Chartmill Value Indicator - Pro Real Time formula

// Stocks & Commodities, February 2013  by Dick Vandycke (part I)
// variable: x - number of days (default = 11 )  - my personal idea (seen vortex and others indicators)
// def Value consensus = Vcons
Vcons = Average[x](MedianPrice)
// true highs and lows and so true ranges of the i-bar, where i belong to [o,x]
TH = max(high, close[1])
TL = min(low, close[1])
TRange = TH - TL
// we define VC = Volatility in Chartmill sense (for this purpose)
VC = Average[x](TRange)
// we do not calculate adjusted opens, highs and low deriving from the standardization process proposed; simply we go straight to our purpose, i.e. the Carhtmill Value indicator based only on adjustes closes
CVI = (close - Vcons)/VC
return CVI

==> INTRODUCED in our desk

This indicator gives us very good signal for excess of buying/selling (exit/invert position) when bands of -2 and +2 are touched.

Finally an anticipatory indicator: very useful, to be used complementary with put_a_Stop_to_it indicators.

Any source