Chandelier Exit

Add It to Your TradingView Chart

1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3. 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
4. 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.

Source Code

34 lines of Pine Script v5 from public/code/indicators__chandelier.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.

//@version=5
strategy("Chandelier Exit", overlay=true,
         default_qty_type=strategy.percent_of_equity, default_qty_value=10)

period = input.int(22, "Period")
mult   = input.float(3.0, "ATR Mult")
emaLen = input.int(200, "Trend EMA")

atrV     = ta.atr(period)
longStop = ta.highest(high, period) - atrV * mult
shortStop= ta.lowest(low, period) + atrV * mult
emaT     = ta.ema(close, emaLen)

longBO  = ta.crossover(close, shortStop) and close > emaT
shortBO = ta.crossunder(close, longStop) and close < emaT

if longBO and strategy.position_size == 0
    sl = longStop
    risk = close - sl
    if risk > 0
        strategy.entry("Ch L", strategy.long)
        strategy.exit("X", "Ch L", stop=sl, limit=close + risk * 2.5)

if shortBO and strategy.position_size == 0
    sl = shortStop
    risk = sl - close
    if risk > 0
        strategy.entry("Ch S", strategy.short)
        strategy.exit("X", "Ch S", stop=sl, limit=close - risk * 2.5)

plot(longStop,  "Long Stop",  color.red)
plot(shortStop, "Short Stop", color.green)
plotshape(longBO,  "L", shape.triangleup,   location.belowbar, color.lime)
plotshape(shortBO, "S", shape.triangledown, location.abovebar, color.red)

Overview

Chandelier Exit calculates trailing stop bands using the highest high or lowest low over a lookback period adjusted by an Average True Range multiplier. Long trades enter when the close crosses above the lower band while above the EMA, and short trades enter when crossing below the upper band while below the EMA. Positions use the respective Chandelier level as a stop loss alongside a 1:2.5 risk-to-reward profit target, drawing bands and entry markers directly on the price chart.

• Chandelier Exit trailing stop calculation
• 200-period EMA trend direction filter
• Fixed 1:2.5 risk-to-reward ratio exits
• On-chart band and signal plotting

Details

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

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