Chandelier Stop

Author: Optuma Team Last updated: Jul 25, 2020 05:10
Included in Trader Services Included in Professional Services Included in Enterprise Services


The Chandelier Stop was developed by Charles Le Beau and plots a trailing stop loss calculated from Average True Range. The stop can be used on both bull and bear markets with the Chandelier line plotting above the price in a downtrend and below the price on an uptrend.

For more information, please refer to Alexander Elder’s book “ Come into my Trading Room”.

To add the tool to your chart, select the tool from the Price tool group, and left-click on the chart or indicator on which you wish to add the tool. Optuma will then draw the tool using the default settings.

Actions & Properties



Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.

Add Technical Alert: When selected, a Technical Alert will be created for the selected security.

Add to Toolbar: Adds the selected tool to your custom toolbar.

Apply Settings to All: When multiple Chandelier Stop tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Chandelier Stop tools in the chart, page or entire workbook to be updated instantly.

Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.

Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.

Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.

Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.

Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Chandelier Stop to a chart, the tool will display using the new settings.

Delete: Deletes the tool from the chart.



Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.

Factor: The factor value is multiplied by the Exponential Moving Average to determine the indicator’s Stop and Reverse value. The greater the factor, the greater the distance will be between the Chandelier Stop lines and the price action of the chart.

ATR Length: Sets the number of bars used to calculate the Exponential Moving Average component of the Chandelier Stop.

Set Enter Date: Used to select the date the Chandelier Stop begins calculating from (by default the entire chart is used).

Long Colour: Allows you to adjust the colour of the Chandelier Stop when the line is positioned below the bars.

Short Colour: Allows you to adjust the colour of the Chandelier Stop when the line is positioned above the bars.

Plot Style: Adjusts the display style of the Chandelier Stop tool. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.

Line Style: When Line is selected as the Plot Style, the Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.

Line Width: Allows you to adjust the width of the Chandelier Stop tool. Moving the slider bar to the right increases the thickness of the line.

Line Colour: Allows you to select the colour of the line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.

Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.

Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.

Visible: Un-tick this checkbox to hide the tool from the chart.

Show In Price Scale: When selected the current Chandelier Stop value will be displayed in the Price Scale.