Chandelier Exit Indicator for MT4 Download - Free [TradingFinder]

The Chandelier Exit Indicator, developed by the renowned trader and analyst Charles Le Beau, dynamically determines and plots trailing stop loss levels by calculating the Average True Range (ATR).

The areas marked by the indicator are suitable points for setting stop loss (SL). In addition to determining stop loss, using this MT4 risk management indicator is useful for identifying new trends and improving trading strategies.

Specifications Table for Automatic Fibonacci Indicator

Some of the options and features related to the indicator are presented in the table below:

Overview of the Chandelier Exit Indicator

The Chandelier Exit Indicator places stop loss levels below the price in uptrends and above the price in downtrends. With the ability to customize the ATR multiplier, traders can adapt this MT4 levels indicator to different trading strategies and use it to optimize their strategies.

Uptrend Condition

The 1-hour Bitcoin (BTC) price chart shows how the Chandelier Exit Indicator operates in an uptrend.

The Chandelier Exit sets the stop loss levels below the price in an uptrend. The dynamic stop loss adjusts based on price volatility and moves higher as the price increases.

Using a dynamic stop loss, this indicator enables traders to protect their profits and avoid premature exits.

Downtrend Condition

According to the 4-hour price chart of the EUR/AUD currency pair, the Chandelier Exit Indicator sets stop loss levels above the price in a downtrend.

Thedynamic stop loss adjusts based on price volatility and moves lower as the price decreases. Using a dynamic stop loss, this indicator protects traders' profits and avoids premature exits.

Indicator Settings

The settings of the Chandelier Exit indicator are customizable and are as follows:

• Range: The setting for the range is set to 22;
• ATR Period: The period for calculating the Average True Range (ATR) is set to 22;
• ATR Multiplier: The distance between the stop-loss levels and the price is 3.0;
• Theme: Indicator Theme.

Conclusion

The Chandelier Exit indicator is one of the MT4 indicators designed for risk management and determining stop loss levels. This indicator helps prevent premature exits from trades and allows traders to stay comfortably in both bullish and bearish trends.