From Mladen Rakic:

Developed by Charles Le Beau and featured in Alexander Elder's books, the Chandelier Exit sets a trailing stop-loss based on the Average True Range (ATR). The indicator is designed to keep traders in a trend and prevent an early exit as long as the trend extends. Typically, the Chandelier Exit will be above prices during a downtrend and below prices during an uptrend.



Calculation
The original Chandelier Exit formula consists of three parts: a period high or period low, the Average True Range (ATR) and a multiplier. Using the default setting of 22-periods on a daily chart, the Chandelier Exit will look for the highest high or lowest low of the last 22 days. Note that there are 22 trading days in a month. This parameter (22) will also be used to calculate the Average True Range.

This version is extended with additional (fast) stop - in order to add shorter term entries and exits to the main trend detection and estimation and allows different periods for ATR calculation and highest high and lowest low period (look back period).

Interpretation
The Chandelier Exit is basically a volatility-based system that identifies out-sized price movements. Le Beau defined volatility by using the Average True Range, which was developed by Welles Wilder, creator of RSI and the Average Directional Index. ATR uses the prior close, current high and current low to determine the True Range for a given period. After some smoothing, the daily True Range values evolve into the Average True Range for a given period of time.

From Mladen Rakic

Theory:

BB stops is using Bollinger bands as a criteria for determining if the trend is changing as well as determining the trend direction. The usual way how it finds out the stop lines is by calculating a risk based on deviation. But, in many cases, one single proposed stop line is not enough.

This version:

It is calculating 3 stop lines immediately and proposes the one with the highest risk as the "ultimate" stop line. The two additional stop lines can be used as lower risk stops or as an early warning for market changes. Also, instead of using some of the standard averages, it is using JMA (Jurik Moving Average) for averaging method and instead of using standard deviations for trend and risk calculations, it is using fast EMA deviation instead - which all makes it faster to react to market changes and produces smoother results.

Usage:

You can use the color change as an indicator of current trend direction, and you can use any of the stop lines as stop loss for your orders.

Some experimenting with parameters is strongly advised before usage for real trading decisions.

From Mladen Rakic:

Theory:

BB stops is using Bollinger bands as a criteria for determining if the trend is changing as well as determining the trend direction. The usual way how it finds out the stop lines is by calculating a risk based on deviation. But, in many cases, one single proposed stop line is not enough.

This version:

It is calculating 3 stop lines immediately and proposes the one with the highest risk as the "ultimate" stop line. The two additional stop lines can be used as lower risk stops or as an early warning for market changes.

Usage :

You can use the color change as an indicator of current trend direction, and you can use any of the stop lines as stop loss for your orders.

PS:

Second picture the usual "big picture example":

From Mladen Rakic:

Trend Envelopes indicator is calculated based on a % of price change. That % is then used to determine if there is a new trend or trend remains the same.

This version is using Standard Deviation for the price change calculation instead and is adding prices smoothing prior to be used in calculations. The smoothing can be done using one of the 4 average types:

* Simple Moving Average
* Exponential Moving Average
* Smoothed Moving Average
* Linear Weighted Moving Average
Also, this version is already a standalone multi time frame indicator too.
In this version timeframes supported are all the possible timeframes supported by MetaTrader 5 and it has 3 "special" timeframes:

* Next higher timeframe: first higher timeframe compared to active chart.
* Second higher timeframe: second higher timeframe compared to active chart.
* Third higher timeframe: third higher timeframe compared to active chart.

From Mladen Rakic:

One of the indicators that are using ATR for calculation is the Volty Channel Stop indicator too.

This version is replacing the regular ATR with smooth ATR in the channel calculation. It makes the stops "faster" when the market conditions change compared to the "regular" ATR.

From Mladen Rakic:

Momentum is usually used for trend or price change direction assessment.

This indicator changes that in some way. The stops are calculated using the smoother momentum and the direction of the stops is determined based on the smoother momentum.

Apart from direction of the trend, the stops levels are based on the value of the smoother momentum. The distance of the stop from the used average is calculated based on the value of the smoother momentum giving the stops more room when the market is very volatile and narrowing the stops in the ranging periods.

spaceboy wrote: Thu Jun 01, 2023 5:19 am Hello guys, i came across this great indicator and was requesting if it can be converted to mt5. it's a non repainting indicator that shows the short term trend.

Posting it here because it's actually an separate window volty stops.

Thank You Mr.Tools for that conversion. Much appreciated.

Hercs78 wrote: Tue Sep 12, 2023 3:35 am Dear MrTools,
I spent the entire weekend and today searching for the original Trend Envelopes.mq4 indicator which I would like to have converted to MT5 format please and then I found more than one, some made by Mladen, which I attach here for your kind consideration please.
Would you please be so kind as to make this conversion at your earliest convenience, please?
Looking forward to your favourable approval.
Sincerely,
Hercs.

Seems pretty close.

mrtools wrote: Tue Sep 12, 2023 1:24 pm Seems pretty close.

=====
Yes, you're right with "pretty close", but this one is not the version I sent you for my request. Sorry that you are too busy to do my conversion, but I will try working my way around it as I have already spent too much time searching for this indicator.
Continued success to you.
Hercs.