CHANDELIER EXIT INDICATOR MT4

Chandelier Exit is a volatility based indicator created to enable a trader to stay in a trade until there is a definite trend reversal. As explained below, a trader will be able to avoid early exit and realize maximum returns in pips by using the Chandelier Exit indicator.

• The Chandelier Exit indicator helps the forex traders stay in the trendas long as possible and avoid early exits. The indicator uses a volatility based calculation using the ATR – Average True Range and provides a reliable trailing stop loss. Also, the indicator provides the best entry points upon crossover of the indicator and price. Using the ATR – Average True Range multiplier, traders can further customize the indicator to suit different trading instruments. As a result, this Metatrader indicator provides all necessary inputs to trade the trend successfully.

How to BUY and SELL using the Chandelier Exit MT4 Indicator?

• The above GBPUSD H4 chart shows the trading signals generated by the Chandelier Exit MT4 Indicator. The indicator levels provide the best support and resistance levelsas the values are calculated dynamically according to the ATR – Average True Range values. As a result, a breach of these levels can be considered by traders as an entry point.

In the above chart, the prices break above the Chandelier Exit indicator and cross over it from down to up on September 4, 2020, and October 2, 2020, generating BUY signals. Oppositely the downward crossover generated SELL signals.

How to identify the best exit levels using the Chandelier Exit Metatrader Indicator?

• The above GBPUSD H4 chart, shows the Chandelier exit mt4 indicator. The stop loss levels change according to the ATR values and the ATR multiplier used in the indicator parameters.

The stop loss changes dynamically and helps the forex trader stay in the trend as long as possible. As a result, the trader can ride the trend until the exhaustion of the trend. The dynamic stop-loss in effect acts as a trailing stop loss level to protect an existing trade.

The stop loss levels appear above the price during a downtrend. Oppositely, during an uptrend, the Chandelier exit indicator displays the levels below the price.

The indicator is easy and simple to interpret in terms of entry signals and exit levels. As a result, it is very reliable for new and experienced forex traders.

Conclusion:

• The Chandelier Exit indicator is essentially a trailing stop loss tool. However, it helps the trade to identify also the trend. As the indicator uses the ATR –Average True Range values to calculate the exit levels, it provides the trader with the best stop-loss levels. Besides as a trend identification indicator, traders can use it to ride the trend too. As a whole, this MT4 indicator delivers the best results for any trend trader to identify new trends, ride them, and exit at the best levels.