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The Chandelier Exit indicator is a technical analysis tool used in trading to help determine when to exit a position based on the volatility of the asset. It was introduced by Chuck LeBeau and is primarily used to set trailing stop-loss levels for long or short positions.

How the Chandelier Exit Works
The Chandelier Exit is based on the Average True Range (ATR), which measures the volatility of an asset. The indicator sets a stop-loss level that moves in accordance with the asset's price movements and volatility.

Formulas:
For Long Positions:

Chandelier Exit (Long)
=
Highest High
−
(
�
�
�
×
Multiplier
)
Chandelier Exit (Long)=Highest High−(ATR×Multiplier)
Where the Highest High is the highest price over a specific period, and the Multiplier is typically set between 2.5 to 3 times the ATR.

For Short Positions:

Chandelier Exit (Short)
=
Lowest Low
+
(
�
�
�
×
Multiplier
)
Chandelier Exit (Short)=Lowest Low+(ATR×Multiplier)
Where the Lowest Low is the lowest price over a specific period.

Components of the Indicator:
Average True Range (ATR): A measure of volatility that takes into account any gaps in the price movement.
Highest High / Lowest Low: The highest or lowest price observed over a specific period, often 22 periods (days) but can be adjusted.
Multiplier: A value (usually between 2.5 and 3) that determines how sensitive the Chandelier Exit is to price movements.
Using the Chandelier Exit:
Setting the Stop-Loss:

For Long Positions: The Chandelier Exit sets a trailing stop-loss below the highest high. As the price of the asset increases, the stop-loss level adjusts upwards.
For Short Positions: The Chandelier Exit sets a trailing stop-loss above the lowest low. As the price of the asset decreases, the stop-loss level adjusts downwards.
Exiting the Position:

The position should be exited when the asset's price crosses the Chandelier Exit level. For long positions, this means selling when the price drops below the stop-loss level. For short positions, it means buying to cover when the price rises above the stop-loss level.
Example Calculation:
Let's assume we are using a 22-day period and an ATR multiplier of 3.

ATR Calculation:
Calculate the 22-day ATR to determine the average volatility over the period.

Highest High for Long Positions:
Identify the highest price over the past 22 days.

Lowest Low for Short Positions:
Identify the lowest price over the past 22 days.

Chandelier Exit for Long Positions:

Chandelier Exit (Long)
=
Highest High
−
(
3
×
ATR
)
Chandelier Exit (Long)=Highest High−(3×ATR)
Chandelier Exit for Short Positions:

Chandelier Exit (Short)
=
Lowest Low
+
(
3
×
ATR
)
Chandelier Exit (Short)=Lowest Low+(3×ATR)
Practical Considerations:
Volatility Adjustments:

The ATR multiplier can be adjusted based on the trader’s risk tolerance and the volatility of the asset. A higher multiplier will result in a wider stop-loss, providing more room for price fluctuations.
Period Adjustments:

The period used for calculating the Highest High and Lowest Low can be adjusted. Shorter periods will result in more sensitive stop-loss levels, while longer periods will provide more stability.
Market Conditions:

The Chandelier Exit is particularly useful in trending markets but might require adjustments or complementary indicators in ranging or volatile markets.
Conclusion:
The Chandelier Exit indicator is a valuable tool for traders looking to manage risk and set dynamic stop-loss levels based on the volatility of the asset. By adjusting the ATR multiplier and the period, traders can tailor the indicator to suit their specific trading strategies and market conditions.

Further Reading and Tools:
"The New Technical Trader" by Tushar Chande and Stanley Kroll: A book that covers various technical indicators, including the Chandelier Exit.
Trading Platforms: Most trading platforms, such as TradingView, MetaTrader, and Thinkorswim, offer built-in Chandelier Exit indicators that can be easily applied to charts.