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The idea of a value chart indicator was presented in the very good book I read back in 2020, “Dynamic Trading Indicators: Winning with Value Charts and Price Action Profile“, from the authors Mark Helweg and David Stendahl. The idea is simple and the result is pure genius: Present candlestick Price analysis in a detrended way!
HOW TO READ THIS INDICATOR
- Look for Overbought and Oversold levels. Of course, you will need to test the settings a lot to find the “correct” one for your approach. It all depends on the Symbol you are studying and the timeframe also.
- Look for Divergencies, this indicator is powerful on this subject.
- Explore!
SETTINGS
- Period of analysis
- Light up candles that reache the maximum threshold?
- Overbought and Oversold levels
- Show dots on chart when the overbought and oversold levels are reached.
- Dot styles…
CHANGELOG
v 1.1 – Ability to control both Overbought/Oversold and Extreme Obverbought/Oversold levels according to your own assset.
Enjoy!
If you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)…
This will mean A LOT to me… And this way I can continue to give away Cool Stuff for Free…
With No Strings Attached! Ever!
Live Long and Prosper!
😉
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