The Chandelier Exit Cloud Indicator MT5 (MetaTrader 5) evaluates the price chart and converts intricate technical information into a potent trend display. This indicator is presented in the form of trend cloud, illustrating both buy and sell signals. Fundamentally, relying on the Chandelier Exit will enhance your ability to make well-informed choices when entering or exiting trades. This forex MT5 indicator is available for free download.
Chandelier Exit Cloud Indicator MT5: Introduction
MT5 Indicator Overview
The download link of the Chandelier Exit Cloud MT5 indicator is placed at the bottom of this post – once you’re done, your Metatrader 5 trading chart should look similar to the example below.
Formula Behind The Chandelier Exit Cloud Gauge
Operating in the background, the Chandelier Exit employs a multiplier of the Average True Range (ATR) indicator for signal computation. Discerning market sentiment becomes remarkably straightforward:
- A bullish market sentiment is indicated by the emergence of a lime-colored cloud on the chart.
- Conversely, a bearish market sentiment is conveyed through the appearance of a violet-colored cloud on the chart.
The Chandelier Exit Cloud indicator stands as a widely employed instrument among traders, aiding in pinpointing optimal moments for market entry or exit. This technical tool empowers forex traders to maintain their positions until a definitive trend reversal takes place.
Follow these steps for a long trade.
- Execute a buy signal as the chart presents the lime-colored Chandelier Exit cloud.
- Commence a buy transaction while situating a stop loss just beneath the latest swing low area.
- Reverse the buy trade and exit once the violet colored cloud emerges on the chart.
Follow these steps for a short trade.
- Activate a sell signal as the chart showcases the violet-colored Chandelier Exit cloud.
- Initiate a sell transaction while setting a stop loss slightly above the most recent swing high zone.
- Counter the sell trade and exit when the lime-colored cloud becomes visible on the chart.
MT5 Indicators: Download and Installation Instructions
Download the Chandelier Exit Cloud Indicator MT5.rar archive at the bottom of this post, unpack it, then copy and paste the chandelier-exit-cloud.ex5 or chandelier-exit-cloud.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Free Download Forex Chandelier Exit Cloud MT5 Indicator
To download the Chandelier Exit Cloud Indicator for Metatrader 5 (MT5) for free just click the button below: