TheTurtleTrader
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Introducing the Turtle Traders Donchian Channel EA – an advanced trading system inspired by the legendary Turtle Traders of the early 1980s, designed to bring authentic and diverse results to your trading portfolio.
Core Strategy:
This EA leverages a proven breakout strategy by trading on the highest high or lowest low over a defined period. Whether you prefer quick scalping trades or long holdings during the day, this system adapts to fit your trading style.
Dynamic Trade Customization:
- Directional Control: Tailor your strategy by giving more weight to one trading direction, adjusting the bars used to calculate either the highest high or lowest low on one side only.
- Flexible Risk Management: Choose to set risk per trade to a fixed pip amount or as a percentage of your account balance, allowing your trade size to grow as your balance increases.
- Profit Lock-In: Secure your profits with a trailing stop loss feature, helping you capture gains as trades move favorably.
Optimal Timing:
With fully customizable trading hours, you can align your activity with the most liquid market times for each symbol, enhancing your potential for success.
Versatile Symbol Compatibility:
This EA is engineered to work across multiple markets, including forex, indices, and commodities, making it a powerful addition to any diversified trading portfolio.
Transparency and Reliability:
Unlike systems based on risky martingale or grid strategies, this EA delivers real, practical results designed to stand the test of time.
Description of the Inputs for Turtle Traders Donchian Channel EA
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MagicNumber: A unique identifier for your EA on the chart, allowing it to manage its own trades separately from other EAs.
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LotSizingMode: Choose between:
- Fixed: Set a fixed lot size for each trade.
- RiskBased: Allocate a percentage of your account balance as the risk per trade.
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FixedLotSize: Used if Fixed mode is selected in LotSizingMode. This will be the consistent lot size for each trade.
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RiskPercentage: Used if RiskBased mode is selected in LotSizingMode. Enter the percentage of your account balance to risk per trade (e.g., 1.0 means 1%).
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LotStandard: Defines the unit size per lot, depending on your broker's specifications. Options include:
- Unit_100k: One lot equals 100,000 units.
- Index: One lot equals one Index value.
- Tenth_Index: One lot equals 0.1 Index value.
- Custom: Customize the lot size based on your preference.
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CustomLotSize: If Custom is chosen under LotStandard, enter your custom lot size here.
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LotDigits: Specify the number of decimal places for lot sizing, based on your broker’s requirements.
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MaxSpread: Set the maximum allowable spread (in points) for trades to be executed. Trades won’t trigger if the spread is higher, useful for avoiding high spreads during off-market hours or holidays.
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Slippage: Define the maximum tolerable slippage (price difference) for trade execution.
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UpperChannelPeriod: The number of past bars (including the current bar) used to calculate the upper channel’s highest high.
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LowerChannelPeriod: The number of past bars (including the current bar) used to calculate the lower channel’s lowest low.
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TakeProfit: Set your Take Profit level in pips. If set to 0, there’s no Take Profit, and trades will close based on other exit criteria.
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StopLoss: Set your Stop Loss level in pips. If set to 0, there’s no Stop Loss, and trades will close based on other exit criteria.
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TradeStartHour: The hour of the day when the EA is allowed to start trading if a signal is triggered.
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TradeStartMinute: The minute of the hour when the EA is allowed to start trading if a signal is triggered.
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TradeEndHour: The hour of the day when the EA should close all open trades.
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TradeEndMinute: The minute of the hour when the EA should close all open trades.
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TradingDayStart: Select the starting day of the week for the EA to begin trading (1=Monday, 2=Tuesday, ..., 7=Sunday).
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TradingDayEnd: Select the ending day of the week for the EA to stop trading.
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EnableTrailingStop: Set to true if you wish to enable a trailing stop for protecting profits; set to false to only use a fixed stop.
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TrailingStopDistance: If trailing stop is enabled, set the trailing stop distance in pips to automatically adjust as profits are secured.
These inputs provide complete flexibility to customize your Turtle Traders Donchian Channel EA, ensuring it aligns with your risk tolerance, trade timing, and overall strategy preferences.
