The Bar Value Area is the central zone where a user-determined percentage of volume traded. For example, the default value of 70% corresponds to one standard deviation bands in statistics. The difference between value area and standard deviation is that value area is the actual value based on the entire population (i.e., trades occurring in a bar), whereas standard deviation is an estimate of value area.
The value area high and low represent stronger resistance and support than the bar’s actual highs and lows, which often have minimal volume. Also pay attention to the skewness of the value area, i.e., whether it is nearer the top of the bar, the bottom or is centered. This is a simple way to see where in the bar most of the volume traded.
Insider Bars Bar Value Areas are denoted as a thicker “body” when using HLC+ paintbars, or on candle paintbars as a secondary rectangular body on top of the candle body.
Note: Blog posts like this one offer basic information. For more details, see online help.