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The classic Turtle Trading Indicator – indicator for MetaTrader 4

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Old 20-03-2018, 21:37
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Default The classic Turtle Trading Indicator – indicator for MetaTrader 4

theclassicturtletrader5.gif

This trend following system was designed by Dennis Gartman and Bill Eckhart, and relies on breakouts of historical highs and lows to take and close trades: it is the complete opposite to the "buy low and sell high" approach. This trend following system was taught to a group of average and normal individuals, and almost everyone turned into a profitable trader.

The main rule is "Trade an N-day breakout and take profits when an M-day high or low is breached (N must me above M)". Examples:


    Buy a 10-day breakout and close the trade when price action reaches a 5-day low.
    Go short a 20-day breakout and close the trade when price action reaches a 10-day high.

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


    Go long on blue arrows

    Go short short on red arrows

    Exit long positions when a blue dot appears
    Exit short positions when a red dot appears

This indicator should be used together with my other indicator: The Turtle Trading Channel, to represent the same period or the failsafe trading system. The important function about this indicator is that it actually checks if your last trade has been stopped out and gives further entry signals along the trend. So it is the perfect addition to the trading channel for a complete Turtle Trading approach.

I have, however, altered a little bit the algorithm to get early entry signals and avoid random trend swings in highly volatile conditions. To do so, this indicator will only show a trend change when a bar actually closes above or below the current trendline -instead of just touching it like a normal stop-loss order would do-. The downside is that you can only detect trend changes when the last bar has already closed. Just in case, the strict version is also available.

Both indicators implement trading alerts, enable or disable them at will depending on your trading setup.

How to install The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4?


    Download The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4
    Copy The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4 to your Metatrader Directory / experts / indicators /
    Start or restart your Metatrader 4 Client
    Select Chart and Timeframe where you want to test your MT4 indicators
    Search "Custom Indicators" in your Navigator mostly left in your Metatrader 4 Client
    Right click on The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4
    Attach to a chart
    Modify settings or press ok
    Indicator The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4 is available on your Chart

How to remove The classic Turtle Trading Indicator – indicator for MetaTrader 4.mq4 from your Metatrader Chart?


    Select the Chart where is the Indicator running in your Metatrader 4 Client
    Right click into the Chart
    "Indicators list"
    Select the Indicator and delete

Click here below to download:

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