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Trailing Stops By Chuck LeBeau and Terence Tan
跟踪止损 作者：Chuck LeBeau and Terence Tan
Now that we have taken the necessary precautions to avoid catastrophic losses
by using disciplined money management stops, it is appropriate to concentrate
on strategies that are designed to accumulate and retain profits in the market.
When properly implemented these strategies are intended to accomplish two important
goals in trade management: they should allow profits to run, while at the same
time they should protect open trade profits.
既然我们已经认识到必须通过严格的资金管理止损策略等措施来防止灾难性损失，现在是到重点关心那些用来扩大和保护盈利的策略的时候了。正确执行这些策略是为了实现两个重要的投资管理目标：不仅能让已有的盈利继续扩大，同时还必须能保护已有的浮动盈利。
While their application is extremely wide, we do not believe that trailing stops
are appropriate in all trading circumstances. Most of the trailing exits we
will describe are specifically designed to allow profits to run indefinitely.
Therefore they are best used with trend following type systems. In counter-trend
trading, more aggressive exits are more suitable. The “when you’ve got a profit,
take it” philosophy works best when you are trading counter-trend, since the
anticipated amount of profits is limited. However, to take quick profits in
a trend is usually an exercise in frustration: we exit the market with a small
profit only to watch the huge trend continue to move in our direction for days
or months after our untimely exit. We therefore recommend using different exit
strategies based on the underlying market condition. We will discuss the more
aggressive exits later; for now we will concentrate on exits designed to accumulate
large profits over time.
尽管跟踪止损的应有范围极其广泛，丹我们相信跟踪止损不适用于所有的交易环境。我们提到的大多数跟踪止损是专门用来实现盈利继续扩大目的的，因此，这些策略用在趋势跟踪系统上最有效。在反趋势交易中，采用更具进攻性的止损策略更合适。“一旦有盈利，就把它放进口袋”的交易理念更适合于反趋势交易，因为期望收益是有限的。然而，如果你的交易是顺着趋势的，那么“立即将盈利放进口袋”的行为会让你有挫折感：我们以很小的盈利退出市场，然后眼睁睁的看着市场在随后的几天或者几个月内继续向着我们交易的方向走出一个很壮观的趋势。因为我们建议在不同的市场背景下使用不同的退出策略。以后我们会讨论更具进攻性的退出策略，现在我们重点讨论利用时间帮我们积累大幅盈利的退出策略。
A thorough understanding of trailing stops is critical for trend-following traders.
This is because trend following is typically associated with a lower percentage
of profitable trades; which makes it particularly important to capture as much
profit as possible when those large but infrequent trends occur. Typical trend
followers make most of their profits by capturing only a few infrequent but
very large trends, while managing to cut losses effectively during the more
frequent sideways markets.
彻底理解跟踪止损对于趋势跟随者来说是极其关键的，这是因为典型的趋势追随交易的成功几率都是比较低的，这使得在不常出现但规模很大的长期趋势中抓住尽可能多的盈利变得极其重要。典型的趋势跟随者，大部分盈利都来自于抓住不常出现的长期趋势，同时能在设法更频繁出现的横盘市中有效降低损失。
The rationale behind the use of the trailing stop is based on the anticipation
of occasional extremely large trends and the possibilities of capturing substantial
profits during these major trends. If the entry is timely and the market continues
to trend in the direction of the trade, trailing stops are an excellent exit
strategy that can enable us to capture a significant portion of that trend.
跟踪止损策略的理论基础有两个，一个是对偶尔会出现的大规模趋势的期望，另外一个是有可能抓住主要趋势的绝大部分盈利。如果入场时机合适而且市场继续向着我们交易的方向前进，跟踪止损是一个完美的止损策略，它能帮助你抓住一个趋势的绝大部分。
The trailing stops we will describe in this and following articles have similar
characteristics that are important to understand as we use them to design our
trading systems. Effective trailing stops can significantly increase the net
profits gained in a trend-following system by allowing us to maximize and capture
large profitable trades. The ratio of the average winning trade to the average
losing trade is usually improved substantially by the use of trailing stops.
