The Turtle Trading Channel Indicator is a trend-following forex trading indicator which has been developed to generate simple trend-based trade signals. Its simplicity of use offers a great advantage to newbie traders who struggle to enter the trades within the trend directions.
This Indicator can be applied to trade all kinds of forex currency pairs. Furthermore, this indicator fits great with all sorts of timeframe charts within the forex MT4 trading platform.
The Turtle Trading Channel Indicator Overview
After the installation of the indicator at the MT4 terminal, your trading chart will appear like the following image:
The Turtle Trading Channel Indicator Anatomy
This indicator plots the trend channels around the price bars to signal the market trends. It turns blue and appears below the price bars to signal the bullish trend of the market. On the other hand, it turns red and appears above the price bars when the trend is bearish. This indicator also adds a stop level around the price bars to define the possible swing levels of the trend. These stop levels are dynamic and change its position automatically with the change in price actions and allow traders to adjust their stop positions or exit the trade entries.
The Turtle Trading Channel Indicator: Buy Conditions
- Turtle Channel turns blue and appears below the price bars
- Price remains above the stop-levels
- Buy triggers when the above conditions are met
- Set stop loss below the stop-levels
- Exit long/take profit whenever the stop level is broken by the following price bars
The Turtle Trading Channel Indicator: Sell Conditions
- Turtle Channel turns red and appears above the price bars
- Price remains below the stop-levels
- Sell triggers when the above conditions are met
- Set stop loss above the stop-levels
- Exit short/take profit whenever the stop level is broken by the following price bars
