This is a NinjaTrader 7 compatible export of the CalculateValueArea indicator by sbgtrading.
Just recently I read a free article on the "Value Area" and decided to write an indicator for it.
Basically, the Value Area is the price range where 70% of yesterday's volume traded. The theory being, if you know where this bulk of volume occurred yesterday, you can see if the market is in balance or out of balance today, and trade accordingly.
I've attached the indicator (V6.5 compatible), and I'm also attaching the PDF file that describes its use. The article was written by Larry Levin, but the theory is widely known by professional traders.
This version of this indicator runs best on 1-minute charts, but once the value area is calculated on a 1-minute chart, you can manually transfer the levels to any timeframe.
Enjoy!
Ben
Created By | NinjaTrader_Jim |
NinjaTrader Version | 7 |
File Size | 4.7 KB |
Create Date | 02/14/2018 |
# of Downloads | 273 |
Importing to NinjaTrader 7 is Easy!
To import your 3rd party app or add-on to NinjaTrader, simply follow these 3 steps:
- Download the app or add-on file to your desktop
- From the NinjaTrader Control Center window, select the menu File > Utilities > Import NinjaScript
- Select the downloaded file from your desktop
Questions?
Visit the NinjaScript File Sharing discussion in the NinjaTrader user forum to interact with fellow traders and the NinjaTrader support team.