Author: *** UPDATE *** see below
Programming by William Kreider (madhatt30) but the original Value Chart was developed by David Stendhal.
The Value Chart was developed to show the valuation of the market.
The Value Chart could be described as a DeTrended Oscillator in which the higher or lower the value on the Value Chart the more likely it is to reverse direction.
Unlike other Value Chart Indicators you may be able to find there has always been one huge problem with it and that was that it really taxed the terminal by deleting and creating ALL Value Chart Bars on Every Tick. This Indicator does not have that issue so it will not tax your Terminal.This indicator updates only the Value Chart Bars that have changed. So you are free to put it on multiple charts.
Use a Keltner Channel with default setting
Stochastic 5,3,3 (Preferably Zero Lagg)
Value Chart Deluxe Edition (Default Settings)
Good luck and by all means drop me a message if you like this indicator or if you have an indicator for another platform that is not available for MetaTrader 4.
** UPDATE ***
Additional options for levels and code fix
**** UPDATE ****
New version Value Chart Deluxe Edition v1.0.2
Whats New in this version
1. The annoying bug of candles being drawn past the current bar has NOW been fixed. (I back tested and forward tested this for a week and the forward test works great but backtest does not)
2. The normal area (green color) can now be customized (Set all Color fields to NONE if you don't want colors)
3. Added new parameter; BarsBack=1000 to specify how many bars back to draw colored areas. set to 0 for all bars
4. Added new parameter; useExtern=false; Set to true to use this indicator externally by way of iCustom. That's right you can have access to the Value Chart from another indicator by using iCustom
iCustom(NULL,0,"Value Chart Deluxe Edition v1.0.2", 5,"",true,0,0); *VC Bar High
iCustom(NULL,0,"Value Chart Deluxe Edition v1.0.2", 5,"",true,1,0); *VC Bar Low
iCustom(NULL,0,"Value Chart Deluxe Edition v1.0.2", 5,"",true,2,0); *VC Bar Open
iCustom(NULL,0,"Value Chart Deluxe Edition v1.0.2", 5,"",true,3,0); *VC Bar Close
5. Additional Code Cleanup
I've attached the new version of this indicator be sure to download v1.0.2 as it is the latest release
ALGLIB math function library (v. 3.5.0) ported to MQL4.Time indicator
Time indicator displays broker time and local computer time on the chart.