The Chandelier Exit Forex indicator for Metatrader 5 is a popular trading tool that predicts the next buy or sell trend with great accuracy.
The indicator appears in the price chart as a blue and purple colored signal line.
How to buy and sell FX with the Chandelier Exit indicator?
- The blue colored line signals a buy trend.
- The purple colored line signals a sell trend.
The following indicator inputs and parameters can be modified: ATR period, ATR 1st multiplier, ATR 2nd multiplier, look back period.
For short-term traders, the Chandelier Exit indicator usually delivers the best signals in the London and New York trading sessions.
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It supports all time frames and Forex pairs.
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Chandelier exit.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Chandelier Exit indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Chandelier Exit Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is formed as soon as the blue colored Chandelier Exit line appears on the chart.
- Initiate a buy order and place your stop order below the blue Chandelier Exit line.
- Exit the buy trade for a fixed profit target or wait for the purple Chandelier Exit line.
Sell Signal
- A sell signal is formed as soon as the purple colored Chandelier Exit line appears on the chart.
- Initiate a sell order and place your stop order above the purple Chandelier Exit line.
- Exit the sell trade for a fixed profit target or wait for the blue Chandelier Exit line.
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Chandelier exit.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Chandelier exit.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration