UCSgears_Transaction Valuation Index
Here is the Version 2 of the TVI indicator posted earlier.
This is inspired from the Value Charts Indicator.
Version 1
This is inspired from the Value Charts Indicator.
Version 1
Uday C Santhakumar
// Created by UCSgears, Inspired from the Value Bands published recently // Also Inspired from the Hubert Senters "Death of Fundamentals" Webinar // Version 2 Utilizes the Plotbar feature. study(title="UCS_Transactional Valuation Index", shorttitle="UCS_TVI", overlay=false) // INPUT lbl = input(5, minval=1, title="Look Back Period Length") sd = input(0.2, minval=0.1, title = "Zone Multiplier") // Transactional Value tvio = ((open-(sma(close,lbl)))/sma(tr, lbl))/sd tvic = ((close-(sma(close,lbl)))/sma(tr, lbl))/sd tvih = ((high-(sma(close,lbl)))/sma(tr, lbl))/sd tvil = ((low-(sma(close,lbl)))/sma(tr, lbl))/sd h0=hline(0, "Zero Line", gray, solid, 1) h1=hline(+4, "Fair Value Top", green, solid, 1) h2=hline(-4, "Fair Value Bottom", green, solid, 1) h3=hline(+8, "Over Value", orange, dashed, 1) h4=hline(-8, "Under Value", orange, dashed, 1) h5=hline(+12,"Extremely Over Value", red, dashed, 2) h6=hline(-12,"Extremely Under Value", red, dashed, 2) fill(h1,h2, green, 90, "Fair Value Zone") fill(h1,h3, orange, 90, "Over Value Zone") fill(h3,h5, red, 90, "Extremely Over Value Zone") fill(h2,h4, orange, 90, "Under Value Zone") fill(h4,h6, red, 90, "Extremely Under Value Zone") palette = open <= close ? green : red plotbar(tvio,tvih,tvil,tvic, color=palette, title = "TVI Bars")
