Value Chart
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Value Charts is a detrended price indicator created by David Stendhal, it shows the overbought and oversold states using the detrended price extremes.

For a nice description, see the "Dynamic Trading Indicators: Winning with Value Charts and Price Action Profile" book Mark Helweg and David Stendahl, this book is very good.

They are usually implemented as candle type charts, but some people plot the closing values as a line.