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