However there are some negative characteristics of these stops. The number of
profitable trades is sometimes reduced since these stops may allow modestly
profitable trades to turn into losers. Also, occasional large retracements in
open trade profits can make the use of these stops quite difficult psychologically.
No trader enjoys seeing large profits reduced to small profits or watching profitable
trades become unprofitable.
我们在本文以及后续一些列文章中讨论的各種跟踪止损方法都有一些相似的特征，理解这些特征是非常重要的，因为跟踪止损是交易系统的组成部贩N弧Ｓ行У闹顾鸩呗阅馨镂颐亲畲笙薅鹊淖プ∮灰祝蚨芟灾岣咔魇聘嫦低车木焕蟆Ｍü褂酶僦顾穑颐悄苊飨蕴岣咂骄乇ǘ云骄魉鸬谋嚷剩欢僦顾鸩呗砸灿腥钡悖苋靡恍┍纠从兄械扔慕灰妆涑煽魉鸾灰祝蚨惺被峤档陀灰椎拇问４送猓级鱿值母《拇蠓跫跞媒灰渍咴谛睦砩虾苣呀邮苷夥N止损策略。看到大幅盈利变成很小的盈利或者看到盈利头寸变成亏损头寸，没有交易者会开心的。
The Channel Exit
通道止损策略
The simplest process for following a trend is to establish a stop that continuously
moves in the direction of the trend using recent highest high or lowest low
prices. For example, to follow prices in an uptrend, a stop may be placed at
the lowest low of the last few bars; for a downtrend, the stop is placed at
the highest high of the last few bars. The number of bars used to calculate
the highest high or lowest low price depends on the room we wish to give the
trade. The more bars back we use to set the stop, the more room we give the
trade and consequently the larger the retracement of profits before the stop
is triggered. Using a very recent high or low point enables us to take a quick
exit on the trade.
最简单的趋势跟随策略是让止损点跟随着趋势前进的方向不断向前移动，可以用近期高点或近期低点的移动方向来判定趋势方向。例如，在上升趋势中止损点可以放在最近几根K线的最低点处；在下降趋势中止损点可以放在最近几根
K线的最高点处。用来判定最高点和最低点的K线条数取决于我们愿意给交易多少变化空间。我们用来越多的K线条数来确定止损点，我们给予交易的变化空间越大，相应的，在触发止损前盈利回撤的幅度也会越大。使用越近的高点或低点，止损被触发的速度也越快。
This type of trailing stop is commonly referred to as a “Channel Exit”. The
“channel” name comes from the appearance of a channel formed from using the
highest high of X bars and the lowest low of X bars for short and long exits
respectively. The name also derives from the popular entry strategy that uses
these same points to enter trades on breakouts. Since we are focusing on exits
and will be using only one boundary of the channel, the term “channel” may be
a slight misnomer, but we will continue to refer to these trailing exits by
their commonly used name.
这種跟踪止损常常被叫做“通道止损”。我们使用最近X根K线的最高点和最低点分别作为我们的短期和长期止损点，所有这些高点和低点构成一个形似通道的带状区域，因而我们把它称之为“通道”。该名字也衍生于一種流行的入市策略，当突破刚才提到的那些高低点时就入市交易。由于我们现在只关心退出策略，而且只使用通道的其中一条边界，似乎使用“通道”这个名称有点说不过去，但我们还是决定使用习惯名称来表示这種跟踪止损策略。
词汇笔记：Misnomer 错误的名字，使用不当的名字（称）；名字（称）的误用
For most of our examples we will assume that we are working with daily bars
but we could be working with bars of any magnitude depending on the type of
system we are designing. A channel exit is extremely versatile and can work
equally well with weekly bars or five-minute bars. Also keep in mind that any
examples referring to long trades can be equally applicable to short trades.
