[elmagd2000]

Chuck LeBeau's Chandelier Exit

You need to define your entry system and max. pip loss in code

Chandelier Long Exit
LongEntry:= {this your entry system, eg. Cross(CLOSE, Mov(C,20,E))};
MoneyMgmtStop:= {this is your maximum loss, in points};

{DEFINE ENTRY PRICE, WITH EXIT BEING -ENTRY PRICE AND NO TRADE BEING 0}
EntryPrice:= If(PREV <= 0,
{Trade entered today?}
If(LongEntry, CLOSE, 0),
{Trade entered before today. Stopped today?}
If(LOW <= PREV - MoneyMgmtStop, -PREV,
If(LOW <= HighestSince(1,PREV=0, HIGH) - 3 * ATR(10), -PREV,
If(LOW <= HighestSince(1,PREV=0, CLOSE) - 2.5 * ATR(10), -PREV,
PREV))));

{EXIT IF ENTRY PRICE < 0 (MEANING EXIT)}
EntryPrice < 0


Chandelier Short Exit

ShortEntry:= {this your entry system, eg. Cross(Mov(C,20,E), CLOSE)};
MoneyMgmtStop:= {this is your maximum loss, in points};

{DEFINE ENTRY PRICE, WITH EXIT BEING -ENTRY PRICE AND NO TRADE BEING 0}
EntryPrice:= If(PREV <= 0,
{Trade entered today?}
If(ShortEntry, CLOSE, 0),
{Trade entered before today. Stopped today?}
If(HIGH >= PREV + MoneyMgmtStop, -PREV,
If(HIGH >= LowestSince(1,PREV=0, LOW) + 3 * ATR(10), -PREV,
If(HIGH >= LowestSince(1,PREV=0, CLOSE) + 2.5 * ATR(10), -PREV,
PREV))));

{EXIT IF ENTRY PRICE < 0 (MEANING EXIT)}
EntryPrice < 0