The Chandelier Exit Metatrader 4 indicator is a technical tool that is based on the idea that the likelihood for a trend reversal is high whenever the price of a forex pair moves against the predominant trend by a distance that is equivalent to thrice the average volatility.
The ATR is foundation in which the Chandelier Exit indicator is built upon.
Asides which the price of the highest high and lowest low over a specified period is also deployed in its computation.
- In a bid to just get a better view of how the market is fairing, traders should lend more focus to the alignment of the orange and magenta lines of the Chandelier Exit indicator, along with their distance from the referenced candlesticks.
- The lines of the Chandelier Exit indicator can serve as a stop loss gauging tool, with users setting these levels somewhat below or above the indicator’s lines.
- Normally, the indicator’s default setting triggers a buy/sell signal when the Chandelier Exit indicator prints its line below/above the price bars respectively.
- The color of the indicator’s lines can be modified to suit the users chart preference.
Feel free to explore the Chandelier Exit Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Chandelier Exit Forex Indicator Chart (EUR/USD M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Chandelier Exit MT4 Indicator
Buy Signal: Go long when the indicator prints an orange line below the price bars. Plus, the MACD indicator sets up silver histograms above the zero-horizontal level.
Sell Signal: Go short when the indicator prints a magenta line above the price bars. Plus, the MACD indicator sets up silver histograms below the zero-horizontal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Chandelier Exit indicator prints a magenta line. Else, exit when the MACD indicator prints silver histograms below the zero-signal level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Chandelier Exit indicator prints an orange line. Else, exit when the MACD indicator prints silver histograms above the zero-signal level.
Tips: The Chandelier Exit MT4 Indicator is able to predict impending trend reversal at the appropriate time.
Therefore, deploying it alongside trend tools like the MACD offers users valuable insights into price actions and not being late when taking positions in the market.
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Range, shift, atr period, atr multipl.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trend Reversal
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.