Chartmill Value Indicator

The Chartmill Value Indicator (CMVI) was authored by Dirk Vandycke in the Stocks and Commodities Magazine, January 2013. The CMVI uses Moving Averages of True Range and the Midpoint price to calculate adjusted open, high, low and closing prices. These adjusted values are displayed as price bars on a seperate graph. The user may change the method (SMA), period length and price bar type. This indicator’s definition is further expressed in the condensed code given in the calculation below.

How To Trade Using The Chartmill Value Indicator

No trading signals are calculated for this indicator.

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Calculation

//method = moving average, user defined, default is SMA
//x = period, user defined, default is 5
//type = price bar type, default is Candlesticks
//index = current bar number

f = ma(method, index, x, MIDPOINT);//MIDPOINT=(high+low)/2
v = ma(method, index, x, TR);//TR=True Range
cmvC = (close - f) / v;
cmvH = (high - f) / v;
cmvL = (low - f) / v;
cmvO = (open - f) / v;
prevCmvO = cmvO[index-1];
prevCmvH = cmvH[index-1];
prevCmvL = cmvL[index-1];
prevCmvC = cmvC[index-1];
Figure fig = new PriceBar(ctx, index, type, cmvO, cmvH, cmvL, cmvC, prevCmvO, prevCmvH, prevCmvL, prevCmvC);
addFigure(fig);