Indicators: Chandelier exit
Thank you Mr Mladen, this is a super indicator.
I agree
Just a short addition : since the indicator was developed by Charles Le Beau long time ago, in those times the TA was mainly dealing with higher time frames (no millisecond time frames as we can have today existed in those times :)). Hence, the results are best on higher time frames (where they naturally seek for trends)
Hi Mladen,
I am a big fan of your work, and thank you for all you do!
Is there a way to modify this great indicator to exit the trade once it gets triggered?
Or make it set a trailing stop at its current price?
Or create a trailing stop indicator that follows the current value of the Chandelier Exit?
Thank you in advance
Hi Mladen,
I am a big fan of your work, and thank you for all you do!
Is there a way to modify this great indicator to exit the trade once it gets triggered?
Or make it set a trailing stop at its current price?
Or create a trailing stop indicator that follows the current value of the Chandelier Exit?
Thank you in advance
You can not use indicators to manage orders
You have to use experts for that
Hi Mladen
Is there a version of this for Metatrader 4?
Regards
Steve
Great Job ! But I cannt get the same values :/
So I have some questions:
When you calculate the 22 period of ATR , do you get the value of the current candle or the previus ?
When you
calculate the highest and lowest values from the 22 previus candles, do you calculate the current candle ?
Thanks !
Great Job ! But I cannt get the same values :/
So I have some questions:
When you calculate the 22 period of ATR , do you get the value of the current candle or the previus ?
When you calculate the highest and lowest values from the 22 previus candles, do you calculate the current candle ?
Thanks !
Since there is the source code available too, you can easily check all that from the code
Since there is the source code available too, you can easily check all that from the code
I tryed all the possible variants calculated the 0 candle and not. The results for me are incorrect.
Please keep us update
about this.
Thank You.
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Chandelier exit:
Developed by Charles Le Beau and featured in Alexander Elder's books, the Chandelier Exit sets a trailing stop-loss based on the Average True Range (ATR). The indicator is designed to keep traders in a trend and prevent an early exit as long as the trend extends. Typically, the Chandelier Exit will be above prices during a downtrend and below prices during an uptrend.
Calculation
The original Chandelier Exit formula consists of three parts: a period high or period low, the Average True Range (ATR) and a multiplier. Using the default setting of 22-periods on a daily chart, the Chandelier Exit will look for the highest high or lowest low of the last 22 days. Note that there are 22 trading days in a month. This parameter (22) will also be used to calculate the Average True Range.
This version is extended with additional (fast) stop - in order to add shorter term entries and exits to the main trend detection and estimation and allows different periods for ATR calculation and highest high and lowest low period (look back period).
Interpretation
The Chandelier Exit is basically a volatility-based system that identifies out-sized price movements. Le Beau defined volatility by using the Average True Range, which was developed by Welles Wilder, creator of RSI and the Average Directional Index. ATR uses the prior close, current high and current low to determine the True Range for a given period. After some smoothing, the daily True Range values evolve into the Average True Range for a given period of time.
Author: Mladen Rakic