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Chandelier Exit

Developed by Chuck LeBeau, the Chandelier Exit indicator uses the highest high / lowest low -/+ a multiple of the ATR value to draw trailing stop lines (orange under buys, magenta over sells) that advance with the trend until the trend changes direction.The value of this trailing stop is that it rapidly moves upward in response to the market action. LeBeau chose the chandelier name because "just as a chandelier hangs down from the ceiling of a room, the chandelier exit hangs down from the high point or the ceiling of our trade."

Chandelier Exit uses a multiple of the Average True Range (ATR), subtracting it’s value from the highest high on buy, adding its value to the lowest low on sell. Moreover, the trailing stop lines are generated to support the order’s trend direction (long or short): 

  • In an upward trend, the long trailing stop line (orange line under buy) appears and advances upward until the close crosses under the line. 
  • In a downward trend, the short trailing stop line (magenta over sell) appears and declines until the close crosses over the line. 

The Chandelier Exit is one of 12 indicator-based trailing stops comprising our Universal Trailing Stop EA. You don't need to download this indicator to make it work in the UTS EA, as the indicator is already built into it, but if you want to see the how your trailing stops auto-adjust to the indicator lines on the chart of UTS-EA when you set Apply indicator template=true, you need to download this indicator. 

While we use the Chandelier Exit as a trailing stop, it can be used in a volatility breakout strategy. The trader or EA can buy whenever the close crosses above the upper trail line and sell whenever the close crosses below the lower trail line. 

This Chandelier Exit trail is superior to using a fixed percentage because its change is based on the volatility characteristics of the underlying instrument and time frame.

Parameters:

  • Range (7) - Range of the highest high (lowest low) 
  • Shift (1) - Indicator shift; 
  • ATRPeriod (14) – Indicator Period;
  • ATRMultipl (3) – This is the factor for multiplying the ATR. You may use fractions – this does not need to be an integer;


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The Open Line indicator is a simple indicator that tracks the opening levels of more time sessions. This version allows the user to check the opening levels using different time time frames. It is possible to add on the same chart different Open Lines to have more important horizontal levels. The colors and lines are fully customizable also for the label text. A simple indicator but very powerful to give you a proper orientation for your trading. Input Values TimeFrame (to show the open price
30 USD
Candlestick Patterns Analytics
Denis Luchinkin
Candlestick Patterns Analytics is a powerful tool for analyzing candlestick patterns. Do you trade based on candlestick patterns? Then Candlestick Patterns Analytics is designed for you. The undeniable advantage of the indicator: Predicts trading result when trading candlestick patterns; Uses statistical data based on the history of the selected symbol and timeframe. What the indicator does Finds and marks on the chart 29 candlestick patterns; Draws arrows to indicate the classical and stati
30 USD
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