Calling Value Areas from a Function in Multicharts- Lesson 07
Value areas from a function - Lesson 07 Display value areas from a multiple output function In the last lesson you learned how to create, call and operate functions. Let's put this knowledge to use today by taking a look at how to use the function that is part of our free Value Area toolset. If you don't have a copy installed already, I would suggest to do that now. We need the function that provides the value areas in this lesson. What are Value Areas? Value Areas give you the areas where a defined amount of volume was traded or where price stayed in for a certain amount of time. A volume value area is the area where a certain percentage of the daily volume was traded in. While TPO (short for Time Price Opportunity) value areas are the areas where price spent a defined amount of time. You would usually look for areas with a width of about 70% of the total volume or total time (roughly one standard deviation). In case you want to learn more about value areas, this link is a good start. A brief function description In the last session we learned that there is no need to know how a function works internally. As long as you know how to call it, you can use it. We will make use of this, while we learn how to work with the "ABC_ValueAreas" function. This is a multiple output function and therefore it can return more than one value. As you learned in lesson six, this is done via reference inputs. We also learned that a function should have a return value, even [...]