Yes, there are different ways to add reflections. But you can't apply the effect to the object that already has a reflection, especially color one. The source image for this effect has to be a greyscale lightmap. The result is also a light map but a tweaked one that looks like chrome.
You can combine the resulting light map with the reflection image. The most correct way is to apply flat Luminosity transparency to the chromed object and put it on top of the reflection image. This may requre locking the LE though. Another way is to put the reflection image on top of the chrome object and give it the stained glass transparency. There may be other ways too, you just have to use the chromed image as a light map for your reflection image somehow.
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