Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

brownsfan019

Chandelier Exit Discussion

Recommended Posts

Thanks to nickm001 in this thread, he posted an useful PDF that talks about a few different exit strategies. One that grabbed my attention was called the "Chandelier Exit". It starts on page 19 of the PDF (I attached another copy to this post).

 

Here's my take on this exit strategy - at the close of a candle in the direction of your trade, your stop is moved based on that close. Now, where and how much you move the stop is completely customizable in my opinion. The author of the PDF, Chuck Le Beau, uses ATR in his calculation. I personally am looking at using a certain distance in terms of ticks/points to use this strategy.

 

Thus far the testing looks pretty good. Many times you will catch a GOOD part of a trending move and not so much in range bound action. The big question is what setting do you use to calculate the exit. That's a work in progress for me currently

 

I have one question or favor though - if anyone has coding that can work with TradeStation that would replicate this, please post here. I am looking for a dot or something that when a candle closes and the high is higher than the previous candle's high, a dot or something is placed based on the threshold setting.

 

Example:

> Long the ES @ 1476.

> Next candle's close is 1477.75.

> Based on my chandelier setting, let's say 1 point (4 ticks), the trailing stop should be placed at 1476.75.

> Next candle's close is 1477, so there is NO stop movement, stop holds at 76.75 and either the trade continues in your direction or you are out for a small gain.

 

Anyways, if someone has that code for TradeStation or could even throw something together, I would appreciate it.

 

I want to provide credit where credit is due.

I initially found this article from nickm001's post, so thanks!

The author of the article is Mr. Chuck Le Beau and his website is: http://www.traderclub.com/

Further info on his site regarding the chandelier exit - http://www.traderclub.com/discus/messages/107/477.html?FridayDecember319991048pm

I am not endorsing Mr. Le Beau and/or his website, so please do your own due diligence.

Stops - Different Strategies.pdf

Share this post


Link to post
Share on other sites

Brown

 

That link takes you to an ELD but its based on ATR, by my understanding you're after a stop based on 4 ticks below the current close but if the next close is lower (eg if you were long) then the stop wouldn't move.

 

I could code this up but since you're not trading via an active strategy on that platform then you will have a "show me" on every candle of the day whether it being above or below the candle.

 

Cheers

 

Blu-Ray

Share this post


Link to post
Share on other sites
Brown

 

That link takes you to an ELD but its based on ATR, by my understanding you're after a stop based on 4 ticks below the current close but if the next close is lower (eg if you were long) then the stop wouldn't move.

 

I could code this up but since you're not trading via an active strategy on that platform then you will have a "show me" on every candle of the day whether it being above or below the candle.

 

Cheers

 

Blu-Ray

 

Blu,

I see, thanks for checking that out.

If there's something you can put together, that would be appreciated and maybe others here could use it as well. I think I can visually see if the stop would need moved, so it could work.

 

Thanks!

Share this post


Link to post
Share on other sites

Here is the .eld from the thread you posted... The key idea behind Chandelier exit is to "hang" the exit from the HIGH of the bar. Trailing stop is usually set to ATR multiple ( 3x).

 

Try second .eld, it has code for several Chuck's exits, including Chandelier exit

 

credit to "goose", who coded it.20040409001416ATRRATCHET.ELD

20041117211145041117 LEBEAU STOPS 8D.ELD

Share this post


Link to post
Share on other sites
Here is the .eld from the thread you posted... The key idea behind Chandelier exit is to "hang" the exit from the HIGH of the bar. Trailing stop is usually set to ATR multiple ( 3x).

 

Try second .eld, it has code for several Chuck's exits, including Chandelier exit

 

credit to "goose", who coded it.[ATTACH]2845[/ATTACH]

 

Hello,

 

I imported the .eld with Le Beau Stops, but I get an error message telling me that there is a dll problem "Cannot find DLL library file: GlobalVariable.dll"

 

Obviously I am doing something wrong. Could someone help me a bit?

 

Thanks in advance.

 

Fredd

Share this post


Link to post
Share on other sites
Given GV does not support backtesting and this Chandelier Exit code uses GV, does this mean this Chandelier Exit cannot be used in backtesting?

 

I haven't read the rest of this thread, but I can't imagine that there is any need to us global variables to program a chandelier stop for TS. I'm pretty sure I did this several years ago, as almost one of the first things that I did with EasyLanguage.

 

Explain what you are trying to achieve in a little more detail and I may be able to help?

 

Kind regards,

 

BlueHorseshoe

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 6th December 2019. Happy Non-Farm Friday – 6th December 2019.Happy Non-Farm Friday – The Dollar majors have remained comfortably within their respective ranges from yesterday, ahead of trade talks, NFP and the OPEC+ decision.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GBPUSD Eyes Further Upside Pressure On More Bull Pressure   GBPUSD with the pair remaining biased to the upside more strength is expected in the days ahead. Support lies at 1.3100 area with a break below that level turning focus to the 1.3050 level. Further down, support comes in the 1.3000 level where a violation will shift focus to the 1.2950 level. Below here will open the door towards the 1.2900 level. On the upside, resistance is located at the 1.3200 with a break above there allowing for morel strength to build up towards the 1.3250 level. Further out, resistance stands at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD retains its broader upside pressure.    
    • Yes, AMP is a good and reliable broker. Almost all FCM brokers and their IBs provide a similar service (the main difference is commission per side or per round, min deposit. Also, margin requirements, but commonly they are similar) Quantower platform allows to trade futures with AMP via Rithmic technology with full market depth data (!)
    • I have never asked for any help here. Never expect a person to be good with me or others. But as Market wizard you should show some respect for others.
    • That is the truth, if you can not accept it then it is not the world problem. Everything you get in this world is having some fees, for that you have to work.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.