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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Added Buy/Sell alerts
Added Buy/Sell labels
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Fix erratum
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Updated to v4
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Added long/short state highlighting
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Update
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Upgraded to PineScript V5
Added option to wait for bar confirmation before triggering an alert