MetaTrader 4 Chandelier Indicator Download – Free – [TFlab] | Forex Indicator Download – MT4/MT5 Resource
On July 20, 2025, in version 2, the indicator added alerts/notifications and signals functionality
The Chandelier indicator is designed to display trailing stops in MT4. This useful tool in technical analysis uses the following commands to create levels above and below the price of the Average True Range (ATR) indicator.
Additionally, the indicator draws vertical lines to highlight phase changes in price trends, such as a transition from bullish to bearish or vice versa.
Chandelier indicator light specifications table
The following table outlines the specifications and features of pendant light indicators:
| Indicator categories: | MT4 Support and Resistance Indicators Trading Aid MT4 Indicators MT4 indicator levels |
| Platforms: | MetaTrader 4 Indicators |
| Trading Skills: | Elementary |
| Indicator Types: | Inverse MT4 Indicator |
| Time frame: | Multi Time Frame MT4 Indicators |
| Trading Style: | Day Trading MT4 Indicators Scalper MT4 Indicators Swing Trading MT4 Indicators |
| Trading Tools: | Stock MT4 Indicator Forward Market MT4 Indicator Index Market MT4 Indicator Commodity Market MT4 Indicator Stock Market MT4 Indicator Cryptocurrency MT4 Indicator Forex MT4 Indicator |
Pendant Light Indicator Overview
The Chandelier indicator has two parallel dynamic lines that define the range of price fluctuations. It also draws vertical lines on the chart to indicate changes in trend direction.
The pink vertical line marks the beginning of a bullish trend, while the blue vertical line marks the beginning of a bearish trend. Under these conditions, dynamic lines act as support and resistance levels.
Bullish trend analysis
In the example chart of Gold/USD (XAU/USD), the Chandelier indicator highlights the transition from a bearish trend to a bullish trend with a pink vertical line on the 30-minute time frame.
Under these conditions, the dynamic line below the price acts as a support area, and the area below it becomes ideal for setting stop loss levels.
Bearish trend analysis
On the GBP/USD 1 minute time frame chart, bearish movement from the range bound is identified by a blue vertical line. According to the chart, the dynamic line above the price acts as resistance and the stop loss provides an appropriate location.
Chandelier indicator light settings
The image below shows the settings chandelier indicator:
- ATR Multiplier: Calculate the distance between high and low points based on ATR
- ATR Period: Defines the number of candles used to calculate the ATR period
Conclusion
The Chandelier indicator uses its dynamic and vertical lines to show the best entry and exit points for trades. Additionally, it acts as a Trailing Stop tool .
This vertical line trading tool clearly indicates changes in trend direction, improving the accuracy of market analysis.
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