VLTS Candles by nnamdert

10 Nov 2023

What is VLTS
VLTS is the Value Line Trading System

What Does this Indicator Do?
This indicator draws boxes that represent both the DAILY and HOURLY candles as an overlay on the current timeframe.

1. If you are viewing the 15-minute timeframe chart, a Box will be drawn around the 4 candles that would represent an hourly candle. This way you can see inside the hourly candle easily while viewing the 15-minute timeframe.

2. If you are viewing the 4-hour timeframe chart a Box will be drawn around the 6 candles that would represent the 24-hour timeframe. (6 x 4 = 24)

3. This indicator allows you to see BOTH the DAILY BOX and the HOURLY BOX at the same time. This allows you to see the bars inside the hourly and the hourly bars (represented by boxes) inside the daily box (which represents the daily candle).
(See the screenshot below)
https://www.tradingview.com/x/HlhLixSx/

How do I use it?

To get the most out of this indicator, it is meant to be used with the VLTS / Value Line Trading System. The Value line is simply the center of a contraction candle on the daily. This indicator allows you to easily visualize the contraction on both the Daily and the Hourly timeframes while viewing a lower timeframe chart.

After finding the Value Line, you can follow the Value Line Trading Rules to find entries and exits. (using Expansion Legs, Trends etc.)

In the screenshot below, we can see the manually drawn Value Line using the Daily Candle.
https://www.tradingview.com/x/clP2ssMs/

Zooming out while on the 15-minute timeframe allows the trader to easily spot Contraction areas and manually draw them in for use with the VLTS.

As seen in the screenshot below we draw a box around the daily contraction without having to switch timeframes.
https://www.tradingview.com/x/TrhREl9J/

Features

User inputs allow the trader to turn features ON or OFF as desired.

For example, as seen in the screenshot below, traders can turn OFF the Box Fill option and leave only the border for a less cluttered look.

https://www.tradingview.com/x/LhXNLF3d/

Traders can turn OFF the boxes completely and use a fully customizable Moving Average on the chart after using the boxes to find the value line.

https://www.tradingview.com/x/KvehHZ2J/

Traders can also have all features turned ON at the same time of OFF at the same time.

https://www.tradingview.com/x/4yvKLh58/

Bullish and Bearish Ticks can be turned ON to alert the trader of Bullish Sentiment while using other indicators without the need to have the boxes or moving average visible on the chart.

https://www.tradingview.com/x/o5gBjYlC/

Color Coded Bars can be used to identify the same Bullish / Bearish Conditions if tick plots are not desirable or conflict with other indicators.

https://www.tradingview.com/x/B41Euefo/

Happy Trading !!! I hope you enjoy the indicator.

23 Ogo

Nota Keluaran

Added optional RSI / Price Line to the chart