The Profit Exit function fnChandelierExit  exits on a high or low since the trade was opened.


The fnChandelierExit determines its stoploss based on the highest value the market has reached since the trade has been open.  


The stoploss is place somewhat beneath the highest high – in terms of points (or PIPs).

The term chandelier is used because the stoploss hangs like a chandelier from the market high (or low).  


The offset parameter is used to “hang” from the highest high seen during the trade’s lifetime (or the lowest low).


After the fnChandelierExit function has been added to a Drawing, it is configured by clicking the (+) button along the bottom of the Element.

The Function Configuration window allows you to select values for each parameter.



The following table provides information about each parameter of the fnChandelierExit function.


Order Selection

Determines what orders of the Account are monitored.

  • All: all open orders on the account.
  • Symbol: only open orders matching the selected symbol.
  • Order Type: only open orders of the selected order type.
  • MagicNumber: only open orders with a matching magicnumber.
  • Exact Ticket: only open orders with the matching order ticket.

Note: Selecting Exact Ticket disables all other selection criteria.

offset

The number of points away from the highest high or lowest low to place the trailing stop.