ValueChart Indicator [LazyBear] by LazyBear

This indicator displays the trend-adjusted price activity of a security. It oscillates around the zero-line. It is usually plotted as OHLC, but Pine doesn't have this support yet. So, I have rendered OHLC separately (see chart for the details).

This indicator is particularly useful for ‘scalping’ in a sideways market, where there is limited movement taking place, rather than a trending market undergoing larger swing movements.

I am not sure how much this resembles the commercial indicator out there as I don't have access to one. This is a direct port of a similar TOS indicator.

Removed direct links.

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note. 
//
study("ValueChart Indicator [LazyBear]", shorttitle="ValueChart_LB")

prev(s,i) => 
    y=abs(round(i))
    s[y]

length = input(5, title="Number of bars")
extTop = input(12, title="Extreme Level Top")
extBot = input(-12, title="Extreme Level Bottom")
sigTop = input(8, title="Significant Level Top")
sigBot = input(-8, title="Significant Level Bottom")
fairTop = input(4, title="Fair Value Top")
fairBot = input(-4, title="Fair Value Bottom")

ext_l = plot(extTop,title="Extreme Top Line",color=red)
exb_l = plot(extBot,title="Extreme Bottom Line",color=red)
top_l=plot(sigTop,title="Top Chart Line",color=red, style=3)
bot_l=plot(sigBot, title="Bottom Chart Line",color=red, style=3)
tm_l=plot(fairTop,title="Top Mid Chart Line",color=gray)
bm_l=plot(fairBot,title="Bottom Mid Chart Line",color=gray)
fill(ext_l, top_l, red)
fill(exb_l, bot_l, red)
fill(top_l, tm_l, yellow, transp=80)
fill(bot_l, bm_l, yellow, transp=80)
fill(tm_l, bm_l, green, transp=85)

varp = round(length/5)
h_f = length > 7

vara=h_f ? highest(high,varp)-lowest(low,varp) : 0
varr1 = h_f ? iff(vara==0 and varp==1,abs(close-prev(close,-varp)),vara) : 0
varb=h_f ? prev(highest(high,varp),-varp+1)-prev(lowest(low,varp),-varp) : 0
varr2 = h_f ? iff(varb==0 and varp==1,abs( prev(close,-varp)-prev(close,-varp*2) ),varb) : 0
varc=h_f ? prev(highest(high,varp),-varp*2)-prev(lowest(low,varp),-varp*2) : 0
varr3 = h_f ? iff(varc == 0 and varp==1,abs(prev(close,-varp*2)-prev(close,-varp*3)),varc) : 0
vard = h_f ? prev(highest(high,varp),-varp*3)-prev(lowest(low,varp),-varp*3) : 0
varr4 = h_f ? iff(vard == 0 and varp==1,abs(prev(close,-varp*3)-prev(close,-varp*4)),vard)  : 0
vare = h_f ? prev(highest(high,varp),-varp*4)-prev(lowest(low,varp),-varp*4) : 0
varr5 = h_f ? iff(vare == 0 and varp==1,abs(prev(close,-varp*4)-prev(close,-varp*5)),vare) : 0
cdelta = abs(close - prev(close,-1))
var0 = (not h_f) ? iff((cdelta > (high-low)) or (high==low),cdelta,(high-low)) : 0
lrange=h_f ? ((varr1+varr2+varr3+varr4+varr5)/5)*.2 : sma(var0,5)*.2

mba = sma( (high+low)/2,length)
vopen = (open- mba)/lrange
vhigh = (high-mba)/lrange
vlow = (low-mba)/lrange 
vclose = (close-mba)/lrange 
 
plot(vhigh, color=maroon, linewidth=1)
plot(vopen, linewidth=2, color=green)
plot(vclose, linewidth=2, color=vclose > vopen ? blue : red, style=3)
plot(vlow, color=maroon, linewidth=1)