Here is an indicator created by Blu-Ray. The original thread is located here.

Here is an video sample posted by wsam29 from the TTM site here.

Value Chart Video

Since I no longer use TS, I will not be able to post any screenshots.

Many thanks to Blu-Ray for developing this free indicator.

[Blu-Ray]

Here's a screenshot of the indicator



Hope this helps

Blu-Ray

[Soultrader]

Thanks Blu-Ray.

[thrunner]

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
********************************************************************}

[daedalus]

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.

[godman]

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

[zdo]

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 ...
}

[jackj]

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!