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 PCF for Chandelier Exits Rate this Topic:
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Fisher2
 Posted : Thursday, April 25, 2013 12:38:45 PM
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Joined: 8/13/2009
Posts: 73

Bruce:

I'd like to request some help creating a PCF for a Chandelier Exit.  It sets a trailing value (used as a trailing stop).  Dr. Alexander Elder talks about it in some of his books and there is an explanation of it on stockcharts.com free chart school page.

There is a calculation for a long indicator and a short indicator.

Long Ex:      Date         High         22 day ATR        22 day avg High  -   ATR X 3   =    Value

3/26/13     70.00            .60                         70.10             -      1.80       =    68.30

3/27/13     69.80            .58                         69.90             -      1.74        =   68.16

The calculation comes forward for 22 days.

The short indicator formula replaces the minus (-) with a plus (+) to arrive at a value.

Would you please write a couple of lines of a PCF for this indicator and I will write the remainder.

Sincerely,

Julian

Bruce_L
 Posted : Thursday, April 25, 2013 1:23:16 PM

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It would be much easier to create a Custom PCF Indicator for this than an Indicator Formula. Try using the following settings:

- Period: 22
- Average Type: Up to you.
- Formula: H - 3 * (H -L + ABS(H - C1) + ABS(C1 - L)) / 2

For the short version, replace the Formula with:

L + 3 * (H -L + ABS(H - C1) + ABS(C1 - L)) / 2

-Bruce
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Fisher2
 Posted : Thursday, April 25, 2013 3:00:41 PM
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Posts: 73

Bruce,

Thanks for the formula.  I input it and overlaid it with a 22 period, but it does not display the way the one on stockcharts displays.  This one displays more or less as a smooth line and the one on stock charts displays similar to an Ichimoku or Donchain line - that is it will reach a level and then be horizontial for some distance.

Julian

Bruce_L
 Posted : Thursday, April 25, 2013 3:23:58 PM

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Then I'm guessing it uses a maximum high instead of an average high or creates an indicator that does not retreat until the stop is violated.

We can average the maximum high over the period and use the following Formula in the Custom PCF Indicator given above for the long:

MAXH22 - 3 * (H - L + ABS(H - C1) + ABS(C1 - L)) / 2

And the following Formula in the Custom PCF Indicater given above for the short:

MINL22 + 3 * (H - L + ABS(H - C1) + ABS(C1 - L)) / 2

But if we want to just use a maximum high instead of the average of the maximum high, then we would need to expand the moving average manually and use a Period of 1 in the Custom PCF Indicator instead of a Period of 22. The long formula for this if we use a simple moving average of true range for the ATR would be:

MAXH22 - 3 * ((AVGH22 - AVGL22) / 2 + (ABS(H - C1) + ABS(C1 - L) + ABS(H1 - C2) + ABS(C2 - L1) + ABS(H2 - C3) + ABS(C3 - L2) + ABS(H3 - C4) + ABS(C4 - L3) + ABS(H4 - C5) + ABS(C5 - L4) + ABS(H5 - C6) + ABS(C6 - L5) + ABS(H6 - C7) + ABS(C7 - L6) + ABS(H7 - C8) + ABS(C8 - L7) + ABS(H8 - C9) + ABS(C9 - L8) + ABS(H9 - C10) + ABS(C10 - L9) + ABS(H10 - C11) + ABS(C11 - L10) + ABS(H11 - C12) + ABS(C12 - L11) + ABS(H12 - C13) + ABS(C13 - L12) + ABS(H13 - C14) + ABS(C14 - L13) + ABS(H14 - C15) + ABS(C15 - L14) + ABS(H15 - C16) + ABS(C16 - L15) + ABS(H16 - C17) + ABS(C17 - L16) + ABS(H17 - C18) + ABS(C18 - L17) + ABS(H18 - C19) + ABS(C19 - L18) + ABS(H19 - C20) + ABS(C20 - L19) + ABS(H20 - C21) + ABS(C21 - L20) + ABS(H21 - C22) + ABS(C22 - L21)) / 44)

And the short version of this would be:

