GGP Chandelier Exit Alert MT4
- Indicators
- Mohammadmahmood Pirayeh
- Version: 1.10
- Activations: 10
The GGP Chandelier Exit Alert MT4 Indicator is a volatility-based indicator that identifies stop loss exit points for long and short trading positions. Chandelier Exit is based on the Average True Range (ATR) indicator. It is designed to keep traders in the trend until a defined trend reversal happens. Traders use CE to maximize their returns in a trade and make stop loss exit decisions. It is based on the principle that a trend reversal is highly probable when the price of an asset moves against an existing trend up to three times the average volatility. It uses the high and low prices over a defined period of time to compute the CE value.
This indicator is MT4 conversion of the Chandelier Exit Indicator by “everget “ in Trading View website and some alert methods are added to provide real-time alerts when a trading signal is generated, in order to allow traders to act quickly and efficiently. Alert types are in app alert, mobile notifications and sending emails.
All buffers for the lines and signals are available therefore, it can easily be used in algorithm trading systems and in expert advisors.
For MT5 version please click here.
The main objective of using Chandelier Exit is to alert the trader to a possible trend reversal after an extended trend. During lower volatility trading sessions, traders set small trailing stop losses. This allows them to close their trades near the top and get maximum returns on their investments. The possibility of a trend reversal is low during low volatility trading sessions. However, in higher volatility trading, traders set a larger trailing loss in order to protect themselves from choppy trading.
Due to the close relationship between stop loss and volatility, traders use Chandelier Exit as a trailing stop-loss and as a way of protecting themselves from losses resulting from trend reversals. Most professional traders recommend using Chandelier Exit as a stop loss tool rather than as a tool for generating trading signals. This is because as a trading signal it is prone to generating false signals.
Key Features:
Alert Types: in addition to the terminal pop-up alerts, the mobile notification sends the alerts directly to your cell phone and by sending emails you will never lose a signal. All these alert methods can be turned on/off to fit your trading style and preferences.
MetaTrader alert boxes.
Mobile Notifications.
Sending Emails.
* For sending and receiving emails a SMTP server is needed.
The indicator is compatible with a wide range of financial instruments, including forex, stocks, indices, and commodities.
All buffers and entry signals are included as a buffer and available for processing in EAs.
User-friendly Interface: The user-friendly interface ensures traders of all levels can easily access and utilize this advanced tool.
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