How do I install this Indicator on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Indicator?

Drag the Indicator from the Navigator onto your chart and adjust the input parameters as needed.

Is this compatible with MetaTrader 5?

Yes, this Indicator is built specifically for MetaTrader 5.

Is this Indicator safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Indicator on multiple charts?

Yes, you can apply multiple indicators on the same chart.

Can I customize the settings of this Indicator?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free chandelier exit Indicator for MetaTrader 5

MetaTrader 5 indicator

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chandelier exit

Info

The chandelier exit is a Indicator for MetaTrader 5 that developed by charles le beau and featured in alexander elder's books, the chandelier exit sets a trailing stop-loss based on the average true range (atr). the indicator is designed to keep traders in a trend and prevent an early exit as long as the trend extends.

Usage

This tool is typically used for enhancing chart analysis and decision making.

Platform

This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).

Setup

Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.

How to Install and Use chandelier exit

1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.

2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.

3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.

4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.

Frequently Asked Questions

Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."

Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).

Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.

What this tool does

developed by charles le beau and featured in alexander elder's books, the chandelier exit sets a trailing stop-loss based on the average true range (atr).

Typical Use Case

This Indicator excels in automated trading and technical analysis on MetaTrader 5.

Compatible Platform & Setup

This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.

Description & Settings

Related: half line exit strategy - another powerful indicator for MetaTrader 5 traders.

developed by charles le beau and featured in alexander elder's books, the chandelier exit sets a trailing stop-loss based on the average true range (atr). the indicator is designed to keep traders in a trend and prevent an early exit as long as the trend extends. typically, the chandelier exit will be above prices during a downtrend and below prices during an uptrend.

Also recommended: 3D Oscillator: Market Entry and Exit Signals - similar indicator with strong performance on MetaTrader 5.

calculation
the original chandelier exit formula consists of three parts: a period high or period low, the average true range (atr) and a multiplier. using the default setting of 22-periods on a daily chart, the chandelier exit will look for the highest high or lowest low of the last 22 days. note that there are 22 trading days in a month. this parameter (22) will also be used to calculate the average true range.
interpretation
the chandelier exit is basically a volatility-based system that identifies out-sized price movements. le beau defined volatility by using the average true range, which was developed by welles wilder, creator of rsi and the average directional index. atr uses the prior close, current high and current low to determine the true range for a given period. after some smoothing, the daily true range values evolve into the average true range for a given period of time.

You may also like: Chandelier Stops Indicator - excellent alternative for indicator users on MetaTrader 5.

Source Code

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⚠ Limitations & Risk Warning

This tool is provided for educational and testing purposes only.
Past performance does not guarantee future results.
Trading involves substantial risk of loss. Use on a demo account first.
Results may vary depending on market conditions, broker, and settings.
We recommend thorough backtesting and forward testing before using with real funds.