Chandelier Forex Indicator is a very simple trend following indicator. It can be a very profitable forex trading indicator for those who are willing to stick to its rules and trade accordingly. The rules of this indicator are very simple and can be applied by any novice trader. The expert and experienced traders also prefer this indicator as this indicator shows you the potential entry and exit signals faster. To be profitable using this tool, you only need to follow the trend of the market and buy/sell as per the rules of the indicator.
When you install chandelier indicator in your forex trading platform, your chart should look like this:
Chandelier indicator is a very simple indicator which looks like moving average. When this indicator is orange the market is up trending and when this indicator is purple, the market is down trending. When this indicator is below the market, you should be buying and when the indicator is above the market, you should be selling.
Buying Conditions using Chandelier indicator.
The market should be up trending.
The Chandelier indicator should appear below the market.
Place your long position as soon as above conditions are met.
Place your stop loss just below the recent swing low.
Take your profit when the Chandelier indicator appears above the market.
Selling Conditions Using Chandelier indicator.
The market should be down trending.
The Chandelier indicator should appear above the market.
Place your short position as soon as above conditions are met.
Place your stop loss just above the recent swing high.
Take your profit when the Chandelier indicator appears below the market.
Forex Indicators Download – Instructions
Chandelier Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Chandelier Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Chandelier Forex Indicator.mq4?
- Download Chandelier Forex Indicator.mq4
- Copy Chandelier Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Chandelier Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Chandelier Forex Indicator.mq4 is available on your Chart
How to remove Chandelier Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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