Chandelier Exit Indicator for MT4

<h2>Introduction to the Chandelier Exit Indicator</h2>
One of the methods some traders use to determine trend direction is based on how price moves in relation to the current trend or momentum using the Average True Range (ATR) as a measure of price movements.
Some traders would identify a trend reversal based on price moving against the current trend by a multiple of the ATR. Many would plot these levels manually on their price chart.
The Chandelier Exit indicator is based on this concept making it easier to identify trend direction and reversals using the ATR.
<h2>What is the Chandelier Exit Indicator?</h2>
The Chandelier Exit indicator is a trend following indicator which is based on the concept of the ATR as a means to identify trends and trend reversals.
As a preset, it plots an orange line below price to indicate a bullish trend, and a magenta line above price to indicate a bearish trend.
<img class="alignnone wp-image-65833 size-full" src="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4.png" alt="Chandelier Exit Indicator for MT4" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/Chandelier-Exit-Indicator-for-MT4-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" />
<h2>How the Chandelier Exit Indicator Works?</h2>
The Chandelier Exit indicator has an underlying ATR imbedded in its script. It uses this ATR data to determine the price level where the trend would reverse.
In an uptrend it would identify the highest high within the last n periods. It then subtracts the product of the ATR and the multiplier from the highest high. This would be the basis for the orange line that the Chandelier Exit indicator plots.
In a downtrend it would identify the lowest low within the last n periods, then add the product of the ATR and the multiplier to it, which would also be the basis for the magenta line.
The line would shift and change color only when price crosses over it and closes on the opposite side of the line.
The indicator allows Range of the n periods, the ATR Periods, the ATR Multiple, as well as the Shift forward or back to be modified within its settings.
<img class="alignnone size-full wp-image-65832" src="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works.png" alt="How the Chandelier Exit Indicator Works" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-the-Chandelier-Exit-Indicator-Works-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" />
<h2>How to use the Chandelier Exit Indicator for MT4</h2>
The Chandelier Exit indicator can be used either as a trend direction filter or as a trend reversal signal.
As a trend direction filter, traders can opt to trade only in the trend direction indicated by the Chandelier Exit lines.
As a trend reversal signal, traders can use the shifting of the lines and the changing of its color as a trend reversal signal.
<h3>Buy Trade Setup</h3>
When to Enter?
Use the Chandelier Exit trend indication as a basis for the trade direction, wherein it plots an orange line below price action. Open a buy trade based on a bullish trade setup. Set the stop loss below the entry candle.
When to Exit?
Close the trade based on the trade setup or as soon as price action shows signs of a probable reversal.
<img class="alignnone size-full wp-image-65831" src="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade.png" alt="How to use the Chandelier Exit Indicator for MT4 – Buy Trade" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Buy-Trade-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" />
<h3>Sell Trade Setup</h3>
When to Enter?
Use the Chandelier Exit trend indication as a basis for the trade direction, wherein it plots a magenta line above price action. Open a sell trade based on a bearish trade setup. Set the stop loss above the entry candle.
When to Exit?
Close the trade based on the trade setup or as soon as price action shows signs of a probable reversal.
<img class="alignnone size-full wp-image-65834" src="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade.png" alt="How to use the Chandelier Exit Indicator for MT4 – Sell Trade" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2016/08/How-to-use-the-Chandelier-Exit-Indicator-for-MT4-Sell-Trade-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" />
<h2>Conclusion</h2>
The Chandelier Exit indicator is a very useful trend following indicator. It is an excellent trend direction indicator which traders can use to trade with better accuracy
<h3>MT4 Indicators – Download Instructions</h3>
Chandelier Exit Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Chandelier Exit Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
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<h4>How to install Chandelier Exit Indicator for MT4.mq4?</h4>
<ul>
<li>Download Chandelier Exit Indicator for MT4.mq4</li>
<li>Copy Chandelier Exit Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /</li>
<li>Start or restart your Metatrader 4 Client</li>
<li>Select Chart and Timeframe where you want to test your MT4 indicators</li>
<li>Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client</li>
<li>Right click on Chandelier Exit Indicator for MT4.mq4</li>
<li>Attach to a chart</li>
<li>Modify settings or press ok</li>
<li>Indicator Chandelier Exit Indicator for MT4.mq4 is available on your Chart</li>
</ul>
<h4>How to remove Chandelier Exit Indicator for MT4.mq4 from your Metatrader Chart?</h4>
<ul>
<li>Select the Chart where is the Indicator running in your Metatrader 4 Client</li>
<li>Right click into the Chart</li>
<li>“Indicators list”</li>
<li>Select the Indicator and delete</li>
</ul>
<h4>Chandelier Exit Indicator for MT4 (Free Download)</h4>
Click here below to download:
 
 

<a href="https://www.forexmt4indicators.com/register/free-membership/">Download Now</a> 


La entrada <a rel="nofollow" href="https://www.forexmt4indicators.com/chandelier-exit/">Chandelier Exit Indicator for MT4</a> se publicó primero en <a rel="nofollow" href="https://www.forexmt4indicators.com">ForexMT4Indicators.com</a>.

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