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).
הערות שחרור:
  • Added Buy/Sell alerts
  • Added Buy/Sell labels
הערות שחרור:
  • Fix erratum
הערות שחרור:
  • Updated to v4
הערות שחרור:
  • Added long/short state highlighting
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תגובות

What happened here?
+3 השב
everget alskdj
@alskdj, longStop = highest(high) - atr
השב
alskdj everget
@everget, "longStop = highest(high) - atr" wont do the trick - Cannot call 'highest' with arguments (series); available overloads: ...

longStop = highest(high, lenght) - atr
gives the same result because it asks for the same data.
+1 השב
everget alskdj
@alskdj, I will look
השב
This script has a little problem that makes it impossible to use for stop loss order placement.

Lets hope this makes sense :) :

It wont close the position when long exit (SL price) is hit. It waits one more additional bar and then it's close at the end IF, this new bar close is below the SL level.

So, if it's a 30 min bar, we are at bar #1 - price drops down below stop loss price line (SL should be executed and is if you used this price)
Script flashes the Sell signal, price moves up, signal is gone (completely acceptable behaviour for some type of indicator scripts but not for stop orders)

Then, bar #1 closes above the SL level.

Next bar, bar #2, opens and drops below the SL price, Sell signal is flashed again,
and ONLY if bar #2 closes below SL, Sell signal becomes permanent.

Now, to use that, I have to use "on bar close" for my alert and in this example, it's close to 1 h later the SL price was crossed. Smells like serious disaster. :)

There is no option available to make it behave like real world SL would.

So, if you use the SL levels as indicators for SL orders, you will end up being stopped out and the script continues as it was still long. So, it goes out of sync with the real world.
+2 השב
everget alskdj
@alskdj, Hi, thank you for the feedback. I will figure out and fix that issue when I have a free time
השב
Dear sir, which timeframe is the best for BTCUSD(bybit) leverage trading? ☺
+2 השב
everget aliarbd
@aliarbd, I would advise the honourable gentleman to write a strategy version for the given indicator and check
השב
any chance you could help "fix" this for pine ver 4? :/
+3 השב
everget KaspB2206
@KaspB2206, sure
השב
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