Chandelier Exit Indicator for MT5 Download - Free [TradingFinder]

Setting a stop loss for every trade position is crucial for traders. Usually, traders manually draw stop loss levels on the price chart.

The famous analyst Charles Lehnert developed the Chandelier Exit indicator in MetaTrader 5.

This indicator calculates and examines the Average True Range (ATR) and plots optimal and dynamic stop loss levels on the chart.

Using this indicator, traders can enhance their trading strategies and avoid exiting trades too early.

Specifications Table for Automatic Fibonacci Indicator

This table represents the main and key specifications of the indicator:

Uptrend Conditions

According to the 4-hour price chart of Ethereum (ETH), the Chandelier Exit indicator plots the dynamic stop loss right below the price.

The stop loss lines adjust based on price movements and fluctuations. As the price increases, the stop loss also rises accordingly.

Downtrend Conditions

According to the 1-hour price chart of the EUR/USD currency pair, the Chandelier Exit indicator plots the dynamic stop loss right above the price.

The stop loss lines adjust based on price movements and fluctuations. As the price decreases, the stop loss also moves downward.

Indicator Settings

The image below belongs to the settings section of the Chandelier Exit indicator:

• Period: Calculates exit levels based on 22 candles;
• Chandelier 1st multiplier: The first multiplier is set to 3.0;
• Chandelier 2nd multiplier: The second multiplier is set to 4.5;
• Look-back period: The look-back period is set to 22;
• Theme: Indicator Theme.

Conclusion

The Chandelier Exit indicator is a useful technical analysis tool in MetaTrader 5. This indicator has a significant positive impact on risk and capital management.

Traders using this powerful tool can protect their capital and avoid exiting trades prematurely. The Chandelier Exit indicator also helps identify price reversal zones for further analysis.