MetaTrader 5 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 uses dynamic lines to display trailing stops. This trading tool operates based on the Average True Range (ATR) and is considered one of the powerful tools for technical analysis .

A key feature of this indicator is its ability to use colored vertical lines to indicate changes in price stages.

Chandelier indicator light specifications table

Specifications of chandelier indicators are shown in the table below:

Pendant Light Indicator Overview

In the Chandelier Indicator, levels are shown with vertical lines . When an uptrend begins, a trailing stop appears below the price.

When the downtrend is declining, the blue vertical line indicates the decline and the trailing stop is placed above the price.

Bullish trend analysis

According to the USD/JPY chart, on the 1-hour time frame, a pink vertical line appeared, after which the market started a bullish move.

Under these conditions, the area below the pink trailing stop line provides a suitable trade entry point.

Bearish trend analysis

According to the Binance Coin (BNB) 1-hour time frame chart, the market entered a range phase immediately after the blue vertical line and started moving downwards.

According to the chart, the trailing stop follows the price and now the area above the dynamic line can be considered the stop loss area.

Chandelier indicator light settings

The image below shows the settings panel chandelier indicator:

• Multiplier used to calculate ATR: sets the distance between the line and the price
• ATR calculation period: the number of candles used for ATR calculation
• Maximum number of bars to consider for ATR: number of previous candles used for calculation
• Indicator changes: move the line left or right on the chart
• Candle type used for triggering: indicator changes based on the last candle
• vertical line name: vertical line name
• Date of the event: The date the vertical line was placed
• Color of the line: Color of the vertical line
• Style of the line: style of vertical line
• Width of the line: The thickness of the vertical line
• Show lines in background: Show lines behind candles
• Enable moved row selection: Enable manual line repositioning
• Extend Line Down: Extend the line to the bottom of the chart
• Hide lines in the Object List: Show or hide lines in the Object List
• Z-order priority for mouse interactions: line priority when interacting with other objects

Conclusion

The Chandelier indicator uses a combination of dynamic and vertical lines to determine the best entry and exit points for trades. In addition to trend analysis, the trading tool can also be used as a Trailing Stop mechanism.

The vertical lines used in this indicator clearly indicate changes in price direction and increase the accuracy of market trend analysis.