ＶＡ分析は、一定期間において、株価が値上がりした日と値下がりした日の出来高を累積し、銘柄に対する市場気配を見る手法です。
ＶＡ分析の結果は、出来高比 UV/DV として、チャート上に描かれます（ＶＡライン = VA Line）。
ＶＡは銘柄に対する市場の気配を数量化したものです。
ＶＡ値は株価の動向のみで市場を判断することから一歩進めて、出来高の動向を取り込み、より正しい投資判断を可能にする手法です。一般的にＶＡ値が１．０を超え、ＶＡラインが上昇傾向にある時に買いを実行することが投資成果の向上につながります。
ＶＡ分析は、次の基本型に基づきます。
ＶＡの高低は、過去のＶＡとの比較によります。これを自動的に行う機能が ＶＡランク機能 Volume Analyzer (VA) Rank Function です。
ＶＡランクが１００％の時は買い、０％の時は売りの最大基準値ですが、実際の売買には緩やかな基準で行います。
一般的には７０％～４０％の基準がよく使われますが、銘柄毎に調整することが必要です。
ＶＡラインの表示には、スクリーン下部のＶＡライン "VA Line" ボタンをクリックすると、スタートポイントを決めるようにとのメッセージ（VA REFERENCE POINT: CLICK PENDING）が表われ、かつ、マウス・ポインターが「↑ＶＡ」に変わりますから、希望の日付上でポインターをクリックします。
この捜査中でも、グラフが全ての期間を表示していない場合は、希望の日付が表示されるまでグラフの表示範囲や縮尺を自由に変更することができます。
ポインターを適切な場所でクリックするとＶＡラインが描かれます。
ＶＡラインは最終日付の個所でラベルが表示されます。ラベルには、VA Line という文字と、ＵＶ／ＤＶレシオの数値が併記されます。（上図参照）
ＶＡラインが他のグラフと重なって見にくい場合や、スクリーンの外にはみ出している場合などには、 ＶＡライン・ダイヤル VA Line Thumb Dialer をマウスで上下にスライドすることで適当な位置に移動することができます。
ＶＡライン･ボタンは、ＶＡライン･消去ボタンに変わっていますから、これをクリックすることで消去することができます。
Volume
Analyzer (VA)
The
Volume Analyzer function, similar to On-Balance Volume, is
calculated by adding or subtracting volume to a running-sum. A running-sum
can be thought of as a "volume counter". It is initialized to
zero at the beginning of the calculations, and then...
...if the price mid-point (average of high and low price) is higher than
the previous entry, then the volume is added to this running sum.
...if the price midpoint is lower than the previous entry, then the volume
is subtracted from the running sum.
The VA function is plotted using these values. Insider TA draws the VA
function as a dotted line (in light blue) in the same graph window as the
box
chart.
The right-most end of the VA function will always have the label "VA
Line".
VA visually depicts the Up-Volume to Down-Volume Ratio, or UV/DV.
What
VA reveals:
VA is a valuable
tool because it provides insight on the magnitude of the two forces that
drive a stock's movement: fear and greed...
・If the VA line is on an incline (UV/DV Ratio > 1.0), this tells us
more trading volume is being conducted at the asking price (indicating positive
demand for the stock), thereby pushing the stock price to higher levels.
・Conversely, if the VA line is declining (UV/DV Ratio < 1), then more
trading volume is being conducted at the bid price (that is, a negative
demand), thereby pulling the stock price to lower levels.
A safe approach to investing is only buy stocks whose overall VA trend is
on an incline (UV/DV Ratio > 1.0).
At first glance, one might be fooled into believing that VA is meaningless.
Since VA is driven by a stock's price movement, doesn't it follow that it
will always trace a stock's price path exactly? The answer is NO! Keep
in mind that VA is also driven by volume. If a stock price moves up or
down on relatively small volume, then the VA line will not move as rapidly.
It is not uncommon for the VA line to trend in a direction opposite from
a stock's price, which is exactly what VA analysts are searching for.
Interpreting VA trends:
Interpreting
VA lines is relatively simple:
・If the VA is high while the stock price is low, this is
interpreted as a positive
signal.
・If the VA is low while the stock price is high, then this
is a negative
signal.
How does one determine whether a VA point (as well as a price point) is
"high" or "low"? The best method is to compare the
current value against its past performance. Hence, we are more interested
in a point's relative value against its historical background.
Insider TA offers an enhanced version of the VA function, called the Volume
Analyzer (VA) Rank Function.
The VA Rank function automatically compares VA and price against historical
values, and then quantifies these relative values against each other to
assign a VA Rank percent value.
The highest possible VA Rank value of 100% indicates an "ideal"
BUY position. The lowest possible VA Rank of 0% indicates an "ideal"
SELL position. However, in the real world, these two extremes are rare.
Instead, you will find that VA Rank values span a smaller range - typically
between 40 and 70 percent.
Displaying VA Line:
Insider TA
will calculate and plot a VA Line only after you identify the VA's "starting
point". This is done by first clicking the "VA Line" button
at the base of the screen.
Upon clicking the "VA Line" button, the mouse icon will change
appearance to show the letters "VA", and the following message
will appear at the base of the graph window:
While Insider TA is waiting for a VA Reference Point to be clicked in the
viewport, you still
have total freedom to perform other Insider TA functions. For example,
you may want to advance to the beginning of the box chart by "snapping" to the left-most
end of the graph. This allows you to put the VA Line at the very beginning
of your graph, which is usually where you'll want it to start.
After a VA Reference Point has been clicked with the left mouse button,
a VA Line will be drawn beginning at the clicked point.
VA
Line Label:
Insider TA
will label the VA Line at the right-most point in the graph with the label
"VA", with the Up Volume To Down Volume (UV/DV) Ratio beneath
it.
If the VA Line is above the graph, then the label "VA Above" will
appear at the top of the graph. If the VA Line is below the graph, then
the label "VA Below" will appear at the bottom of the graph. In
these cases, you can shift the VA Line up or down, as explained below.
Shifting VA Line Up/Down:
After the VA
Line has been inserted into the box chart, you may observe that it overlaps
other graphics in the box chart, or be out of the viewing boundaries. Use
the VA
Line Thumb Dialer
to
reposition the VA Line to the desired location.
Removing VA Line:
To remove the
VA Line, click the VA Button (which is now labeled "VA Line Off").
The VA Line will be erased, the VA Line Thumb Dialer will disappear,
and the VA Button will return to its normal "off" state.
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