Chandelier Stop
A modified verion of the Chande & Kroll's Stop indicator.
//+------------------------------------------------------------------+
//| 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)
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)
If you ever get an opportunity, I'd love to see an MTF version. I haven't learned how to do that yet.
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 ...
Sorry man...I looked at the code and thought you were lazyBear... Still...Great work....Clean looking indicator
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!!!