At the field level, this keyword specifies validity checking for the field that you are defining when it is referred to later during display file creation.
VALUES does not affect the physical or logical file that you are defining. When you define an input-capable field in a display file, you can refer to the field that you are defining by specifying R in position 29 and the REF or REFFLD keyword. During display file creation, the operating system copies the VALUES keyword and other field attributes from the field in the physical or logical file into the field in the display file. You can override the VALUES keyword (as well as all other validity-checking keywords and the CHKMSGID keyword) by specifying any validity checking keyword for the field in the display file.
The rules for specifying this keyword in a physical or logical file are the same as the rules for a display file.
You cannot specify the VALUES keyword on a floating-point field (F in position 35) or a hexadecimal field (H in position 35). Do not specify the VALUES keyword on a date, time, or timestamp field (L, T, or Z in position 35).