everget

Chandelier Exit

This is a redesign of the Chandelier Exit indicator. It removes stupid transitions between Chandelier Exit' states and highlights initial points for both lines.

This indicator was originally developed by Charles Le Beau and popularized by Dr . Alexander Elder in his book "Come Into My Trading Room: A Complete Guide to Trading" (2002).

In short, this is a trailing stop-loss based on the Average True Range (ATR).
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Good work. Gonna use this code for one of my things.
+1 Reply
@LucF, thanks a lot mate!
Reply
Something wrong on 13 Aug 2018 ? Shouldn't the green line be always going up or sideways?
+2 Reply
everget sal157011
@sal157011, Yes, I also noticed. Will check tomorrow. Thanks!
Reply
sal157011 everget
@everget, I think I have found one solution for our problem. The problem is that when the atr is too large and is added to the chandelier high or low it engulfs the close, so we should use the chandelier based on the close. Try to change the 10 an 11 lines of the script with
long = highest(close,length) - atr
short = lowest(close,length) + atr
+1 Reply
everget sal157011
@sal157011, thanks a lot! I am working on update also. Trying to keep the original formula
Reply
LucF sal157011
@sal157011, Chandelier can by design go down/up if ATR increases or no new hi/lo is made.
Reply
I have always enjoyed Chandelier Exits, ATR Stops and Volatility Stops. Nice work friend
+1 Reply
everget jaggedsoft
@jaggedsoft, anytime) Thank you!
Reply
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