This indicator was originally developed by Charles Le Beau and popularized by Dr . Alexander Elder in his book "Come Into My Trading Room: A Complete Guide to Trading" (2002).
In short, this is a trailing stop-loss based on the (ATR).
- Added Buy/Sell alerts
- Added Buy/Sell labels
- Fix erratum
- Updated to v4
- Added long/short state highlighting
A list of Free indicators:
A list of Paid indicators:
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.