Chandelier Strategy [trugurpala]: Free TradingView Strategy (Pine Script)

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 strategy, select all of the template text and paste. Press Save and give it a name.
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

50 lines of Pine Script v6 from examples/strategies/12_chandelier_strategy.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.

12_chandelier_strategy.pine

//@version=6
// Chandelier Exit Strategy
// github.com/trugurpala/pinescriptv6 — Author: Ugur Pala
strategy("Chandelier Strategy [trugurpala]",
    overlay           = true,
    initial_capital   = 10000,
    default_qty_type  = strategy.percent_of_equity,
    default_qty_value = 10,
    commission_type   = strategy.commission.percent,
    commission_value  = 0.1)

// ── Inputs ───────────────────────────────────────────────────────────────────
int   atrLen   = input.int(22,   "ATR Length",    minval=1)
float atrMult  = input.float(3.0, "ATR Multiplier", step=0.1)
bool  longOnly = input.bool(false, "Long Only")

// ── Chandelier Exit ──────────────────────────────────────────────────────────
float atr       = ta.atr(atrLen)
float longStop  = ta.highest(high, atrLen) - atrMult * atr
float shortStop = ta.lowest(low,  atrLen)  + atrMult * atr

var float chandLong  = na
var float chandShort = na
var int   direction  = 1

chandLong  := longStop  > nz(chandLong[1],  longStop)  ? longStop  : nz(chandLong[1],  longStop)
chandShort := shortStop < nz(chandShort[1], shortStop) ? shortStop : nz(chandShort[1], shortStop)

if close > nz(chandShort[1], chandShort)
    direction := 1
if close < nz(chandLong[1],  chandLong)
    direction := -1

bool bullChange = direction == 1  and direction[1] == -1
bool bearChange = direction == -1 and direction[1] ==  1

// ── Entries ──────────────────────────────────────────────────────────────────
if bullChange
    strategy.close("Short")
    strategy.entry("Long", strategy.long)

if bearChange and not longOnly
    strategy.close("Long")
    strategy.entry("Short", strategy.short)

// ── Visuals ──────────────────────────────────────────────────────────────────
plot(direction == 1  ? chandLong  : na, "Long Stop",  color.green, linewidth=2, style=plot.style_linebr)
plot(direction == -1 ? chandShort : na, "Short Stop", color.red,   linewidth=2, style=plot.style_linebr)
plotshape(bullChange, "Long",  shape.triangleup,   location.belowbar, color.green, size=size.normal)
plotshape(bearChange, "Short", shape.triangledown, location.abovebar, color.red,   size=size.normal)

Overview

The long stop only ratchets up and the short stop only ratchets down. Direction turns long when the close exceeds the prior short stop and short when the close falls under the prior long stop. Each flip closes the opposite trade and enters the new direction, unless long-only mode blocks shorts. Positions use a percent of equity. It plots the active stop and triangle markers on the price chart. There is no separate stop-loss order.

ATR length and multiplier inputs
Ratcheting long and short chandelier stops
Long-only filter
Percent-of-equity position sizing
Price-chart stop lines and triangle markers

Details

Published by

trugurpala on GitHub

Type

Strategy, Pine Script v6

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

The strategy enters trades without a stop loss

File

examples/strategies/12_chandelier_strategy.pine

Repository

github.com/trugurpala/pinescriptv6. See its other scripts in the library

Topics

aialgorithmic-tradingclaude-codecodexcoding-agentsgithub-copilotopen-sourcepine-scriptpine-script-v6technical-analysis

Settings

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

Setting	Type	Default	Variable
ATR Length	`int`	`22`	`atrLen`
ATR Multiplier	`float`	`3.0`	`atrMult`
Long Only	`bool`	`false`	`longOnly`

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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