Chandelier Exit Indicator for MT5: ATR Trailing Stops
By RaptozGroup
Explore Chandelier Exit trailing levels, ATR settings, and exit examples, with a practical installation and verification guide for MetaTrader.
What is the Chandelier Exit indicator?
Chandelier Exit is a volatility-based trailing-stop concept associated with Chuck Le Beau. It places an exit reference at an ATR distance from a recent price extreme. Its primary purpose is managing an existing position, although some implementations also display directional changes or signal arrows.
How the calculation works
A common long-side reference is the highest high over a lookback minus an ATR multiple; the short-side reference uses the lowest low plus an ATR multiple. Some implementations use closing-price extremes or ratchet the line so it only tightens within a directional state. Those differences change the result and must be checked before comparing versions.
What this guide covers
Chandelier Exit settings on MT5
These are the actual inputs and defaults in RaptozGroup version 1.00. Other implementations may differ. Defaults are starting points, not optimized trading recommendations.
Recent extremes plus Wilder ATR, with directional ratcheting. Only the active long or short exit is displayed. Closed-candle direction changes produce arrows and optional alerts; stops on actual orders are not modified.
| Parameter | Default | What it changes |
|---|---|---|
| Lookback | 22 | Bars used to find the highest and lowest extreme. |
| ATRPeriod | 22 | Wilder ATR lookback. |
| ATRMultiplier | 3.0 | Distance from the price extreme in ATR multiples. |
| UseCloseExtremes | false | Use closing-price extremes instead of highs and lows. |
| EnablePopupAlerts | false | Optional terminal popup, once per newly closed signal candle; no historical alert on attachment. |
| EnablePushAlerts | false | Optional mobile push; configure Notifications in your terminal first. |
Signal examples & trade planning
Choose the exit rule in advance
Decide whether your approach responds to an intrabar touch or a candle close beyond the line. These are materially different exit rules.
Check the trailing behaviour
Watch how the level moves as new extremes appear and volatility changes. Confirm whether the implementation permits the stop to widen.
Set actual order protection
A chart indicator usually draws a reference only. Manage the stop on the actual order or use a separately verified execution tool.
Evaluate the trade-off
Compare how a tighter exit protects open profit with how often it ends a position before a trend resumes. Include gaps and slippage in the review.
Worked interpretation
For an illustrative long-side calculation, a highest high of 100, ATR of 2, and multiplier of 3 give a reference level of 94. That is a calculation example, not a suggested trade. A ratcheted implementation may retain an earlier tighter level instead of using this raw value.
These examples explain indicator readings. They are not live signals or evidence of a profitable strategy. Include spread, commission, slippage, and losing setups in any evaluation.
Signal timing, repainting & limitations
A plotted stop cannot guarantee an execution price. Gaps and slippage can move the fill beyond the chosen level. Parameters do not have one best value for every instrument or timeframe, and a changing ATR can affect non-ratcheted levels.
To inspect a version, record its signals at candle close, then refresh the chart and compare those same timestamps. Repeat with enough history loaded. If a higher timeframe is used, check whether that candle is still open. Passing a few examples is not a guarantee that all historical signals are stable.
Chandelier Exit vs Supertrend
Chandelier Exit commonly anchors its distance to recent extremes. Supertrend usually starts from a price midpoint and applies its own band and direction rules. Neither chart line automatically manages an order.
Free Chandelier Exit download for MT5
Chandelier Exit · MT5
RaptozGroup · Version 1.00 · Free source and compiled files
Choose the compiled file to install directly, or download the editable source for MetaEditor. No DLLs, external indicators, or automated order execution.
Native compilation and automated calculation checks completed. Demo-chart validation is still recommended. Warm-up bars are hidden; current-candle curves can change. Alerts default to off and use closed candles.
How to install a compatible version on MT5
Download the MT5 file above. The compiled .ex5 file is ready to install; the .mq5 source can be opened and compiled in MetaEditor.
- Open the MT5 desktop terminal and select File → Open Data Folder.
- Copy the
.mq5source or.ex5compiled file into MQL5 → Indicators. - For MQL5 source, use the MT5 MetaEditor and compile it. MQL4 source is not compatible without a proper port.
- Refresh the Navigator or restart the terminal, then attach the indicator to a demo chart.
- Check the Inputs, Colors, and Visualization tabs. Compare the plotted output and signal timing with the implementation's documentation.
- Start on a standard chart such as M15 or H1. MT5 has additional timeframes, but check that a port handles your selected period correctly.
If the indicator does not appear
Confirm the platform and folder, load more chart history, and inspect the Experts and Journal logs. Check whether a separate indicator window opened below the chart. Missing dependencies or compiler errors need fixing in the actual file; changing its extension will not resolve them.
Implementation references
Review the implementation before installing
The linked material is a third-party reference, not a Trader Sentiments-tested download. Check its platform and licence. A TradingView example illustrates the concept but requires a separate MQL implementation for MetaTrader.
Chandelier Exit calculation reference — StockCharts ChartSchoolChandelier Exit MT5: frequently asked questions
Does Chandelier Exit move my stop loss automatically?
A standalone indicator normally draws levels only. Confirm your software's capabilities and set protection on the actual order.
Are 22 and 3 the best settings?
They are commonly cited examples, not proven optimal settings. Evaluate alternatives on your instrument and timeframe without optimizing only for a small historical sample.
Does Chandelier Exit repaint?
There is no universal answer for every version. A current-candle value can change before close. Check whether closed-bar signals remain unchanged after refreshing the chart, and whether any higher-timeframe inputs are still forming. This page does not certify a specific implementation as non-repainting.
Can I use an MT4 file in MT5?
No. Use a native .mq5 source file or .ex5 compiled file for MT5. Renaming the file extension does not convert the code.
Can I install it in the MT5 mobile app?
Custom MQL indicators require the desktop terminal. The mobile app does not load custom .mq5 or .ex5 files. A desktop implementation may send push notifications if it supports them.
What is included in the download?
Free RaptozGroup source and compiled indicator files, version 1.00. Native compilation and automated calculation checks were completed. Broker-specific chart behavior and strategy profitability have not been validated. Test the indicator on a demo chart before relying on it.