earnSmartAlgorithm

Chandelier Exit | SAR/Long Only (4CUP)

As introduced by StockCharts.com, Chandelier Exit was developed by Charles Le Beau and featured in Alexander Elder's books, this sets a trailing stop-loss based on the Average True Range (ATR).

Chandelier Exit can be formulated as a stop-and-reverse ( SAR ) or as a traditional trailing stop-loss version shown by Stockcharts.com.

The main difference is that, in SAR version, the indicator is usually formulated in a higher of previous or spot indicator ( HPS ) for long and lower of previous and spot indicator ( LPS ) for short position.
This indicator is coded to show both the SAR version and the traditional one shown by Stockcharts.com (for long position) by simply clicking a tick in the Version box.

The ATR multiplier is relaxed to allow non-integer input, like 3.5, 4.25, ... for a greater flexibility to tailor your best-fit exit strategy.


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סקריפט קוד פתוח

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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