pipCharlie

Chandelier Stop

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A modified verion of the Chande & Kroll's Stop indicator.
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//+------------------------------------------------------------------+
//| Edited original VStop Script from LazyBear using info from       |
//|                                           ChandelierStops_v1.mq4 |
//|                                  Copyright © 2006, Forex-TSD.com |
//|                         Written by IgorAD,igorad2003@yahoo.co.uk |   
//|            http://finance.groups.yahoo.com/group/TrendLaboratory |                                      
//+------------------------------------------------------------------+

study("Chandelier Stop", overlay=true)

//input variables
Length=input(title="Look Back Period", type=integer, defval=22)
ATRPeriod=input(title="ATR Period", type=integer, defval=22)
Mult=input(title="ATR Multiplier", type=integer, defval=3)

//calculate stop value
short_stop = lowest(Length)+Mult*atr(ATRPeriod)
long_stop  = highest(Length)-Mult*atr(ATRPeriod)

shortvs=na(shortvs[1]) ? short_stop : iff(close>shortvs[1], short_stop , min(short_stop,shortvs[1]))
longvs=na(longvs[1]) ? long_stop : iff(close<longvs[1], long_stop, max(long_stop,longvs[1]))

longswitch=iff (close>=shortvs[1] and close[1]<shortvs[1] , 1 ,  0)
shortswitch=iff (close<=longvs[1] and close[1]>longvs[1] ,  1 ,  0)

direction= iff(na(direction[1]), 0, 
			iff (direction[1]<=0 and longswitch, 1, 
			iff (direction[1]>=0 and shortswitch, -1, direction[1])))
			
pc=direction>0?longvs:shortvs

plot(pc, color=direction>0?aqua:fuchsia, style=circles, linewidth=2)
plot(pc, color=direction>0?aqua:fuchsia, style=line, linewidth=2)
How would you place an alert on this indicator, Trying to have one every time it changes color or direction.
+1 Phản hồi
@pipCharlie Thank you for this script. I have been using it for a while now and it has helped quite a lot. Is there a way to make this a strategy so that It can be backtested? What I would like to know is how it might work if you used as a long entry, the chandelier (first mark below the candle) and the use the chandelier as the long exit as well.
Phản hồi
pipCharlie Bremily01
@Bremily01, I've seen it done in MT4. An Expert Advisor (EA) is coded using this strategy (or any strategy for that matter) then the EA can be backtested. It would be similar for other platforms.
Phản hồi
Can you make this multi timeframe? It would be very interesting to see.
+1 Phản hồi
pipCharlie GoldBowtie
I tried but I'm not much of a programmer so I was unsuccessful. I do have an MTF version for MT4 and it is quite interesting.
+1 Phản hồi
pipCharlie...

you may or may not care but a lot of people aren't aware of the linebr option as a plot. It gets rid of the line that connects from the True/False condition. Gives you the benefit of using a line...but not a continuous line. See chart below.

I changed the 3rd to last line that said pc=direction... to:

pcup=direction>0?longvs : na
pcdn=direction<0?shortvs : na

plot(pcup, color=aqua, style=circles, linewidth=2)
plot(pcup, color=aqua, style=linebr, linewidth=2)

plot(pcdn, color=fuchsia, style=circles, linewidth=2)
plot(pcdn, color=fuchsia, style=linebr, linewidth=2)

+2 Phản hồi
pipCharlie ChrisMoody
AWESOME!! Thanks Chris now it looks exactly how I wanted it.
If you ever get an opportunity, I'd love to see an MTF version. I haven't learned how to do that yet.
Phản hồi
ChrisMoody pipCharlie
No problem...it's a lot cleaner that way.

You probably know how to do this already. But I have a similar code that Paints the bars when they change direction, ability to turn on off Long or short side, plot background highlights on the reversals...etc. I try to throw in about every option available per indicator so people can see what the capabilities are. If you want to check it out and see if there is anything you would want to use ...
Phản hồi
pipCharlie ChrisMoody
I definitely will. Thanks again for you assistance, your generosity is greatly appreciated.
Phản hồi
ChrisMoody pipCharlie
No problem...it's great to see new coders. If you take a look at any of my scripts....I try to add in about every feature possible to make people aware of the current capabilities.
Phản hồi
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