Chandelier Indicator for MetaTrader 5 Download – Free – [TFlab]

The Chandelier Indicator displays a Trailing Stop using a dynamic line. This trading tool operates based on the Average True Range (ATR) and is recognized as one of the powerful tools in technical analysis.

One key feature of this indicator is its ability to signal price phase changes using colored vertical lines.

Chandelier Indicator Specifications Table

The specifications of the Chandelier Indicator are presented in the table below:

Overview of the Chandelier Indicator

In the Chandelier Indicator, levels are shown with vertical lines. When an uptrend begins, the trailing stop line appears below the price.

When a downtrend declines, a blue vertical line indicates the decline, and the trailing stop line is placed above the price.

Bullish Trend Analysis

According to the USD/JPY chart, during the 1-hour timeframe, a pink vertical line appears, after which the market begins its bullish movement.

Under these conditions, the area below the pink trailing stop line provides suitable trade entry points.

Bearish Trend Analysis

Based on the chart of Binance Coin (BNB) on the 1-hour timeframe, the market enters a range phase immediately after the blue vertical line and starts moving downward.

According to the chart, the trailing stop follows the price, and now, the area above the dynamic line can be considered the stop loss zone.

Chandelier Indicator Settings

The image below shows the settings panel of the Chandelier Indicator:

• Multiplier for ATR calculation: Sets the distance between the line and the price
• Period for ATR calculation: Number of candles used for ATR calculation
• Maximum bars to consider for ATR: Number of previous candles for calculations
• Shift of the indicator: Moves the lines left or right on the chart
• Candle type for triggering: Indicator changes based on the last candle
• Name of the vertical line: Name of the vertical line
• Date of the event: Placement date of the vertical line
• Color of the line: Color of the vertical lines
• Style of the line: Style of the vertical line
• Width of the line: Thickness of the vertical line
• Display line in the background: Show lines behind the candles
• Enable line selection for movement: Enable manual line repositioning
• Extend the line downward: Extend the line to the bottom of the chart
• Hide line in the object list: Show or hide the line in the "Object List"
• Z-order priority for mouse interaction: Line priority when interacting with other objects

Conclusion

The Chandelier Indicator, through a combination of dynamic and verticallines, identifies optimal entry and exit points for trades. In addition to trend analysis, this trading tool also functions as a Trailing Stop mechanism.

The vertical lines used in this indicator clearly illustrate changes in price direction and enhance the accuracy of market movement analysis.