Hi, lately I've followed some interesting threads about Value Area in a forum discussing trading in all his different aspects (TradersLaboratory).

As MS user I'm now wondering if it is possible to implement such indicators (levels) in MetaStock and if there's anybody who tried to do it in the past.

For those who never heard about this particular price levels, following is a brief description...

first I've to say that these levels are useful only for intraday trading... there're 3 main levels called POC... Point of Control, VAL... Lowest of the Value Area, VAH... Highest of the Value Area and they must be plotted on today chart(session);

the POC is the price level where yesterday most of the volume was traded at (it's simply the level of the higher volume by price value for yesterday)

the VAL and the VAH are the extreme of the Value Area that is usually considered (and calculated) as the 70% of the price area where the total yesterday volume was traded... for more knowledge take a look here
http://www.mypivots.com/investopedia/40/calculating-market-profile-value-area

taken from that page... calculating VAH and VAL
" Starting at the POC we add together the TPO's by moving
in the direction of the closest price (higher or lower) with
the most TPO's. We do this by moving in pairs of prices.
If both 'next'/adjacent prices have the same number of TPO's
we choose the higher price.
We stop when the cumulative percentage of TPO's breaks 68%."

I think the main problem is, as well as with every intraday formula
needing data-value from previous session, to take yesterday
value and use/plot them today.

All ideas will be appreciated.

Regards

gabibbo