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 (ATR).
- Added Buy/Sell alerts
- Added Buy/Sell labels
- Fix erratum
- Updated to v4
- Added long/short state highlighting
long = highest(close,length) - atr
short = lowest(close,length) + atr