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back periods for Average True Range。
很多软件里面都有真实波动幅度。真实波动幅度是计算一段时间真实波动幅度的平均值得到的。多长时间是一段时间？你可以从一个月开始，但是有电脑的交易者可以轻松地测试不同的时间段。
The Chandelier Exit subtracts the Average True Range； multiplied by a coefficient； from the highest point reached by the trend。 Its formula is：
吊灯止损利用了真实波动幅度的理论，乘以一个系数，从最高点到趋势，公式为：
Chandelier = HP … coef · ATR
where
Chandelier = the Chandelier Exit
HP = the highest point for a selected number of days
Coef = the coefficient； selected by the trader
ATR = Average True Range for a selected number of days
吊灯=HP…系数·ATR
吊灯=吊灯止损
Coef=系数，交易者自己选择
ATR=一段时间的真实波动幅度
If an uptrend is boiling and daily ranges are wide； then stops fall a little farther away。 If the uptrend is quiet and calm with more narrow ranges； the stops inch a little closer。
如果上涨趋势很振荡，日波动幅度很宽，那么止损就会比较远。如果上涨趋势很平静，日波动很窄，那么止损比较接近。
In Windows on Wallstreet software； the formula for the Chandelier Exit is：
在“华尔街”软件里，吊灯止损的公式为：
Hhv（hi； 22） … 3 · ATR（22）
Hhv（hi； 22） is the highest high reached in the past 22 days and ATR（22） is the Average True Range for the past 22 days。 Try to test other parameters in the markets you like to trade。
Hhv（hi； 22）是过去22天最高价，ATR（22）是过去22天真实波动幅度均值。尽量在你喜欢的市场测试更多参数。
This formula multiplies the Average True Range by three before subtracting it from the high of the past 22 trading days。 A serious trader is passionate about his research。 Such a person will immediately notice that this formula contains three variables … the length of the lookback period for the highest high； the length of the lookback period for the True Range； and the coefficient for multiplying Average True Range。 It probably doesn’t pay to fiddle with the first variable； as the highest high in a runaway uptrend is likely to be close to the right edge and most lookback periods catch it。 The Average True Range is only slightly more sensitive to the length of its lookback period。 A more fertile ground for experimenting is the ATR coefficient。 If everyone has their stops at 3 ATRs below the peak； wouldn’t you like to see what happens if you set your stop at 3。5 or 2。5？
真实波动幅度均值先乘以3，再被22天最高价减去。一个认真的交易者会对自己的研究痴迷。这样的人会立刻发现这个公式包含了3个变量——包含最高价的一段时间的天数，一段时间的真实波动幅度，一个系数。第一个变量可以不管，因为上涨时的最高点应该很接近现在，如何天数都可以。真实波动幅度均线对时间的天数有点敏感。真实波动幅度均线的系数也要多次测试。如果每个人的系数都是3倍，那么如果你设置为3。5或2。5倍会如何呢，你想知道吗？
The Chandelier Exit can be used to trail profits on short positions in runaway downtrends。 There the formula bees：
吊灯止损可以在下跌趋势中跟踪空头仓位的利润。这是公式：
Llv（lo； 22） ＋ 3 · ATR（22）
Llv（lo； 22） is the lowest low reached in the past 22 days and ATR（22） is the True Range for the past 22 days。
Llv（lo； 22）是过去22天的最低价，ATR（22）是过去22天的真实波动幅度均值。
Figure 6。10 The Chandelier Exit
图6。10 吊灯止损
In an uptrend； the Chandelier Exit hangs from its uppermost point； 3 Average True Ranges below the extreme。 It does a good job of helping catch the bulk of the uptrend； stopping traders out and protecting profits at points A； B； and C。 Notice that as volatility increases the Chandelier gives a stock a little wider stop； receding from prices。
在上涨趋势中，吊灯止损从最高点吊下来，离极限价格的距离是3倍的真实波动幅度均值。它能帮助抓到大波动，止损，在A，B，C点保护利润。请注意当波动激烈时，吊灯的止损变宽了，在价格下面。
At the right edge of the chart； the Chandelier Exit has taken profits just as the decline got under way。 Wait until your system gives you a new buy signal； and when it does； hang a new Chandelier on that trend。
在图的右边，当价格下跌时，吊灯止损已经兑现了利润。继续等待，直到你的系统给出新的信号，那时再用新的吊灯止损。
Experienced traders sometimes joke that bear markets have no support and bull markets no resistance。 A runaway trend can overshoot all rational expectations。 The Chandelier deals with that by tying its stops to the price extreme as well as volatility。
有经验的交易者有时开玩笑说，下跌时没有支撑，上涨时没有压力。一个超大趋势会超出所有人的理性思考。吊灯止损就可以处理，它在价格下面放止损。
