Unlocking the Power of Chandelier TradingView Charts for Technical Analysis
Discover the power of Chandelier TradingView charts and their benefits in technical analysis. Learn how to interpret and utilize these charts effectively, along with a comprehensive explanation of tradingview charts. Explore the strategy of combining Chandelier TradingView charts with the LZMSA strategy for profitable trades. Master the art of risk management with trailing stops. Elevate your trading game with Chandelier charts.
What are Chandelier TradingView Charts?
TradingView charts are a popular tool used by traders and investors for technical analysis. These charts provide valuable insights into market trends, aiding in informed decision-making for buying or selling assets.
Exploring the Benefits of Chandelier TradingView Charts
Chandelier TradingView charts offer several advantages that can enhance your trading strategy:
- Comprehensive Visual Representation: Chandelier charts provide a clear visual representation of price movements, allowing traders to identify trends, support and resistance levels, and potential entry and exit points.
- Customizable Parameters: Users can customize Chandelier charts based on their specific trading preferences. Parameters like period length, ATR multiplier, and trailing stops can be adjusted to suit individual trading styles.
- Effective Risk Management: Chandelier TradingView charts come equipped with built-in trailing stop indicators, enabling traders to implement effective risk management strategies. These indicators automatically adjust the stop-loss level as the price moves, helping protect profits and limit potential losses.
Incorporating Chandelier TradingView Charts into Your Strategy
One effective strategy that utilizes Chandelier TradingView charts is the combination with the LZMSA strategy. In this accompanying video, we demonstrate how this strategy, when combined with the trailing stop feature, can lead to profitable trades and minimize losses.
The strategy involves using the EMA of the LZMSA indicator. When the EMA is below the price and the Chandelier chart signals a “buy” condition, it provides a clear buying signal. Conversely, when the EMA is above the price and the Chandelier chart indicates a “sell” condition, it offers a clear selling signal.
//@version=5
// Copyright (c) 2019-present, Alex Orekhov (everget)
// Chandelier Exit script may be freely distributed under the terms of the GPL-3.0 license.
strategy('Chandelier Exit', shorttitle='CE tik tok', overlay=true)
///// zlmsa
length0 = input(title='Length', defval=50)
offset = input(title='Offset', defval=0)
src = input(close, title='Source')
lsma = ta.linreg(src, length0, offset)
lsma2 = ta.linreg(lsma, length0, offset)
eq = lsma - lsma2
zlsma = lsma + eq
plot(zlsma, color=color.new(color.yellow, 0), linewidth=3)
////// chandela
length = input(title='ATR Period', defval=22)
mult = input.float(title='ATR Multiplier', step=0.1, defval=3.0)
showLabels = input(title='Show Buy/Sell Labels ?', defval=true)
useClose = input(title='Use Close Price for Extremums ?', defval=true)
highlightState = input(title='Highlight State ?', defval=true)
atr = mult * ta.atr(length)
longStop = (useClose ? ta.highest(close, length) : ta.highest(length)) - atr
longStopPrev = nz(longStop[1], longStop)
longStop := close[1] > longStopPrev ? math.max(longStop, longStopPrev) : longStop
shortStop = (useClose ? ta.lowest(close, length) : ta.lowest(length)) + atr
shortStopPrev = nz(shortStop[1], shortStop)
shortStop := close[1] < shortStopPrev ? math.min(shortStop, shortStopPrev) : shortStop
var int dir = 1
dir := close > shortStopPrev ? 1 : close < longStopPrev ? -1 : dir
var color longColor = color.green
var color shortColor = color.red
longStopPlot = plot(dir == 1 ? longStop : na, title='Long Stop', style=plot.style_linebr, linewidth=2, color=color.new(longColor, 0))
buySignal = dir == 1 and dir[1] == -1
plotshape(buySignal ? longStop : na, title='Long Stop Start', location=location.absolute, style=shape.circle, size=size.tiny, color=color.new(longColor, 0))
plotshape(buySignal and showLabels ? longStop : na, title='Buy Label', text='Buy', location=location.absolute, style=shape.labelup, size=size.tiny, color=color.new(longColor, 0), textcolor=color.new(color.white, 0))
shortStopPlot = plot(dir == 1 ? na : shortStop, title='Short Stop', style=plot.style_linebr, linewidth=2, color=color.new(shortColor, 0))
sellSignal = dir == -1 and dir[1] == 1
plotshape(sellSignal ? shortStop : na, title='Short Stop Start', location=location.absolute, style=shape.circle, size=size.tiny, color=color.new(shortColor, 0))
plotshape(sellSignal and showLabels ? shortStop : na, title='Sell Label', text='Sell', location=location.absolute, style=shape.labeldown, size=size.tiny, color=color.new(shortColor, 0), textcolor=color.new(color.white, 0))
midPricePlot = plot(ohlc4, title='', style=plot.style_circles, linewidth=0, display=display.none, editable=false)
longFillColor = highlightState ? dir == 1 ? longColor : na : na
shortFillColor = highlightState ? dir == -1 ? shortColor : na : na
fill(midPricePlot, longStopPlot, title='Long State Filling', color=longFillColor, transp=90)
fill(midPricePlot, shortStopPlot, title='Short State Filling', color=shortFillColor, transp=90)
changeCond = dir != dir[1]
alertcondition(changeCond, title='Alert: CE Direction Change', message='Chandelier Exit has changed direction!')
