I am calling it the "Transaction Value Index (UCS_TVI)", The reason is because, it measure where the price currently from the mean trade value.
The cross represents the highest trade value on that day, circle represents the lowest trade value.
In other words, Top and bottom of the candle wicks, in relation to the mean trade value ( MTV ).
Watchout for Further Updates on Optimizing this indicator.
DO NOT CONFUSE IT WITH FUNDAMENTAL VALUATION, THIS IS PURELY TECHNICAL VALUATION TECHNIQUE
As Usual, Good Luck
List of All my Indicators - https://www.tradingview.com/p/stocks/?so...
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// Created by UCSgears, Inspired from the Value Bands published recently // Also Inspired from the Hubert Senters "Death of Fundamentals" Webinar study(title="UCS_Transaction Value Index", shorttitle="UCS_TVI", overlay=false) // INPUT lbl = input(5, minval=1, title="Look Back Period Length") sd = input(0.25, minval=0.1, title = "Zone Multiplier") // Transaction Value Index 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 // Horizontal Lines for Zone Seperation h0=hline(0, "Zero Line", gray, solid, 1) h1=hline(+5, "Fair Value Top", green, solid, 3) h2=hline(-5, "Fair Value Bottom", green, solid, 3) h3=hline(+10, "Over Value", orange, dashed, 1) h4=hline(-10, "Under Value", orange, dashed, 1) h5=hline(+15,"Extremely Over Value", red, dashed, 2) h6=hline(-15,"Extremely Under Value", red, dashed, 2) fill(h1,h2, green, 80, "Fair Value Zone") fill(h1,h3, orange, 80, "Over Value Zone") fill(h3,h5, red, 80, "Extremely Over Value Zone") fill(h2,h4, orange, 80, "Under Value Zone") fill(h4,h6, red, 80, "Extremely Under Value Zone") // TVI for High, Low and Close plot(tvic, color=blue, title = "TVI - Close", style = linebr, linewidth = 2) plot(tvih, color=gray, title = "TVI - High", style=cross, linewidth = 2) plot(tvil, color=gray, title = "TVI - Low", style=circles, linewidth = 2)