Classic Turtle Trading Indicator - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

This trend following system was designed by Dennis Gartman and Bill Eckhardt and relies on breakouts of all-time highs and lows to trade and close positions: the exact opposite of the "buy low, sell high" approach. This trend following system was taught to a group of ordinary people and ordinary people, and almost everyone became a profitable trader.

The main rule is "Trade the N-day breakout and profit on a breakout of the M-day high or low (N must be higher than M)." Example:

In this indicator, entry and exit signals are displayed as arrows and dots. The original system is:

This indicator should be used in conjunction with my other indicators: Turtle Trading Channel , which stands for Contemporaneous or Fail-Safe Trading System. The important feature of this indicator is that it actually checks if your last trade has been stopped out and gives further entry signals along the trend. Therefore, it is the perfect complement to the complete Turtle Trading Method trading channel.

However, I made some modifications to the algorithm to get early entry signals and avoid random trend moves in highly volatile conditions. To do this, the indicator only shows a trend change when the bar actually closes above or below the current trendline - rather than just hitting it like a normal stop-loss order. The disadvantage is that you can only detect trend changes when the last bar has closed. Just in case, a strict version is also available.

Both indicators implement trading alerts, feel free to enable or disable them according to your trading settings.

This is what your trading setup using channels and classic indicators should look like.

In addition, the indicator implements entry/exit alerts.

suggestion:

The performance of the Turtle trading system has been questioned. Below are EURUSD (1995-2012) backtest trade all signals of this indicator - without filtering any trades - trade only after the close of the current bar, reduce exposure according to the original turtle rule, increase positions using ATR*2 and trailing stops.

Finally, the same system with an initial risk of 5% per trade (maybe too much, but looks interesting)

Attachment download

📎TheClassicTurtleTrader.mq4 (9.12 KB)

Source: MQL5 #10735