在大多数例子中我们假定我们用的是日K线图，但完全适用于其他任一时间尺度K线图，我们都知道不同的交易系统使用不同时间尺度的线图。通道止损策略适用范围极其广泛，能毫无差别的胜任周K线图和5贩N覭线图。同样要记住的是，我们所举的例子不仅适用于长期交易策略，同时也适用于短期交易策略。
The implementation of a channel exit is very simple. Suppose we have decided
to use a 20-day channel exit for a long trade. For each day in the trade, we
would determine the lowest low price of the last 20 days and place our exit
stop at that point. Many traders may place their stops a few points nearer or
further than the actual low price depending on their preferences. As the prices
move in the direction of the trade, the lowest price of the last twenty days
continually moves up, thus “trailing” under the trade and serving to protect
some of the profits accumulated. It is important to note that the channel stop
moves only in the direction of the trade but never reverses direction. When
prices fall back through the lowest low price of the last twenty days, the trade
is exited using a sell stop order.
通道止损策略的使用方法是很简单的。假定我们选择20天期通道作为我们长期交易系统的止损点，我们每一天都要确定最近20天的最低点，并以此作为我们的止损点。许多交易者会根据他们的喜好将他们的止损点放在实际价格低点的上方或下方。当价格向着我们交易的方向运动时，最近20天低点也随着不断上移，因此该策略不仅能“跟踪”趋势，还能保护不断累积的盈利。通道止损点只会向着我们持仓的方向移动而不会逆着我们持仓的方向移动，注意到这一点非常重要。当价格击穿最近20天低点，就会触发我们的卖出止损指令，退出交易。
The first and obvious question to answer about channel exits is how many bars
to use to pick the exit point. For example, should we set our stop at the lowest
low of 5 days or the lowest low of 20 days, or some other number of days? The
answer depends on the objectives of our system. A clearly stated set of objectives
for the system is always very helpful at these important decision points. Do
we want a long-term system with slow exits or do we want a short-term system
with quicker exits? A longer channel length will usually allow more profits
to accumulate over a long run if there are big trends. A shorter channel will
usually capture more profits if there are smaller trends. In our research, we
have found that long-term systems generally work well with a trailing exit at
the lowest low or the highest high of the last 20 days or more. For intermediate
term systems, use the lowest or highest price of between 5 to 20 days. For short-term
systems, the lowest or highest price of between 1 to 5 days is usually optimal.
对于通道止损策略，最容易想到的一个問題是为了设置合理的止损点需要几根K线。例如我们是把止损点放在最近5天低点还是最近20天低点，或者是其它时间周期内的低点？答案取决于我们交易系统的目标。明确的目标往往有助于我们在这些重要的問題上做出选择。我们喜欢短期交易系统，还是喜欢长期交易系统？前者需要迅速止损，后者止损较为宽松。在大趋势中，长周期的通道止损策略可以让我们积累更多的盈利；在小趋势中，短周期的止损策略可以让我们抓住更多的利润。在研究中，我们发现把长期交易系统的止损点放在最近20天（或更长周期内的）最高点或最低点时其表现通常都很好；对于中期交易系统，可以把止损点设置在最近5～20天内的最高点或最低点处；对于短期交易系统，把止损点设置在最近1～5天内的最高点或最低点处通常表现最好。
Trailing stops with a long-term channel accumulate the largest open profits
if there is a sustained trend. However this method will also give back the largest
amount of open profits when the stop is eventually triggered. Using a shorter
channel can create a closer stop in order to preserve more open trade profits.
As can be expected, the closer stop often does not allow profits to accumulate
as nicely as the longer channel, and often causes us to be prematurely stopped
out of a large trend. However, we have noticed that a very short channel length
of between 1 to 3 bars is still highly effective in trailing a profitable trade
in a runaway trend. The best type of channel exit to use in a runaway trend
is a very short channel, for example 3 bars in length. We have observed that
this exit in a strong trend often keeps us in a trade until we are close to
the end of the trend.
