claims, Pending Home Sales and Consumer Sentiment Index. If these read higher than expectations with the weekly unemployment claims dropping, the US Dollar is likely to witness further support. However, investors should note the main release will be tomorrow’s Core PCE Price Index. Traders are expecting no major news for Europe and volatility levels may fall tomorrow as European markets are closed for Easter. Technical analysis currently points towards a continued downward trend. The price is trading below the neutral on the RSI and below the 75-Bar EMA. However, investors should note this will also be dependent on upcoming US data. USA100 The price of the USA100 was under pressure throughout the whole US session but was saved by an increased volume of buyers late in the session. However, a positive point is the components held onto their value. Even though the index fell in value, only 28% of the components declined. Investors will now turn their attention towards tomorrow’s PCE Price Index and the upcoming earnings season which will start in mid-April. The price is now trading slightly above the Moving Averages but slightly below the 50.00 on the RSI. Therefore, technical analysis remains at the “neutral” level and continues to indicate a larger price range. If today’s economic data is positive the stock market can witness confidence and support as this continues to indicate a soft landing. Though, if the data is too strong, it could also trigger a hawkish Fed which is known to be negative for the USA100. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • $IBKR Interactive Brokers stock narrow range breakout watch above 111.16 , see https://stockconsultant.com/?IBKR
    • $ISRG Intuitive Surgical stock narrow range breakout watch above 403.07 , see https://stockconsultant.com/?ISRG
    • $JETS ETF top of range breakout watch above 20.61 , see https://stockconsultant.com/?JETS
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.