# Chandelier Stop

20468 visitas
A modified verion of the Chande & Kroll's Stop indicator.
```//+------------------------------------------------------------------+
//| Edited original VStop Script from LazyBear using info from       |
//|                                           ChandelierStops_v1.mq4 |
//|            http://finance.groups.yahoo.com/group/TrendLaboratory |
//+------------------------------------------------------------------+

study("Chandelier Stop", overlay=true)

//input variables
Length=input(title="Look Back Period", type=integer, defval=22)
ATRPeriod=input(title="ATR Period", type=integer, defval=22)
Mult=input(title="ATR Multiplier", type=integer, defval=3)

//calculate stop value
short_stop = lowest(Length)+Mult*atr(ATRPeriod)
long_stop  = highest(Length)-Mult*atr(ATRPeriod)

shortvs=na(shortvs[1]) ? short_stop : iff(close>shortvs[1], short_stop , min(short_stop,shortvs[1]))
longvs=na(longvs[1]) ? long_stop : iff(close<longvs[1], long_stop, max(long_stop,longvs[1]))

longswitch=iff (close>=shortvs[1] and close[1]<shortvs[1] , 1 ,  0)
shortswitch=iff (close<=longvs[1] and close[1]>longvs[1] ,  1 ,  0)

direction= iff(na(direction[1]), 0,
iff (direction[1]<=0 and longswitch, 1,
iff (direction[1]>=0 and shortswitch, -1, direction[1])))

pc=direction>0?longvs:shortvs

plot(pc, color=direction>0?aqua:fuchsia, style=circles, linewidth=2)
plot(pc, color=direction>0?aqua:fuchsia, style=line, linewidth=2)```

## Comentarios

How would you place an alert on this indicator, Trying to have one every time it changes color or direction.
Responder
pipCharlie...

you may or may not care but a lot of people aren't aware of the linebr option as a plot. It gets rid of the line that connects from the True/False condition. Gives you the benefit of using a line...but not a continuous line. See chart below.

I changed the 3rd to last line that said pc=direction... to:

pcup=direction>0?longvs : na
pcdn=direction<0?shortvs : na

plot(pcup, color=aqua, style=circles, linewidth=2)
plot(pcup, color=aqua, style=linebr, linewidth=2)

plot(pcdn, color=fuchsia, style=circles, linewidth=2)
plot(pcdn, color=fuchsia, style=linebr, linewidth=2)

Responder
ChrisMoody
AWESOME!! Thanks Chris now it looks exactly how I wanted it.
If you ever get an opportunity, I'd love to see an MTF version. I haven't learned how to do that yet.
Responder
pipCharlie
No problem...it's a lot cleaner that way.

You probably know how to do this already. But I have a similar code that Paints the bars when they change direction, ability to turn on off Long or short side, plot background highlights on the reversals...etc. I try to throw in about every option available per indicator so people can see what the capabilities are. If you want to check it out and see if there is anything you would want to use ...
Responder
ChrisMoody
I definitely will. Thanks again for you assistance, your generosity is greatly appreciated.
Responder
pipCharlie
No problem...it's great to see new coders. If you take a look at any of my scripts....I try to add in about every feature possible to make people aware of the current capabilities.
Responder
pipCharlie
@pipCharlie, Double that!
Responder
ChrisMoody