Chandelier Exit Alert Indicator V9 for MT5

The Chandelier Exit Indicator is a technical analysis tool that helps traders determine when to enter or exit a trade. This indicator is named after the popular ceiling light fixture, as it resembles a chandelier hanging from the ceiling when plotted on a chart.

The concept behind this indicator is to check potential stop-loss levels for traders, hence preventing them from riding out losing trades until they reach catastrophic losses.

How to Use Chandelier exit indicator V9 MT5

The Chandelier Exit Indicator works by calculating the average true range (ATR) of an asset over a specified period and multiplying it by a predetermined factor. The result is then subtracted or added from the highest high or lowest low of the price action, depending on whether you are going long or short.

Chandelier exit indicator

The chandelier exit indicator is a technical analysis tool Multi Time Frame that helps traders, the chandelier exit indicator is based on the concept of volatility and trailing stops.

Volatility refers to the degree of price fluctuations in a market, while trailing stops are used to protect profits or limit losses as prices move in favor of or against a trade.

Buy Sell Signal with Chandelier Exit Indicator

The chandelier exit indicator works by plotting a line above or below the price chart, depending on whether it is indicating a long or short position. This line represents the stop-loss level for that particular trade. The chandelier exit indicator takes into account both volatility and price levels to determine this stop loss level.

When prices move in favor of the trade, the stop-loss level also No Repaint Indicator moves up (in case of long positions) or down (in case of short positions), keeping it at an appropriate distance from current price levels. This way, traders can ride profitable trends without getting stopped out too early.

Chandelier exit indicator V9

Chandelier Exit Indicator (What Is It, Formula)

The chandelier exit indicator is a trend-following indicator that helps traders in checking when to close their positions and take profits.

This indicator was first introduced by Charles Le Beau and Dr. David Lucas in their book “Computer Analysis of the Futures Market” in 1991. The development of the chandelier exit indicator was influenced by the work of Wilder’s Average True Range (ATR) indicator, which measures volatility in price movements.

Le Beau and Lucas took this concept further by combining it with parabolic SAR (Stop And Reverse) to create a more dynamic stop-loss level based on market volatility.

How to Use the Chandelier Exit Indicator on MT5

  1. Open MT5 Platform: The first step is to open the MT5 platform and log into your account. If you do not have an account, you can easily create one by following the prompts provided by the platform.
  2. Select Your Preferred Chart: Once you are logged in, select your preferred chart from the list of available options. You can choose from various time frames such as 1 minute, 5 minutes, 15 minutes, etc., depending on your trading style.