Chandelier Exit Indicator
Info
The Chandelier Exit Indicator is a Indicator for MetaTrader 5 that developed by charles le beau, the chandelier exit is a trailing stop-loss strategy based on the average true range (atr). This indicator aims to keep traders in a trend and avoid premature exits, ensuring they stay in the trend as long as it persists.
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 Indicator
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, the Chandelier Exit is a trailing stop-loss strategy 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, the Chandelier Exit is a trailing stop-loss strategy based on the Average True Range (ATR). This indicator aims to keep traders in a trend and avoid premature exits, ensuring they stay in the trend as long as it persists.Also recommended: 3D Oscillator: Market Entry and Exit Signals - similar indicator with strong performance on MetaTrader 5.
The Chandelier Exit is calculated using a three-part formula: a period high or low, the ATR, and a multiplier. With the default setting of 22-periods on a daily chart, the indicator identifies the highest high or lowest low of the past 22 days, which is also the number of trading days in a month. This 22-period setting is then used to compute the ATR.
In essence, the Chandelier Exit is a volatility-based system that detects significant price movements. Le Beau's volatility definition is based on the ATR, a concept introduced by Welles Wilder, the creator of the RSI and Average Directional Index. The ATR utilizes the prior close, current high, and current low to establish the true range for a specific period. After applying smoothing techniques, the daily true range values are transformed into the ATR for a given period.
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.