MINL22 + 3 * ((AVGH22 - AVGL22) / 2 + (ABS(H - C1) + ABS(C1 - L) + ABS(H1 - C2) + ABS(C2 - L1) + ABS(H2 - C3) + ABS(C3 - L2) + ABS(H3 - C4) + ABS(C4 - L3) + ABS(H4 - C5) + ABS(C5 - L4) + ABS(H5 - C6) + ABS(C6 - L5) + ABS(H6 - C7) + ABS(C7 - L6) + ABS(H7 - C8) + ABS(C8 - L7) + ABS(H8 - C9) + ABS(C9 - L8) + ABS(H9 - C10) + ABS(C10 - L9) + ABS(H10 - C11) + ABS(C11 - L10) + ABS(H11 - C12) + ABS(C12 - L11) + ABS(H12 - C13) + ABS(C13 - L12) + ABS(H13 - C14) + ABS(C14 - L13) + ABS(H14 - C15) + ABS(C15 - L14) + ABS(H15 - C16) + ABS(C16 - L15) + ABS(H16 - C17) + ABS(C17 - L16) + ABS(H17 - C18) + ABS(C18 - L17) + ABS(H18 - C19) + ABS(C19 - L18) + ABS(H19 - C20) + ABS(C20 - L19) + ABS(H20 - C21) + ABS(C21 - L20) + ABS(H21 - C22) + ABS(C22 - L21)) / 44)

What we cannot do is create an Indicator Formula short enough to be practical or post in the forums which would not retreat until the stop is violated.

You might want to try a Volatility Stop indicator with the True Range Period set to 22 and the True Range Multiplier set to 3.00.

-Bruce
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Fisher2
 Posted : Thursday, April 25, 2013 3:30:50 PM
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Joined: 8/13/2009
Posts: 73

Thanks so much.  I will not have time to input it today, but I'll let you know how it turns out.

Julian

Fisher2
 Posted : Sunday, January 05, 2014 9:57:32 PM
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Joined: 8/13/2009
Posts: 73

Is there a way to copy or paste an indicator from the discussion board into the Write an Indicator Formula window when it is open?  I've highlighed a formula in the discussion forum and selected copy and on a second occassion selected paste, but then it would not show up in the window.

Also, I wrote an indicator formula, named it, tested it and it tested okay, selected ok and the formula window closed but it did not save.  Did I miss something?

Bruce_L
 Posted : Monday, January 06, 2014 11:17:55 AM

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Joined: 10/7/2004
Posts: 65,138

You should be able to just highlight the formula in the formulas, right-click on it to select copy and then paste it into TC2000 (either by using right-click and paste or Ctrl+v if paste in not an option when right-clicking). I use the technique all the time.

The formula should have saved if you gave it a name and selected OK. Have you checked both under Indicators and under Conditions? If the formula is boolean (true or false), it will save as a Condition Formula even if you had selected Indicator Formula when creating it.

-Bruce
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Fisher2
 Posted : Monday, January 06, 2014 11:21:10 AM
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Joined: 8/13/2009
Posts: 73

I'll try the pasting again but I think I did everything you just described (twice).  I'll let you know.

Fisher2
 Posted : Monday, January 06, 2014 3:15:02 PM
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Joined: 8/13/2009
Posts: 73

Bruce,

I got the paste to work on another computer at work.  When I started to to the paste a pop up asked me if I wanted to allow access to my clipboard and I answered yes, and it completed the paste immediately.

I remember being asked that on my computer sometime in the past and I answered no.  So, on my computer, how do I go back and change that?  Where is it in windows, if you know?

Julian

Bruce_L
 Posted : Monday, January 06, 2014 3:42:38 PM

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Joined: 10/7/2004
Posts: 65,138

Try to find Microsoft Silverlight in your start menu or start page and run it. Once it is running, there should be a permissions tab where you can change any permissions you have already set for Silverlight.

-Bruce
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sheana
 Posted : Monday, February 02, 2015 12:08:31 PM
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Joined: 10/7/2004
Posts: 84

Hi, Can we upload a snapshot so I can show you the chandelier stop in another software program?

sheana
 Posted : Monday, February 02, 2015 12:17:21 PM
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Joined: 10/7/2004
Posts: 84

I used Gyazo to take a snapshot of the stop/exit.

The stop is not continuous, and changes from red to green, depending on the trade direction. Can we duplicate this in TC2000?

Also, is there a T3 Tilson indicator? In the bottom chart of a forex pair, there are 2 Tilson averages....I am trying to guess the length, but you are a math genius, and I am definitely not!

Any help would be most appreciated! Thanks in advance.

Bruce_L
 Posted : Wednesday, February 04, 2015 3:49:53 PM

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Joined: 10/7/2004
Posts: 65,138

A more complicated type of calculation for Chandelier Stops really isn't going to be possible in TC2000.

-Bruce
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