Elder Chandelier Short Exit
LED Chandelier Exit, designed by Chuck LeBeau (Chuck Lebeau) is described in the book "Trading with Dr. Elder. Encyclopedia of speculation."
This indicator calculates the stop level for short positions from the lowest price reached during the rally downtrend. To calculate the Chandelier Exit uses Average True Range several indicators (ATR), subtracting the values of the lowest prices.
LED Chandelier Stops different from the traditional stops so that it can move against the position in case of increase in ATR due to volatility. A more conservative approach is to
stops ignoring changes that increase your risks.
Options:
- Factor (3) - a multiplier for ATR, can be a non-integer number;
- ATR_Days (22) - the number of days to calculate the ATR;
- Wingding_Symbol (159) - the symbol used for display.
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