The Value Chart Deluxe Edition Indicator For MT4



Table Of Contents:

  1. The Value Chart Deluxe Edition Indicator For MT4
  2. Parameters of the Value Chart Deluxe Edition Indicator For MT4
  3. Identifying Support and Resistance using the Value Chart Deluxe Edition Indicator For MT4
  4. Spotting Divergence opportunities using the Value Chart Deluxe Edition Indicator For MT4
  5. Using the Value Chart Deluxe Edition Indicator For MT4 to determine Trend Direction
  6. Entry and Exit Signals using the Value Chart Deluxe Edition Indicator For MT4

The Value Chart Deluxe Edition Indicator For MT4 is an indicator used by traders to identify the areas of the price where the real market value lies on the trader's chart. The indicator is built solely on the price action on the currency chart it is attached to.

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Parameters of the Value Chart Deluxe Edition Indicator For MT4

NumBars: This parameter lets the trader determine the average number of price bars the indicator uses to calculate one of the price bars on its own chart.

Use Extern: Controls whether or not the indicator can import an external variable.

Bullish_Color: This is used to control the color of bullish candles on the indicator's chart.

Bearish_Color: This parameter can be used to set the color of bearish candles on the indicator's chart.

Actual_Color: Can be used to set the color for candles on the indicator's chart that are neither bullish nor bearish.

Wick: This parameter sets the average size of the wick of each candlestick on the Value Chart Deluxe Edition Indicator For MT4's chart.

Body: This parameter sets the average length of the candlestick body on the indicator's chart.

OBHigh_Upper: This parameter can be used by the trader to set the upper extreme level for overbought signals.

OBHigh_Lower: Can be used to set the lower level for weak overbought signals.

NMid_Upper: This parameter can be used to set the upper limit for the normal price range by the indicator.

NMid_Lower: This parameter lets the user set the lower limit for the normal price range for charts created by the indicator.

OSLow_Upper: This parameter lets the trader set the upper level for weak oversold signals by the indicator.

OSLow_Lower: The OSLow_Lower can be used to set the lower extreme level for oversold signals by the indicator.

BarsBack: This parameter is used by the indicator to calculate how many price bars in history the indicator can print its chart for.

BarsAhead: The trader can use this parameter to finetune the look-forward period of the indicator's signals.

OSHigh_Color: Can be used to set the color for the extreme high side of the Value Chart Deluxe Edition Indicator For MT4's chart.

Normal_Color: The trader can use this to choose a color for normal prices within the indicator.

OSLow_Color: This parameter can be used to set the color for the extreme low of the indicator's chart.

UseAlerts: This parameter controls whether the user will receive alerts from the indicator or not.

NumLevels: This is used to control the number of levels printed either above or below the price chart printed by the indicator.

Level1: Sets value for the first indicator level.

Level2: Sets value for the second indicator level.

Level3: Used to set the value for the third indicator level.

Level4: Used to set the value for the fourth indicator level.

Level5: Sets the value for the fifth indicator level.

Level6: Sets the value for the sixth indicator level.

exitSig: Used to calculate the level at which the indicator should produce an exit signal when the candlestick direction changes. 

Identifying Support and Resistance using the Value Chart Deluxe Edition Indicator For MT4

 

The trader can use the Value Chart Deluxe Edition Indicator For MT4 to spot when strong support and resistance levels align in the currency pair the trader is using the indicator on.

This is possible since whenever there is major support in the price, the lows of the candles produced by the Value Chart Deluxe Edition Indicator For MT4 at those pivot areas would generally line up at that horizontal level to denote to the trader that the support zone is stopping prices from moving lower.

Also, when there is major resistance on the trader's chart, the highs of the candles that are at the pivot areas of the price swings denoting the resistance level will generally line up at the same level on the indicator's chart.

The trader can easily identify these levels on the charts printed by the indicator if he or she marks out the highs and lows that are at the same level. 

Spotting Divergence opportunities using the Value Chart Deluxe Edition Indicator For MT4

The Value Chart Deluxe Edition Indicator For MT4 can also be used by the trader to identify divergence opportunities in his or her currency charts.

These opportunities exist when the indicator creates highs and lows that are conflicting to the highs and lows that have been formed by the price.

A bearish divergence opportunity will be formed whenever the price forms higher highs and the candlesticks on the indicator's chart form lower highs instead of higher highs.

Also, a bullish divergence is formed on the trader's chart when the price forms lower lows and the candlesticks formed by the indicator indicate higher lows instead of lower lows.

The trader should ideally wait for the price to reverse upwards before buying in the case of bullish divergence and wait for the price to reverse downwards first before selling in the case of bearish divergence.

Using the Value Chart Deluxe Edition Indicator For MT4 to determine Trend Direction

The trader can also be used to identify what the present direction of the trend is at any given time.

This can be identified visually by the trader when he or she watches the highs and lows of the candlesticks produced by the indicator.

In an uptrend, the trader would visually be able to identify the direction because the candlesticks produced by the indicator would stay on the upper part of the indicator's chart mostly stretching into the upper zone of the indicator's window.

Also, in a downtrend, the candlesticks of the Value Chart Deluxe Edition Indicator For MT4's chart would mostly be printed on the lower side of the indicator's window often reaching the extreme lower levels and the OS region of the indicator's chart. 

Entry and Exit Signals using the Value Chart Deluxe Edition Indicator For MT4

The Value Chart Deluxe Edition Indicator For MT4 can be used to generate signals for buys and sells directly.

The trader can look to buy whenever the candlestick on the indicator's chart touches the oversold region of the indicator's candlestick chart.

Also, the trader can look to sell when he or she spots that the indicator's candlesticks touch the overbought region of the candlestick chart in the indicator's subwindow.  

 

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