在一个相当持久的趋势中，使用长周期的通道跟踪止损策略能积累起巨大的浮动盈利；然而当止损点最终被触发时，该方法仍然会回吐大量的浮动盈利。短周期的通道止损策略设置的止损点较近，因而能保护更多的浮动盈利。正如你想到的，较近的止损点通常不象较远的长期止损点那样善长于积累盈利，往往会使我们过早的被止损出大趋势。然而，我们观察到在一个失控的趋势中使用非常短期的通道止损点能非常有效的保护赢利交易，比如1～3根K线的时间周期。在失控的趋势中，最好的通道止损策略是短周期通道止损策略，比如3根K线的时间周期。我们观察到在一个强劲的趋势中，这種短周期通道止损策略能让我们一直坚持呆在市场内，直到趋势快要结束时。
It appears that there is a conflict of exit objectives here. A longer channel
length will capture more profit but give back a large proportion of that profit;
a shorter channel length will capture less profit, but protect more of what
it has captured. How can we resolve this issue and create an exit that can both
accumulate large profits, as well as protect these profits closely? A very effective
exit technique calls for a long-term channel to be implemented at the beginning
of the trade with the length of the channel gradually shortened as larger profits
are accumulated. Once the trade is significantly profitable, or in a strongly
trending move, the goal is to have a very short channel that gives back very
little of the large open profit.
显然这種止损策略目标是有冲突的。通道止损策略使用的时间周期越长就越能抓住更多的利润，但止损点一旦被触发还是会回吐大量的利润；通道止损策略使用的时间周期越短能抓住的利润就越少，但它能保护更多的浮动盈利。如何才能解决这个問題？如何才能找到这么一个止损策略，它既能积累大量盈利又能很好的保护账面利润。一个有效的止损技术是在交易初期使用长周期的通道止损策略，然后随着账面利润的逐渐累积逐步缩短通道止损策略的时间周期。一旦交易获得可观的利润，或者出现一个非常强劲的趋势运动后，我们就应该使用非常短周期的通道止损策略，目的是只回吐巨幅浮动盈利中的极小一小部分。
Here is an example of how this method might be implemented. At the beginning
of a long trade, after setting our previously described money management stop
to avoid any catastrophic losses, we will trail a stop at the lowest low of
the last 20 days. This 20-day channel stop is usually far enough from the trade
to avoid needless whipsaws and keep us in the trade long enough to begin accumulating
some worthwhile profits. At some pre-determined level of profitability, which
can be based on a multiple of the average true-range or some specific dollar
amount of open profit, the channel length can be shortened to take us out of
the trade at the lowest low of 10 days. If we are fortunate enough to reach
another higher level of profitability, like 5 average true ranges of profit
or some other large dollar amount, we can shorten the channel further so that
we will exit at the lowest low of 5 days. At the highest level of profitability,
perhaps a very rare occurrence, we might even be able to place our exit stop
at the previous day’s low to protect the great profit we have accumulated. As
you can see, this strategy allows plenty of room for profits to accumulate at
the beginning of a trade and then tightens up the stops as profits are accumulated.
The larger the profits, the tighter our exit stop. The more we have, the less
we want to give back.
下面是一个应用这種方法的例子。在长线交易初期，我们先根据我们以前讨论的方法设置一个资金管理止损点以防止任何灾难性亏损，然后我们在近期20天最低点处设置一个跟踪止损点。20天周期的通道止损点通常能很好地保护我们避免市场来回拉锯的伤害，让我们坚持长线仓位以累积应得的利润。当我们实现计划中的盈利后，比如以ATR为单位的盈利目标或基于具体美元数量的盈利目标实现后，我们就可以缩短通道止损策略的时间周期，比如将止损点设在近期10天低点处。如果我们很幸运，再次获得另一份巨额盈利（比如5ATR的盈利，或以美元为单位的巨额盈利），我们可以再次缩短时间周期，比如将止损点设在近期5天低点处。如果获得大到不能再大的赢利水平后，这是一種极其少见的情况，我们甚至可以把止损点放在前一天的低点处以保护我们已累积起来的巨额盈利。正如你看到的，这種策略在交易初期设置较为宽松的止损点允许利润不断累积，然后随着盈利的增加逐步收紧止损点。赢利越多，止损点越紧；积累的赢利越多，我们允许回吐的赢利越少。
There is another way of improving the channel exit that is worthwhile to discuss:
this is to contract (or expand) the traditional channels using the height of
the channel, or some multiple of the average true range. How this might work
is as follows: Supposing you are working with a 20-day channel exit. First you
calculate the height of the channel, as measured by the distance between the
highest 20-day high and the lowest 20-day low. Then you contract the channel
by increasing the lowest low value and decreasing the highest high value previously
obtained to determine the exit points. For instance, in a long trade, you could
increase the lowest low price by 5% of the channel height or 5% of the average
true range, and use that adjusted price as your exit stop. This creates a slightly
tighter stop than the conventional channel. More importantly, it allows you
to execute your trade before the multitude of stops that are already placed
in the market at the 20-day low.
