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.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
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.