A modified verion of the Chande & Kroll's Stop indicator.
//+------------------------------------------------------------------+ //| Edited original VStop Script from LazyBear using info from | //| ChandelierStops_v1.mq4 | //| Copyright © 2006, Forex-TSD.com | //| Written by IgorAD,igorad2003@yahoo.co.uk | //| http://finance.groups.yahoo.com/group/TrendLaboratory | //+------------------------------------------------------------------+ study("Chandelier Stop", overlay=true) //input variables Length=input(title="Look Back Period", type=integer, defval=22) ATRPeriod=input(title="ATR Period", type=integer, defval=22) Mult=input(title="ATR Multiplier", type=integer, defval=3) //calculate stop value short_stop = lowest(Length)+Mult*atr(ATRPeriod) long_stop = highest(Length)-Mult*atr(ATRPeriod) shortvs=na(shortvs[1]) ? short_stop : iff(close>shortvs[1], short_stop , min(short_stop,shortvs[1])) longvs=na(longvs[1]) ? long_stop : iff(close<longvs[1], long_stop, max(long_stop,longvs[1])) longswitch=iff (close>=shortvs[1] and close[1]<shortvs[1] , 1 , 0) shortswitch=iff (close<=longvs[1] and close[1]>longvs[1] , 1 , 0) direction= iff(na(direction[1]), 0, iff (direction[1]<=0 and longswitch, 1, iff (direction[1]>=0 and shortswitch, -1, direction[1]))) pc=direction>0?longvs:shortvs plot(pc, color=direction>0?aqua:fuchsia, style=circles, linewidth=2) plot(pc, color=direction>0?aqua:fuchsia, style=line, linewidth=2)