另外一个值得讨论的改善通道止损策略的方法是：利用通道宽度或ATR来收缩（或扩张）传统的通道止损策略。方法如下：假定你正在使用20天期的通道止损策略，首先是计算通道的宽度，也就是最近20天最高点与最近20天最低点间的距离。然后将之前得到的20天低点和20天高点分别上移和下移一定的距离，这样就能将通道收缩。例如，在长线交易中，可以将止损点调整到比近期价格低点高5％通道宽度或5％ATR的地方。用这種方法得到的止损点比传统的通道止损点更容易被触发。更重要的是，该方法能让你先他人一步止损，因为市场上有很多止损点是放在最近20天低点处的。
The last point can be considered an important disadvantage of the channel exit.
The channel breakout methods are popular enough to cause a large number of entry
and exit stops to be placed at previous lowest low and highest high prices.
This can cause a significant amount of slippage when attempting to implement
these techniques in your own trading. The method of adjusting the actual lowest
low or highest high price by a percentage of the overall channel height or the
average true range is one possible way to move your stops away from the stops
placed by the general public and thereby achieve better executions on your exits.
最后一点要考虑的是通道止损的一个非常重要的弱点。通道突破方法是如此的流行，以至于在前期地点或高点处会触发大量的止损单或入场单，因而当你在交易中使用这些技术时会发现明显的价格滑动。用某一百分比的通道宽度或ATR来调整实际价格低点或高点的方法或许是一種将你的止损点与一般大众的止损点区别开来的方法，从而让你更好的执行止损交易。
Trailing Stops - The Chandelier Exit December 3, 1999By Chuck Le Beau and Terence
Tan
跟踪止损——吊灯止损策略 In Bulletin #34 we discussed the Channel Exit which trails a
stop based on previous LOW points. In this Bulletin we will discuss a stop placement
strategy that trails our stop based on previous HIGH points.
再上一篇文章中我们讨论了通道止损策略，该策略以前期低点为参照物来设置跟踪止损点。在本文中我们将讨论另外一種跟踪止损策略，该策略以前期高点为参照物来设置止损点。
The Chandelier Exit hangs a trailing stop from either the highest high of the
trade or the highest close of the trade. The distance from the high point to
the trailing stop is probably best measured in units of Average True Range.
However the distance from the high point could also be measured in dollars or
in contract based points.
吊灯止损策略将跟踪止损点设置在市场最高价（或最高收盘价）下方某个地方处，该最高价（或最高收盘价）是从我们进入市场以后开始计算的，由该策略生成的止损点就象是从市场最高价的“天花板”上悬挂下来的吊灯。止损点与市场高点间的距离或许以ATR来衡量最好，当然也可以用美元数量来衡量，或者以合约价格点数来衡量。
Here are three simple examples: (As usual we will use long side examples. Simply
reverse the logic for short trades.) （略）
1. Place a stop at the highest high since we entered the trade minus three
Average True Ranges. 2. Place a stop at the highest high of the trade minus
$1500.00. 3. Place a stop at the highest high of the trade minus 150 points.
