Record three starting choices
Load an available ordinary instrument with daily D1 bars. Enable WillVal for the intended chart in the indicator panel. With two charts open, first check which chart is selected for indicator settings.
Write down the chart symbol, chart timeframe and WillVal reference symbol. The reference is a second price series used in the comparison. Editing that field should not accidentally replace the symbol of the main chart.
Start with one clear configuration
Check reference ^GSPC, calculation timeframe W1, short average 2, long average 22 and normalization window 156. These are the exercise’s starting settings. Apply them and wait for a successful result if the required series are available.
The lengths 2, 22 and 156 refer to WillVal calculation bars. With W1 they represent weekly observations while the price chart stays daily. They are neither a count of visible daily bars nor a deadline for a future price move.
Change only the calculation timeframe
Record a date and value from the actual result, then change only WillVal’s W1 setting to D1. Keep the reference and numerical lengths unchanged. Apply and compare the calculation-timeframe label and line without changing the chart timeframe.
The windows now use daily calculation bars. A line that changes more frequently is not evidence of a better setting. Return to W1: neighbouring daily bars can carry the same weekly value until another closed calculation observation becomes available.
Check the reference separately
After restoring W1, read the reference field again. For a different comparison, change only that field and choose an available, comparable price series. Changing the reference, timeframe and window lengths together makes it hard to identify the cause of a difference.
WillVal starts with a price difference between the instrument and its reference, then places the deviation within its own historical scale. It is not a price ratio. A value of 25 does not mean a company trades at a 25% discount to business value.
Do not turn a missing value into zero
The calculation needs available closed observations from both series and enough usable data for the averages. A missing reference or insufficient observations can leave the value empty. Read the message and check settings before assuming a line should be present.
The result is also undefined when the normalization range is zero. The 156-bar window can use the available initial portion; it does not promise that the line first appears exactly on bar 156. Check the closed calculation observation rather than expecting a new number on every daily bar.
Save the configuration you checked
Before saving the workspace, match three fields again: the main symbol and D1 chart, the W1 WillVal calculation and the chosen reference. Check that the latest calculation succeeded and that the intended saved workspace has actually been opened.
Save, explicitly reopen that workspace and inspect the same fields. A workspace stores settings rather than a permanently frozen indicator line; a reload uses available history. This exercise helps read a configuration and does not select a trade.
Primary sources
Sources explain the mechanics and limitations; the editorial examples use invented numbers rather than market quotations.
Your next practical step
Use the first-chart guide to try the exercise with one available instrument. Record your three checked choices before saving the workspace.
Open the first-chart instructions ↗