Gold Customer
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


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

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
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Gold Customer
Joined: 8/13/2009 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


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

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.
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Gold Customer
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


Gold Customer
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?


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

You should be able to just highlight the formula in the formulas, rightclick on it to select copy and then paste it into TC2000 (either by using rightclick and paste or Ctrl+v if paste in not an option when rightclicking). 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.
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Gold Customer
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.


Gold Customer
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?
thanks for your help,
Julian


Worden Trainer
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.
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Registered User Joined: 10/7/2004 Posts: 84

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


Registered User Joined: 10/7/2004 Posts: 84

I used Gyazo to take a snapshot of the stop/exit.
http://gyazo.com/144bd371b117e10a81d94528b7e3a3df
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!
http://gyazo.com/38b30c0188ce0461e2c6c22c47b8111f
Any help would be most appreciated! Thanks in advance.


Worden Trainer
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 Personal Criteria Formulas TC2000 Support Articles


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