Chandelier Exit Oscillator [LuxAlgo]

The Chandelier Exit Oscillator is a technical analysis tool that provides insights into potential trend reversals, momentum shifts, and trend continuation patterns, helping traders pinpoint optimal exit points for both long and short positions.

By calculating trailing stop levels based on a multiple of the Average True Range (ATR), the oscillator visually indicates when prices move above or below these critical stop levels.

This script uniquely combines the Chandelier Exit indicator with an oscillator format, equipping traders with a versatile tool that leverages ATR-based levels for enhanced trend analysis.

🔶 USAGE



Displaying the Chandelier Exit as an oscillator allows traders to gauge trend momentum and strength, recognize potential reversals, and refine their market insights.

The Timeframe option specifies the timeframe used for calculations, enabling multi-timeframe analysis and allowing traders to align the indicator’s signals with broader or narrower market trends.



The Chandelier Exit Oscillator allows users to select between a Regular or Normalized oscillator type. The Regular option displays raw oscillator values, while the Normalized version smooths values and scales them from 0 to 100.



The Chandelier Exit Overlay allows users to enable or disable the display of Chandelier Exit levels directly on the price chart. When enabled, this overlay plots trailing stop levels for both long and short positions, helping traders visually monitor potential exit points and trend boundaries alongside the price action.



The Trend-based Bar Color feature allows users to color the bars on the price chart according to the current trend direction. This visual differentiation aids in quicker decision-making and provides a clearer understanding of market dynamics.



🔶 SETTINGS

🔹 Chandelier Exit Settings

• Timeframe: Sets the timeframe for calculations, allowing multi-timeframe analysis.
  
• ATR Length: Defines the number of bars used for calculating the Average True Range (ATR), which helps in setting Chandelier Exit levels.
  
• ATR Multiplier: Adjusts the sensitivity of the Chandelier Exit lines based on the ATR. Higher values make the indicator more conservative, while lower values make it more responsive.
  

🔹 Chandelier Exit Oscillator

• Chandelier Exit Oscillator: Allows users to choose between a Regular or Normalized oscillator type. The Regular option displays raw oscillator values, while the Normalized version smooths values and scales them from 0 to 100.
  
• Oscillator Smoothing: Controls the level of smoothing applied to the oscillator. Higher smoothing values filter out minor fluctuations.
  

🔹 Chandelier Exit Overlay

• Chandelier Exit Overlay: Enables or disables the display of Chandelier Exit levels directly on the price chart.
  
• Trend-based Bar Colors: Allows users to color bars based on trend direction, enhancing the visual analysis of market direction.
  

🔶 RELATED SCRIPTS

• Market-Structure-Oscillator