Turtle Trading Channel - MetaTrader 4 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 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, the red and blue lines are the trading lines and the dotted line is the exit line. The original system is:

It is recommended that the initial stop loss is ATR * 2 of the opening price. The default system parameters are 20,10 and 55,20.

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 trend changes when the bar actually closes above or below the current trendline, rather than just touching the trendline 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.

This indicator should be used together with my other indicators: Classic Turtle Trading Indicator , which represents the same period or a fail-safe trading system and gets further signals when you are stopped. Both indicators implement trading alerts, feel free to enable or disable them according to your trading settings.

Original Turtle Rules:

To trade like a turtle, you need to set up two indicators to represent the main and fail-safe systems.

This entry strategy using S1 is as follows

This entry strategy using S2 is as follows:

The Turtles have a progressive position sizing method for increasing their winnings. Once you've made your trading decision, you should...

This exit strategy is executed using the indicator’s dotted line:

Turtles also require very strict money management . The initial position risk is 2%, but this decreases based on the current drawdown.

Attachment download

📎TheTurtleTradingChannel.mq4 (6.08 KB)

📎 TheTurtleTradingChannelRaw.mq4 (3.36 KB)

Source: MQL5 #10727