I guess so, I only stumbled upon this when I was looking for more info on elliott wave (after seeing the paul tudor jones video) I ordered his book: Elliott Wave Principle by Frost and Prechter.
Within +/- 30 handles of "FV" or so. So if SPX were at say 942, that would be slightly above "FV" but not enough to warrant trading on that edge.
What's your FV calculation based on? It looks like its off by quite a bit. A indicator like this could be dangerous to your trading.