The turtle traders or simply “ the turtles” was a trading group that took over the investment world. Their strategy for taking advantage of breakouts was notoriously successful and was so simple that a newbie could easily learn it and start making money quickly.
This indicator for MT4 is suitable for those who want to reproduce the trading methods used by the Turtles as it helps to recreate the same breakout strategies.
In short, this indicator shows two Donchian channels. These Donchian channels can be used in various ways. For example, you can easily use two types of breakout strategies: short-term and medium-term.
First of all, what is the Donchian channel?
The Donchian channel displays the highest and lowest prices in N periods. When N is 100 on the daily chart, the highest and lowest prices in the past 100 days are displayed.
The Donchian Channel is used in various ways, but it is often used for breakout strategies. For example, if the price breaks out of the Donchian channel, there may be a powerful uptrend in force. Therefore, if you place a buy order when you exceed the upper limit of the Donchian channel, you are likely to get a good profit on that uptrend.
It can also be used for upside down U-turns. A reversal may occur if the price is confronted at the upper limit of the Donchian channel. In such a case, on the contrary, it is a good idea to place a sell order at the upper limit of the Donchian channel.
- CalculateOnBarClose - If true, do not show Donchian channel on the latest candle bar
- First Donchian Channel - The period used for calculating the first Donchian channel
- Second Donchian Channel - The period used for calculating the second Donchian channel
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Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.