（略）
The value of this trailing stop is that it moves upward very promptly as higher
highs are reached. The Chandelier name seems appropriate and should help us
to remember the logic of this very effective exit. Just as a chandelier hangs
down from the ceiling of a room, the Chandelier Exit hangs down from the high
point or the ceiling of our trade.
该跟踪止损点的优点在于当市场不断创出新高时止损点能相应迅速上移。“吊灯”这个名字似乎起的蛮合适的，它能帮我们理解这種有效的止损策略的设计方法。（后面略）
The reason we prefer to use units of Average True Range to measure the distance
from the high to our stop is that the ATR is applicable across markets and is
adaptive to changes in volatility. We can use the same formula to trade corn,
yen, coffee, or stocks. If the trading ranges expand or contract our stop will
automatically adjust and move to the appropriate level continuously staying
in tune with changing market conditions. (Members who are not already familiar
with the many valuable applications of Average True Range should be sure to
review Bulletins #10, 11, 13, and 14.) （略）
In Dr. Van K. Tharp's excellent book, Trade Your Way to Financial Freedom,
he refers to a study he conducted to demonstrate that an effective exit strategy
could produce profits even with random entries. We were not surprised to see
that the exit methodology he used to produce the profitable test results across
a diversified portfolio of futures markets was the Chandelier Exit. (Tharp used
three ATRs trailing from the highest or lowest close and used a ten-day exponential
moving average to calculate the ATR.) Van K. Tharp
在他那本非常优秀的《通向金融王國的自由之路》一书中引用了他做过的一个研究，该研究表明即使使用随机入市策略，有效的离市策略还是能使交易赢利。当我们看到他在分散的期货组合中使用的能产生盈利的离市方法是吊灯止损策略时，我们一点也不奇怪。（Tharp将跟踪止损点设置在距离最高收盘价或最低收盘价3ATR的地方，他是用10天移动平均来计算ATR的。）
Protecting Open Profits When we discussed the Channel Exit in Bulletin #34
we suggested that at the beginning of a trade we should use a wide stop and
then, as profits are accumulated, tighten the stop by reducing the number of
bars in the Channel. The same profit-protection logic can be applied using the
Chandelier Exit. At the beginning of a trade the distance to the stop in most
futures markets should probably be in the neighborhood of 2.5 to 4 Average True
Ranges. As the trade becomes increasingly profitable we can bring the stop closer
by reducing the units of ATR from the high to our stop. Let's assume that we
started with 3 ATRs at the beginning of the trade. After we have reached our
first profit level we might tighten the stop to trail the high point at only
1.5 ATRs. After the second profit level is reached we might want to tighten
the trailing stop to only one ATR. We have had good results with some highly
profitable trades by trailing exits as close as a half an ATR. We have found
that some markets have better trending characteristics than others and we prefer
to adjust the trailing stops on a market by market basis so there is no universal
formula that we would recommend. The important message we want to convey is
that to capture the maximum profit potential of trend-following trades the trailing
stops need to be tightened as significant profits are accumulated. （以上几段主要讨论如何保护盈利，在交易初期可以使用较宽松的止损，随着盈利的增加逐渐收紧止损以保护盈利。此方法与上一贴讨论的方法一致，故略去上面内容重复的几段翻译）
Keep in mind that although the highs used to hang the Chandelier move only
upward the changes in volatility can shorten or lengthen the distance to the
actual stop. If you want to see less fluctuation in the stop distance use a
longer moving average to calculate ATR. If you want the stop placement to be
more adaptive to changing market conditions, use a shorter moving average. We
normally use about twenty bars to calculate the ATR unless there is a specific
reason to adjust it. In our experience the use of very short averages (3 or
4 bars) for the ATR can often create problems when there are brief periods of
small ranges that tend to bring the stops too close. These abnormally close
stops may cause us to exit prematurely. If we want to have a short and highly
adaptive ATR without risking placing stops that are too close, we can calculate
a short average and a longer average (maybe four bars and twenty bars) and use
the average that produces the widest stop. This technique allows our stops to
move away quickly during periods of high volatility without the risk of being
unnecessarily whipsawed during brief periods of low volatility.
