OPEN-SOURCE SCRIPT
Chandelier Exit with Zero Lag SMA
A basic Chandelier Exit with Zero Lag SMA.
Chandelier Exit is based on the Average True Range (ATR) indicator. It is designed to keep traders in the trend until a defined trend reversal happens. It is based on the principle that a trend reversal is highly probable when the price of an asset moves against an existing trend up to three times the average volatility. It uses the high and low prices over a defined period of time to compute the CE value.
The Chandelier Exit by default uses different values than what is typically suggested. This appears to work well for Crypto 5-minute Charts.
The Zero Lag SMA is a helpful tool for traders to identify fake-outs. A Buy signal below the SMA line or a Sell signal above the SMA line, should be ignored and viewed as invalid
Chandelier Exit is based on the Average True Range (ATR) indicator. It is designed to keep traders in the trend until a defined trend reversal happens. It is based on the principle that a trend reversal is highly probable when the price of an asset moves against an existing trend up to three times the average volatility. It uses the high and low prices over a defined period of time to compute the CE value.
The Chandelier Exit by default uses different values than what is typically suggested. This appears to work well for Crypto 5-minute Charts.
The Zero Lag SMA is a helpful tool for traders to identify fake-outs. A Buy signal below the SMA line or a Sell signal above the SMA line, should be ignored and viewed as invalid
Skrip open-source
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