We study a real valued propositional logic with unbounded positive and negative truth values that we call ‐valued logic. Such a logic is semantically equivalent to continuous propositional logic, with a different choice of connectives. After presenting the deduction machinery and the semantics of ‐valued logic, we prove a completeness theorem for finite theories. Then we define unital and Archimedean theories, in accordance with the theory of Riesz spaces. In the unital setting, we prove the equivalence of consistency and satisfiability (...) and an approximated completeness theorem similar to the one that holds for continuous propositional logic. Eventually, among unital theories, we characterize Archimedean theories as those for which strong completeness holds. We also point out that ‐valued logic provides alternative calculi for Łukasiewicz logic and for propositional continuous logic. (shrink)