alertcondition(buySignal, title='Alert: CE Buy', message='Chandelier Exit Buy!')
alertcondition(sellSignal, title='Alert: CE Sell', message='Chandelier Exit Sell!')
///////////////Strategy Gooo/////
//////
/////strategy
///////////////////////////////////////////////
Cuidatrade=false
IsLong() =>
strategy.position_size > 0
IsShort() =>
strategy.position_size < 0
BarsSinceFirstEntry() =>
bar_index - strategy.opentrades.entry_bar_index(0)
//TP1Perc = input.float(6,title='TP1 Take Profit (%)', minval=0.0, step=0.1, defval=2, group='TPSL')
//TP2Perc = input.float(6,title='TP2 Take Profit (%)', minval=0.0, step=0.1, defval=4, group='TPSL')
//SLPerc = input.float(1,title='Stop Loss (%)', minval=0.0, step=0.1, defval=2, group='TPSL')
stoploss = input.float( 6 , "Stop Loss percentage" , minval= 0 , group='TPSL')
takeprofit = input.float( 2 , "Take Profit percentage" , minval= 0 ,group='TPSL')
trailingstop = input(true , "Trailing Stop")
trail_p = input.float( 0.05 , "Trailing Stop percentage (of entry price)" , minval= 0, step=0.01,group='TPSL')
//TP1_Ratio = input.float(title='Sell Postion Size % @ TP1', defval=100, step=1, group='TPSL', tooltip='Example: 50 closing 50% of the position once TP1 is reached') / 100
boltakeprofit = input.bool(true,title='Bool take care profit', defval=true, group='TPSL')
tkprofit = input.float(0.5,title='Take care of a take profit ', minval=0.1, step=0.1, defval=0.5, group='TPSL')
NumberbarsOpen = input.int(4,title='Number of bars take care strategy the strategy ', minval=1, defval=2, group='TPSL')
percentAsPoints(pcnt) =>
strategy.position_size != 0 ? math.round(pcnt / 100.0 * strategy.position_avg_price / syminfo.mintick) : float(na)
percentAsPrice(pcnt) =>
strategy.position_size != 0 ? (pcnt / 100.0 + 1.0) * strategy.position_avg_price : float(na)
current_position_size = math.abs(strategy.position_size)
initial_position_size = math.abs(ta.valuewhen(strategy.position_size[1] == 0.0, strategy.position_size, 0))
//TP1 = strategy.position_avg_price + percentAsPoints(TP1Perc) * syminfo.mintick * strategy.position_size / math.abs(strategy.position_size)
//TP2 = strategy.position_avg_price + percentAsPoints(TP2Perc) * syminfo.mintick * strategy.position_size / math.abs(strategy.position_size)
//SL = strategy.position_avg_price - percentAsPoints(SLPerc) * syminfo.mintick * strategy.position_size / math.abs(strategy.position_size)
detect_exit = strategy.position_size == 0 and strategy.closedtrades.exit_bar_index(strategy.closedtrades - 1) == bar_index
IsFlat() =>
strategy.position_size == 0
longNow = (strategy.position_size[1] <= 0) and (strategy.position_size > 0)
shortNow = (strategy.position_size[1] >= 0) and (strategy.position_size < 0)
//DiscountPriceConfirm45= ta.crossover(DiscountZonePrice45,low ) //or ta.crossover(DiscountZonePrice[1],low [1] ) //or ta.crossover(DiscountZonePrice[2],low[2] )
//PremiumPriceConfirm45= ta.crossunder(PremiumZonePrice45,high )
////ver si existe cruce en rojo cercano
//CruzoenverdeContando = ta.barssince(Ema14>Ema21)
//CruzoenrojoContando = ta.barssince(Ema14<Ema21)
LongConfirm= buySignal and zlsma >close// totaldiv >= mindiv and TouchSma200Reed //and inOrderbetweenGreen //and Sma200order==4 //inOrderbetweenGreen//TouchSma200Reed and inOrderbetweenGreen and Sma200order==4 and greenorderblocktouch//and Ema21<Ema200 //and val < nz(val[1])//TouchEma200Reed// and wait_completeRed // TouchEma200Reed//val < nz(val[1])//and DiscountZonePrice//and Ema14<Ema21
