About:
Turtles indicator on MT5: https://www.mql5.com/en/market/product/151559
The Turtles indicator is a very useful indicator for the traders who want to trade like the legendary Turtles did in the 1980's.
It combines in a simplified form the Donchian channels with the trail stop based on highest high/lowest low of a shorter period of time than the breakout.
Because i did not want to clutter the chart with the Donchian channels i kept the levels of potential breakouts and the historical breakouts are marked with diamonds(blue for upside, yellow for downside) and also in case that someone would have traded that signals the exit candles market by x-crosses.
For example if the price breaks above the highest high of the last 20 days we have a buy signal. If the price continues to evolve in the expected direction (trending up) we will manage the trade by moving the stop loss at the level showed by the indicator.
The trail stop is a dotted line and in the case of our example the yellow dotted line will go up in time and following her the stop loss position will be adjusted.
Let's see a concrete example on gold time frame daily:
The buy signal was generated at the candle which has the blue diamond bellow.
The stop loss was lower but now according with the settings used (55 days breakout, 20 days trail stop) it must be at the level showed by the yellow dotted line.
By doing this we lock more and more from the paper profit.
As you can see there is no fixed take profit level because we ride the trend as long as it goes.
Eventually the trend will change and the trade will be closed automatically when the price hits the trail stop level.
The classic trend following has a 30-40% win rate, low sharpe ratio but the profitability comes from the 5-10% outlier trades.
The trades are made using daily candles (not 5, 15, 30 minutes or 1hour, 4 hours) so the speed is low and the trader can easily manage multiple trades.
As stop loss you can use 2,3 average true range daily multiples. If you want to place with ease trades check my ATR Orders Manager EA.
Key Features & Benefits
1. Dual-Period High/Low Dynamic Levels
* Instantly see the most critical support and resistance levels.
* 20-Period High/Low (Solid Lines): Identifies the broader market structure and longer-term key levels. Perfect for setting trade breakouts.
* 10-Period High/Low (Dotted Lines): Highlights recent, short-term trend. Ideal to spot early trend shifts.
* Fully Customizable: Choose your own colors and line thickness to match your chart's theme.
2. Smart Trailing Stop & Breakout Signals
This indicator doesn't just draw lines; it provides intelligent, actionable signals based on price action relative to the recent highs and lows.
* Trailing Stop Signals (Solid x-cross):
* Blue x-cross: Appears when price makes a new high (within the 10-period lookback). If you are in a short position you move the stop loss lower as the price makes a new low at the trail stop levels. Initially the trail stop can be above your stop loss level but if the trade evolves favorably it will move lower.
* Yellow x-cross: Appears when price makes a new low (within the 10-period lookback). If you are in a long position you move the stop loss higher as the price makes a new high at the trail stop levels. Initially the trail stop can be below your stop loss level but if the trade evolves favorably it will move higher.
* Breakout Signals (Small diamond):
* Blue diamond: Triggers when price breaks above the 20-period high, indicating a bullish breakout and a long signal.
* Yellow diamond: Triggers when price breaks below the 20-period low, indicating a bearish breakout and a short signal.
* Smart Signal Management: The indicator's logic is built to avoid confusion. In live trading starting from breakout levels a solid line(blue for longs and yellow for shorts) will extend to the right. If the price is getting closer to one of them you place a long/short pending order. When the trail stop dotted line (yellow for longs, blue for shorts) moves in a better position than the initial stop loss you move the stop loss at that level. In this way you lock your profits.
Input Parameters
* Trailing Stop Lookback Period (10): The number of previous bars used to calculate the trailing stop high/low.
* Breakout Lookback Period (20): The number of previous bars used to calculate the breakout high/low.
* Line Colors & Thickness: Customize the appearance of both the 20-period and 10-period High/Low lines.
Why Traders Love This Indicator
* Unmatched Clarity: Consolidates multiple concepts into one easy-to-read visual, reducing analysis paralysis.
* Versatile Strategy Foundation: Use it for Breakout Trading, Trend Following.
* Actionable Alerts: The clear signals remove subjectivity, telling you exactly when a significant price event has occurred.
* Fully Customizable: Adjust the lookback periods and visual styling to fit any trading style or instrument.
