ATR trailing stop loss (Chandelier Exit) – Metatrader download

forex indicators

January 01, 2018 at 2:11 pm by simon

11.9. Short trade with ATR and averages

In this section you can download ATR trailing stop loss (Chandelier Exit) for MetaTrader:

download ATR trailing stop loss (Chandelier Exit) for MetaTrader 4

There are few indicators for MT4 which draw trailing stop line. I prefer to use Chandelier Stops. I believe that with good money management this is one of the best tools to follow a trend.

About ATR trailing stop loss (Chandelier Stops)

When you catch trend you can profit from most of the move. The good thing about ATR is that you have a stop loss level in place. When there is a close on the other side of ATR, it is a signal to close. No second guessing.

Over 300 pips in profit thanks to ATR stop

Over 300 pips in profit thanks to ATR stop

Best time frame for ATR trailing stop loss

I strongly recommend time frames such as 30m or larger. On lower time frames like 5m there is too much algo trading. I trade with ATR on 1h or 4h charts.

Parameters for trailing stop

Depends on pair or instrument. In most cases standard parameters will be fine. If I change anything then it is usually a Kv parameter. Standard is 3.5 and I tend to make it bigger like 3.7 or 4.0. In most cases it is around 3.7:

11.1. Example of Trailing stop parameters in MT4

Example of Trailing stop parameters in MT4

Remember, it depends from pair and current situation in the market. You should experiment with few settings and check it on historical price action if they are ok.

Trailing stop loss and other indicators

Some traders use only trailing stop loss line, others add to that one or two indicators. In my trading I join ATR with my favorite indicators, which are:

  • GMMA
  • 100, 200 SMA
  • RSI 14
  • MACD 21, 33, 12

You will succeed with ATR trailing stop loss if you trade with the trend. That is why it is good to combine it with other indicators which may help with that.

Best pairs to trade with ATR trailing stop loss

Trailing stop loss works best in trending markets. That is why you should check pair if it tends to move strong or to move in range. It is not the secret that yen pairs line to move strongly. If you are looking for solid trends, you can’t go wrong with GBPJPY or EURJPY.

Installation

Unzip file.
In Metatrader4 open File menu (left top) and select Open Data Folder. You should see a new window with MT4 folders and files. Something similar to the screen below:

metatrader4 folder

Go to unzipped folder. Move content from MQL4/Indicators to the same folder in MT4 window.
Do the same with templates. Go to the Templates folder and copy content to the same folder in MT4 window.

Questions? Leave a comment and I will try to help you.

5 comments

  • Alex Kennedy January 1, 2018

    Hi, Thanks for your Chandelier indicator. Now I am used to entering a trade and setting up the Chandelier based on that trade so I am wondering what triggers your Chandelier line. I note that a positive trend (blue) starts at some point and then reverses to red. Could you please define what triggers a blue line then a red line?

  • Harald January 1, 2018

    Hello,
    Unfortunately I only speak German. I translate everything with Google. I have not understood which files are in which folder.
    Please write me which files I need to install in which folder.
    Thank you for the effort.

    • simon January 1, 2018

      I wrote it in installation section. Can’t be more specific than that.

      Try youtube where you can find tutorials how to install plugins for metatrader.

  • ABDUL HAMEED January 1, 2018

    HI FRIEND,
    ATR trailing stop loss (Chandelier Exit) for MetaTrader 4 – which period bettre ?

    • simon January 1, 2018

      Hi Abdul. The higher period, the better. On low periods like 1m, 5m you have too much noise for that.

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