Chandelier Exits MT5
- Indicators
- Mykola Khandus
- Version: 1.0
- Activations: 5
Chandelier Exit for MT5
The Chandelier Exit indicator is designed to dynamically set stop-loss levels based on market volatility, measured through the Average True Range (ATR). It helps traders secure positions during trend changes by using price extremes and dynamic stop-losses for both long and short positions.
Key Features:
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ATR-Based Stops: The indicator calculates stop-loss levels for long and short positions using a moving average of the True Range (ATR), adapting to market volatility changes.
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Customizable Parameters: Users can set the ATR period, ATR multiplier, and choose whether to use the closing price to determine price extremes.
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Color-Coded Signals: Stop-loss lines for long and short positions are color-coded to enhance visual clarity on the chart.
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Trend Change Signals: The indicator also displays signals when a trend reverses, marking the starting points of new stop-loss levels.
Application:
The Chandelier Exit indicator is ideal for traders who want to use market volatility to manage risk and identify key exit points. It adapts to changing market conditions and helps traders secure profits or minimize losses during trend reversals.
This indicator is useful for both day trading and longer-term strategies, offering flexibility in customizing and visualizing stop-loss levels.