ShortConfirm= sellSignal and zlsma <close //totaldiv <= -mindiv and TouchSma200Green //and inOrderbetweenReed//inOrderbetweenReed//TouchSma200Green and inOrderbetweenReed and Sma200order==0 and redorderblocktouch//and Ema21>Ema200 // and val > nz(val[1])// TouchEma200Reed//and wait_completeGreen// TouchEma200Reed//val > nz(val[1]) //and PremiumZonePrice//and Ema14>Ema21
//strategy.entry("long", strategy.long, CantidadContratos, when = Entrandolong and rsiValue<30 or perfectlong ) /// perfectlong perfectShort
if IsFlat()==true and IsLong() ==false and IsShort() ==false and LongConfirm
strategy.entry("long", strategy.long, comment="Buy" )
alert(": Long on :" +syminfo.basecurrency+ ":SL :" + str.tostring(stoploss) + ":TP :" + str.tostring(takeprofit), alert.freq_once_per_bar_close)
if IsFlat()==true and IsLong() ==false and IsShort() ==false and ShortConfirm
strategy.entry("short", strategy.short, comment="Short")
alert(": Short on :" +syminfo.basecurrency+ ":SL :" + str.tostring(stoploss) + ":TP :" + str.tostring(takeprofit), alert.freq_once_per_bar_close)
bgcolor( IsFlat()==true and LongConfirm ? color.new(#ffffff, 31) : na)
bgcolor( IsFlat()==true and ShortConfirm ? color.new(#000000, 23) : na)
curProfitInPts() =>
if strategy.position_size > 0
(high - strategy.position_avg_price)
else if strategy.position_size < 0
(strategy.position_avg_price - low)
else
0
calcStopLossPrice(OffsetPts) =>
if strategy.position_size > 0
strategy.position_avg_price - OffsetPts * syminfo.mintick
else if strategy.position_size < 0
strategy.position_avg_price + OffsetPts * syminfo.mintick
else
0
av_p = strategy.position_avg_price
if trailingstop
//if strategy.position_size > 0 and strategy.position_size[1] <= 0
// mes_pa = " start trail: "+str.tostring( av_p + (av_p * takeprofit/100) ) +"\n trail offset: "+ str.tostring( av_p *(trail_p/100) ) +"\n SL: "+ str.tostring( av_p - (av_p * stoploss/100) )
//label.new(bar_index, low - low *(trail_p/100) , mes_pa , style = label.style_label_up , color = color.white ,textcolor = color.black, size = size.normal)
// else if strategy.position_size < 0 and strategy.position_size[1] >= 0
// mes_pa = " start trail: "+str.tostring( av_p - (av_p * takeprofit/100) ) +"\n trail offset: "+ str.tostring( av_p *(trail_p/100) ) +"\n SL: "+ str.tostring( av_p + (av_p * stoploss/100) )
//label.new(bar_index, high + high *(trail_p/100) , mes_pa , style = label.style_label_down , color = color.white ,textcolor = color.black, size = size.normal)
strategy.exit("exit_sell", "short" , stop = av_p + (av_p * stoploss/100), trail_price = av_p - (av_p * takeprofit/100) , trail_offset = av_p *(trail_p/100) *1/syminfo.mintick , comment = "exit_sell", alert_message = "exit_sell", alert_loss="exit_sell Alert Loss", alert_profit ="exit_sell", alert_trailing ="exit_sell")
strategy.exit("exit_buy", "long" , stop = av_p - (av_p * stoploss/100) , trail_price = av_p + (av_p * takeprofit/100) , trail_offset = av_p *(trail_p/100) *1/syminfo.mintick ,comment = "exit_buy", alert_message = "exit_buy", alert_loss="exit_buy Alert Loss", alert_profit ="exit_buy", alert_trailing ="exit_buy" )
else
strategy.exit("exit_buy", "long" , when= strategy.position_size > 0 , stop = av_p - (av_p * stoploss/100) , limit = av_p + (av_p * takeprofit/100) , comment = "stakeprofit buy" )
