Chandelier Exit with Signal Stats
- Indicators
- Version: 1.10
A line-by-line port of "Chandelier Exit", © 2019-present Alex Orekhov (everget), distributed under the GPL-3.0 license. The original is published on TradingView. This port is released under the same license.
The logic is exactly the original's:
- ATR = multiplier × ta.atr(length) (Wilder RMA, seeded with an SMA).
- Long stop = highest(close or high, length) − ATR. It only moves up while the previous close stays above the previous stop.
- Short stop = lowest(close or low, length) + ATR. It moves symmetrically: only down while the previous close stays below the previous stop.
- Direction:
- It turns long when the close breaks above the previous short stop.
- It turns short when the close breaks below the previous long stop.
- Otherwise it keeps the previous state.
- Buy / Sell when the direction flips, with a dot at the start of each new stop line.
- State highlight between OHLC/4 and the active stop. It is drawn as background rectangles so it stays behind candles and other indicators.
Inputs (original defaults): ATR Period 22, Multiplier 3.0, Use Close Price for Extremums on.
Added for MT4:
- Signal statistics panel. It buys at the bar after a Buy, sells after a Sell, and closes and reverses at the opposite signal. It shows:
- trades, win rate, net points / pips / USD after spread + commission
- profit factor, longest losing streak, max drawdown
- the open trade and the cost per trade
- Daily session filter in your own time zone, with session shading and an optional close at session end. It is off by default (the panel counts the whole day); set Use_Session = true and your hours to use it.
- Trade marks with tooltips.
- Alerts on new signals.
Buffers for EAs ( iCustom ): 4 = Buy, 5 = Sell, 6 = long stop, 7 = short stop.
The panel describes past signals. It is not a backtest and not a promise of results.
Source code and license: free and open source under the GNU General Public License v3.0 (GPL-3.0), the same as the original. The full MQL4 source code is published in the MQL5 Code Base by the same author.
This is a visual tool. It does not place trades and does not predict prices. Test any rule built on it before you trade with it.
