Chandelier Exit Indicator for MT5 Download - Free [TradingFinder]

Setting a stop loss at the correct levels in every trade position is of high importance for traders. The Level Setting Indicator (Chandelier Exit) is an indicator in MetaTrader 5 that determines stop loss levels by calculating the Average True Range (ATR) and marks potential areas for stop loss placement on the chart.

The areas marked by the indicator are dynamic and are automatically adjusted based on whether the trend is bullish or bearish.

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, thestop 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 movesdownward.

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 designed to assist traders in managing risk and capital. By using this risk management indicator, traders can preserve their capital and avoid premature exits from trades.