Nice Value Chart Indicator

"Trade with Precision – Let the Market Reveal Its True Value!"

🔹 Overview

The Nice Value Chart is a powerful MetaTrader 4 (MT4) indicator designed to normalize price movements and identify overbought (OB) and oversold (OS) conditions. It transforms raw price data into a standardized "value" scale, making it easier to spot extreme market conditions and potential reversals.

This indicator is ideal for:

✔ Swing Traders – Helps identify optimal entry/exit points.

✔ Mean-Reversion Strategies – Detects OB/OS zones for reversals.

✔ Trend Confirmation – Validates price strength using normalized values.

🔹 How It Works

The indicator calculates:

Normalized Price Values (based on a moving average of mid-prices).

Average True Range (ATR) for volatility adjustment.

Overbought (OB) & Oversold (OS) Levels – Customizable thresholds.

Key Features:

Visual Candlesticks – Color-coded (bullish/bearish).

Dynamic OB/OS Zones – Adjustable levels for different market conditions.

Alerts – Notifications when price enters extreme zones.

🔹 Indicator Settings

🔸 Calculation Parameters

ParameterDescription

NumBarsLookback period for MVA & ATR calculation (default: 5).

MaxBarsMaximum bars to process (default: 500).

OBLevelOverbought threshold (default: +8).

OSLevelOversold threshold (default: -8).

🔸 Design & Alerts

ParameterDescription

AlertsEnable alerts (true/false).

SoundOnlyPlay sound alerts only (true/false).

SoundOnlyFileCustom alert sound file (default: "alert.wav").

CandleSizeWidth of candlestick lines (default: 5).

UpBullish candle color (default: Lime).

DownBearish candle color (default: Red).

OBOverbought zone color (default: Gold).

OSOversold zone color (default: Gold).

🔸 Advanced Customization

ParameterDescription

EnableColoredLevelLineColor OB/OS lines (true/false).

UpColorOB line color (default: Gold).

DownColorOS line color (default: Gold).

EnablePriceLineShow current price line (true/false).

PriceLineColorPrice line color (default: Black).

HideInfoHide label info (true/false).

🔹 How to Use in Trading

Overbought (OB) Conditions – When price touches +8 (default), consider selling or taking profits.

Oversold (OS) Conditions – When price touches -8 (default), look for buying opportunities.

Trend Confirmation – If price remains above/below the midline (0), it confirms bullish/bearish momentum.

Divergence Detection – If price makes a new high but the indicator does not, it may signal a reversal.

🔹 Alert System

Sound Alert: Plays alert.wav when OB/OS levels are hit.

Popup Alert: Displays a message on the screen.

Email Alert: (If enabled via MT4 settings).

Example Alert:

*"EURUSD M15 – OverBought. Value: +8.50"*

🔹 Developer & Source

Developer: R.KH 1001

Website: https://www.robomql.com

Final Words

The Nice Value Chart simplifies price analysis by converting raw data into a normalized format, helping traders make smarter, data-driven decisions. Whether you're a scalper, swing trader, or long-term investor, this tool enhances your ability to spot high-probability trades.

🚀 Trade with Confidence – Let the Nice Value Chart Guide Your Way! 🚀