The negative side of Chandelier Exits is that they give up a great deal of profit。 Three Average True Ranges can amount to a lot of money in a volatile market。 A beginning trader is better off taking his profits at the channel wall。 A more advanced trader whose market is hitting its channel wall while showing great strength is more likely to switch to a Chandelier Exit。 If he holds a large position； he may take partial profits at the channel wall and carry the rest using the Chandelier。 The Chandelier Exit may act a backup exit strategy for experienced traders。
吊灯止损的缺点是容易放弃大量利润。在波动的市场，3倍的真实波动幅度均值可是很多钱啊。新手最好在通道枪兑现利润。有经验的交易者如果发现价格碰到了通道边缘，然而还有很强的力量，那么可以转到吊灯止损。如果他的仓位很大，他可以在通道边缘附近兑现部分利润，剩下来的仓位等吊灯止损。对于有经验的交易者，吊灯止损可以作为备用出场策略。
Gamblers lose fortunes trying to nail tops and bottoms。 A good trader is a realist who wants to grab a chunk from the body of a trend； leaving top…and bottom…fishing to people on an ego trip。 The Chandelier Exit helps take care of that chunk。
赌徒在寻找顶和底的过程中亏了很多钱。优秀的交易者很现实，他只想抓住大趋势的一部分，把寻找顶和底的工作让给其他人。吊灯止损就能帮忙找到这一部分。
CHOOSING WHAT TO TRADE
选择交易什么
Open a newspaper； and thousands of listings leap at you from the pages … stocks； mutual funds； futures； options； bonds； currencies。 Your data provider may offer a menu of 20；000 items or more。 Were you to download and review all of them； spending just two seconds on each； that process would take 11 hours。
打开报纸，几千个数据展现在你面前——股票，共同基金，期货，期权，债券，外汇。你的数据服务商提供的产品会超过20000个。如果你下载研究它们，每个产品看2秒钟，这个过程需要11个小时。
Beginners worry about missing opportunities and try to look at as many markets as possible。 They often ask for advice on scanning software。 They want to sift through thousands of stocks for something like a bullish divergence in MACD…Histogram。 First of all； divergences； so visible to the naked eye； are notoriously hard to program。 The best programmer I know tells me he’s done it … it is the pinnacle of his success … using the most expensive software。 Even if a beginner could get hold of his program； that expense would be wasted because he wouldn’t know what to do with the stocks he found in that search。 He wouldn’t know how to trade them correctly。 A beginner is better off focusing on a handful of markets； learning all about them； and trading them with care and attention。
新手害怕错过机会，总想观察所有的市场。他们在扫描波动软件时，到处找建议。他们在几千个股票里面找东西，比如MACD柱的看涨背离。首先，用肉眼眼看见很容易，编程就很难。最优秀的编程高手告诉我他成功了——是他成功的顶峰——是使用最昂贵的软件。如果新手能得到他的软件，费用也会被浪费，因为他不知道如何处理软件发现的股票。他不知道如何正确地交易。新手最好是关注一些市场，全部学习，然后专心交易。
You are better off limiting yourself to as many markets as you can realistically follow each day。 Professionals study their markets daily to detect transitions from sleepy trading ranges to new trends。 The best time to profit from a trend is before it bees overpriced and volatile。
你最好把市场的数量限制在你每天能观察的数量上。专业人士每天观察市场，以发现从横盘到趋势的转机。最好的兑现利润的机会是超买和波动时。
Markets that make headlines tend to be overpriced and volatile。 If you read an article on the front page of a financial newspaper about a bull market in biotech stocks or see a report on the evening news about the high price of coffee； those trends are probably nearer the end than the beginning； and buying biotech stocks or coffee futures is probably very dangerous。
上报纸头条的商品一般都是超买的，波动大的。如果你看财经报纸，在首页看到一个生物科技公司股票大涨，或一个晚间新闻说咖啡的价格涨的高，这些趋势基本上已经到了末期了，此时买入生物科技股票或咖啡期货一般是危险的。
To understand a person or a group； it pays to know what they want and what they fear。 Journalists and editors most fear making a mistake that will make them look foolish。 They report trends only after anyone can see them because that way there is no mistake。 Even if they knew how to catch trends early； which they don’t； they wouldn’t dare print their findings for fear of being wrong and appearing ignorant。 Traders aren’t afraid of mistakes as long as they use money management； but journalists cannot afford such risks。 By the time they write up a trend； it has been going on for a while； volatility is high； risk management is difficult； and a major reversal is probably in the cards。
要了解一个人或一个集团，需要知道他们想什么，怕什么。记者和编辑害怕犯错，让他们看起来很傻。当所有人都看见一个趋势时，他们才会报道这个趋势，这样他们不会犯错。他们不知道趋势，即使他们知道如何提前抓住趋势，他们也不敢印刷，他们害怕犯错，害