需要记住的是尽管悬挂在市场高点上的吊灯止损点只会向上移动，但止损点与市场高点间的距离却应该随着市场波动性的改变而增减。如果你希望止损点与市场高点间的距离的变化不要过于剧烈，你可以使用长期ATR；如果你希望止损点与市场高点间的距离更好的反映市场的变化，可以使用短期ATR。我们通常用20条K线来计算ATR，除非我们有特殊的理由使用其他时间周期的ATR。我们的经验是当市场暂时处于小幅波动时，使用短期ATR（3～4根K线）常常使我们将止损点设得太紧，这常常会造成一些麻烦。止损点设得过紧，会使我们过早的退出市场。如果我们即想使用极其灵敏的短期ATR，又不用担心是否将止损点设得太紧，我们可以同时计算出短期和长期ATR（比分别使用4条和20条
K线），然后选择较大的那个，这样我们的止损点就不会太紧。这个方法既能让我们的止损点在市场波动性变高时迅速远离市场高点，同时又不会让我们在市场波动性暂时变小时被无谓的止损出局。
Combining the Channel Exit and the Chandelier
综合使用通道止损策略和吊灯止损策略
We like to start our trades with the trailing Channel Exit and then add the
Chandelier Exit after the price has moved away from our entry point so that
the open trade is profitable. The Channel Exit is pegged at a low point and
does not move up as new profits are reached. The Channel Exit will move up only
when enough time has passed that the previous low is dropped from the data period
of the channel. The Channel Exit moves up very gradually over time but it does
not move up relative to any recent highs that are being made. This is why we
need the Chandelier Exit in place to make sure that our exits are never too
far away from the high point of the trade.
我们喜欢在交易初期使用通道止损策略，然后当价格离开我们的入场点时使用吊灯之损策略，如此就可以保护我们的浮动盈利。通道止损点仅盯牢价格低点，有时不会随着盈利增加而上移。当然，经过一段时间后，当前期低点落在我们的计算周期以外后，随着使用更高的价格低点，通道止损点也会向上移动的。通道止损点会随着时间的增加逐步上移，当不会因为最近价格达到新高而上移。这就是为什么我们需要在合适的时机引入吊灯止损策略的原因，我们要确保我们的止损点不会远离价格高点。
By combining the two exit techniques we can use the Channel Exit as an appropriate
stop that very gradually rises at the beginning of the trade. However if the
trade makes a run in our favor the prices will quickly move very far away from
our slowly trailing Channel Exit. Once we are profitable we need to have a better
exit that protects more of our profit. At this point it would make sense to
switch to the Chandelier Exit which will rise instantly whenever new highs are
reached. This valuable feature of the Chandelier makes it one of our most logical
exits from our profitable trades.
通过综合使用这两種离市技术，我们可以在交易初期获得一个逐步上移的止损点，然后当市场向着我们持仓的方向奔跑时我们又可以拥有一个迅速上移的止损点，这可以保护更多的浮动盈利。通道止损策略适合用于前一个止损点，而吊灯止损策略更能满足后一个止损点的要求。从保护浮动盈利的角度来说，这種止损策略的转换是合理的，当市场创出新高时，吊灯止损点总是能同时跟着上移。吊灯止损策略的这个优点是其成为在我们盈利交易所中使用的最合理的离市策略中的一種。
As you can see, the Chandelier Exit is a very useful tool. However coding the
Chandelier Exit in TradeStation is not necessarily a straightforward matter.
For the convenience of our members we are posting the TradeStation code on our
web site at: http://www.traderclub.com/toolkit.htm#chandelier
正如你看到的，吊灯止损策略是一项非常有用的工具。然而在TradeStation中为吊灯之损策略编程却不是一件容易的事。为了方便我们的会员，我们将相应的TradeStation程序放在我们的网站上：http://www.traderclub.com/toolkit.htm#chandelier
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