This indicator plots an ATR-based Chandelier Exit trailing stop on the price chart. It tracks a long stop under recent highs and a short stop above recent lows, then switches direction when price crosses the opposite stop. Buy and sell labels mark those flips.
Indicator · Pine Script v5 · On the chart
ATR
An indicator that draws stop-loss and take-profit style lines on the price chart using a 14-period ATR.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code30
Settings0inputs
LicenceMPL-2.0
Last update3 years ago11 Feb 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
30 lines of Pine Script v5 from ATR.pine, published under MPL-2.0. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © alisawari
//@version=5
indicator("ATR", overlay = true)
ema = ta.ema(close, 200)
atr = ta.atr(14)
isUptrend = close > ema
isDowntrend = close < ema
multiplier = (1 * atr)
everyCandle = 2
var float SL = low - multiplier
var float TP = close + multiplier
isStep = bar_index % everyCandle == 0 ? true : false
if isUptrend and isStep
SL := close - multiplier
TP := close + multiplier
if isDowntrend and isStep
SL := close + multiplier
TP := close - multiplier
plot(SL, color = color.red)
plot(TP, color = color.green)
Overview
A 200-period EMA decides direction: in an uptrend the lower line sits one ATR below the close and the upper line one ATR above, and in a downtrend they swap sides. The levels refresh only on every second bar. It has no inputs and issues no entry signals, so it works only as a visual reference for distances.
- ATR-based level lines
- 200 EMA trend direction
- Levels refresh every second bar
- No adjustable inputs
Details
Published by
AliSawari on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
File
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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