Chandelier Indicator V2.0 for MT5 A Powerful Tool for EUR/USD Traders

By: Swarnalata

Published on: Apr 02, 2025

Introduction

The Chandelier Indicator V2.0 for MetaTrader 5 (MT5) is a powerful trading tool designed to help traders identify optimal exit points in the market. This upgraded version enhances volatility-based trailing stops, making it ideal for short-term trading on the EUR/USD currency pair (M15 timeframe). With a minimum deposit of just $200, traders can start using this indicator to improve risk management and lock in profits effectively.

In this guide, we’ll explore:
✔ What the Chandelier Exit Indicator is
✔ How Version 2.0 improves upon the original
✔ Best settings for EUR/USD M15 trading
✔ Step-by-step setup in MT5
✔ Proven trading strategies using this indicator

What is the Chandelier Exit Indicator?

The Chandelier Exit is a volatility-based trailing stop indicator developed by Chuck LeBeau. It helps traders:
✅ Stay in trending markets longer
✅ Protect profits with dynamic stop-loss adjustments
✅ Avoid premature exits in volatile conditions

Unlike fixed stop-loss levels, the Chandelier Exit adjusts based on Average True Range (ATR), ensuring stops adapt to market conditions.

Why Use Chandelier V2.0 for MT5?

This upgraded version includes:
Enhanced Smoothing Algorithms – Reduces false signals in choppy markets.
Customizable ATR Multiplier – Adjust sensitivity based on trading style.
Multi-Timeframe Compatibility – Works seamlessly across different charts.
User-Friendly Alerts – Get notified when exit conditions are met.

Perfect for EUR/USD scalping and intraday trading on the 15-minute chart, this indicator helps traders maximize gains while minimizing risk.

Best Settings for EUR/USD (M15 Timeframe)

For optimal performance, use these settings:

ATR Period: 22 (adjusts to EUR/USD volatility)

ATR Multiplier: 3.0 (balances sensitivity and reliability)

Trailing Mode: High/Low (best for trending markets)

Pro Tip: Backtest different multipliers (2.5–3.5) to find the best fit for your strategy.

How to Install the Chandelier V2.0 in MT5

Download the Indicator

Get the file from the official source: Download Here (replace with your link).

Install in MT5

Open MT5 → File → Open Data Folder → MQL5 → Indicators.

Paste the .ex5 file and restart MT5.

Apply to Chart

Drag & drop the indicator onto your EUR/USD M15 chart.

Adjust settings as needed.

Trading Strategy Using Chandelier V2.0

1. Trend-Following Strategy

Entry: Wait for a strong trend (e.g., price above 200 EMA).

Exit: Let the Chandelier Exit trail your stop-loss.

Take Profit: Use a risk-reward ratio of 1:2 or higher.

2. Breakout Strategy

Entry: Enter when price breaks a key level with high volume.

Stop-Loss: Initial stop below recent swing low.

Trailing Stop: Switch to Chandelier Exit once in profit.

3. Scalping Strategy (M15)

Entry: Use with RSI (14) > 50 for longs, < 50 for shorts.

Exit: Let the indicator trail stops tightly to lock in small gains.

Advantages of Using Chandelier V2.0

✔ Reduces Emotional Trading – Automated trailing stops remove guesswork.
✔ Works in All Market Conditions – Adjusts to volatility.
✔ Improves Risk-Reward Ratio – Locks in profits during strong trends.

Conclusion

The Chandelier V2.0 for MT5 is a must-have tool for EUR/USD traders, especially on the M15 timeframe. With its dynamic trailing stops and improved accuracy, it helps traders maximize profits and minimize losses.