Chandelier Stop

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])))

plot(pc, color=direction>0?aqua:fuchsia, style=circles, linewidth=2)
plot(pc, color=direction>0?aqua:fuchsia, style=line, linewidth=2)

most people don't realize the little things you add in your codes to make such attractive indicators. I LIKE how you used the circles and line...Looks sharp.

Hate to bite off your style...but I've got to use that technique!!!

Sorry man...I looked at the code and thought you were lazyBear... Still...Great work....Clean looking indicator

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)

pipCharlie ChrisMoody
2 years ago
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.
ChrisMoody PRO pipCharlie
2 years ago
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 ...
CM Gann Swing High Low V2

pipCharlie ChrisMoody
2 years ago
I definitely will. Thanks again for you assistance, your generosity is greatly appreciated.
ChrisMoody PRO pipCharlie
2 years ago
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.
a year ago
Can you make this multi timeframe? It would be very interesting to see.
pipCharlie GoldBowtie
a year ago
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.
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