Chandelier Indicator for MetaTrader 4 Download – Free – [TFlab]

The Chandelier Indicator is designed to display a Trailing Stop in the MetaTrader 4 platform. This technical analysis tool uses the Average True Range (ATR) to plot levels above and below the price.

Additionally, this indicator draws vertical lines to highlight phase shifts in price trends, such as transitions from bullish to bearish and vice versa.

Chandelier Indicator Specifications Table

The table below outlines the specifications and features of the Chandelier Indicator:

Overview of the Chandelier Indicator

The Chandelier Indicator features two parallel dynamiclines that define a range of price fluctuations. It also draws vertical lines on the chart to signal a change in trend direction.

A pink vertical line signals the beginning of a bullish trend, while a blue vertical line marks the start of a bearish trend. During these conditions, the dynamic lines act as support and resistance levels.

Bullish Trend Analysis

In the example chart of Gold to US Dollar (XAU/USD) on a 30-minute timeframe, the Chandelier Indicator highlights a shift from a bearish to a bullish trend with a pink vertical line.

Under these conditions, the dynamic line below the price acts as a support zone, and the area beneath it becomes ideal for placing stop loss levels.

Bearish Trend Analysis

In the chart of GBP/USD on a 1-minute timeframe, a transition from range-bound to bearish movement is identified with a blue vertical line. According to the chart, the dynamic line above the price acts as resistance, providing an appropriate place for the stop loss.

Chandelier Indicator Settings

The image below shows the settings of the Chandelier Indicator:

• ATR Multiplier: Calculates the distance between high and low based on ATR
• ATR Period: Defines the number of candles used to calculate the ATR period

Conclusion

Using its dynamic and vertical lines, the Chandelier Indicator displays optimal entry and exit points for trades. Additionally, it serves as a Trailing Stop tool.

The vertical lines of this trading tool clearly indicate changes in trend direction and enhance the accuracy of market analysis.