OPEN-SOURCE SCRIPT

ValueChart Indicator [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.

[ --- Updated June 18 2014 ---]
Removed direct links.

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