strategy.exit("exit_sell", "short" ,when= strategy.position_size < 0 , stop = av_p + (av_p * stoploss/100) , limit = av_p - (av_p * takeprofit/100) , comment = "sttakeprofit sell")
//strategy.exit('TP1', from_entry='long', qty=initial_position_size * TP1_Ratio, limit=TP1, stop=SL)
//strategy.exit('TP2', from_entry='long', limit=TP2, stop=SL)
//strategy.exit('Stop Lost Short', from_entry='short', limit=TP2, stop=SL)
//strategy.exit('Stop Lost Long', from_entry='long', limit=TP2, stop=SL)
// Plot take profit values for confirmation
//plot(series=strategy.position_size > 0 ? TP1 : na, color=color.new(color.green, 0), style=plot.style_circles, linewidth=1, title='Take Profit 1')
//plot(series=strategy.position_size > 0 ? TP2 : na, color=color.new(color.green, 0), style=plot.style_circles, linewidth=1, title=' Take Profit 2')
//plot(series=strategy.position_size > 0 ? SL : na, color=color.new(color.red, 0), style=plot.style_circles, linewidth=1, title='Stop Loss')
//strategy.
if strategy.openprofit>=tkprofit and BarsSinceFirstEntry()>NumberbarsOpen
Cuidatrade:=true
CirraYaEnprofit= Cuidatrade==true and strategy.openprofit<=1
///Cuidaba el profit pero no es viable ya por el traling
if boltakeprofit and IsFlat()==false and Cuidatrade and IsShort()==true
strategy.close("short", qty_percent = 100, comment = "Tp Short stop%")
alert('TP Short Stop %', alert.freq_once_per_bar_close)
if boltakeprofit and IsFlat()==false and Cuidatrade and IsLong()==true
strategy.close("long", qty_percent = 100, comment = "Tp Long stop")
alert('TP Long Stop%', alert.freq_once_per_bar_close)
//if IsFlat()==false and bull_choch_alert and BarsSinceFirstEntry()>1
// strategy.close("short", qty_percent = 100, comment = "Miedo Short stop")
// alert('Stop Lost Short Miedo ', alert.freq_once_per_bar_close)
//if IsFlat()==false and bear_choch_alert and BarsSinceFirstEntry()>1
// strategy.close("long", qty_percent = 100, comment = "Miedo Long stop")
// alert('Stop Lost Long Miedo', alert.freq_once_per_bar_close)
//bgcolor( detect_exit==true and ADXAlcista and AdxcolorEstaenrojo==false ? color.new(#9fff32, 31) : na)
//bgcolor( detect_exit==true and ADXBajista and AdxcolorEstaenrojo==true ? color.new(#ff3333, 23) : na)
//if ADXAlcista and AdxcolorEstaenrojo==false
// strategy.close("short", qty_percent = 100, comment = "close buy entry for 100%")
//if ADXBajista and AdxcolorEstaenrojo==true
// strategy.close("long", qty_percent = 100, comment = "close buy entry for 100%")
By incorporating the LZMSA strategy with Chandelier charts, traders can identify optimal entry and exit points, enhancing their chances of making profitable trades. The trailing stop feature provided by Chandelier charts ensures potential gains are protected and minimizes the risk of losses.
Conclusion
Chandelier TradingView charts offer a powerful tool for technical analysis, providing traders with valuable insights into market trends and potential trading opportunities. By leveraging customizable parameters such as the LZMSA strategy and trailing stops, traders can enhance their decision-making process and potentially improve their trading performance.
Remember, mastering TradingView charts requires practice and continuous learning. Incorporate them into your trading routine, utilize the LZMSA strategy, and monitor their effectiveness over time. By combining these techniques, you can increase your chances of success in the dynamic world of trading.
