Turtle Channel Indicator
MT5Also Available for MT4The Turtle Channel Indicator for MT5 is a trend following system that forms a trend channel at the breakout level of past highs and lows of a specific trading period.
Description
The Turtle Channel Indicator for MetaTrader is a trend following system that forms a trend channel at breakout levels of past highs/lows of a specific trading period. The principle of this technical indicator is based on the behavior of the candle when past highs/lows in price tend to become a support/resistance zone after a breakout.
How do you use the Turtle Channel?
The Turtle Channel indicator has red, yellow and white lines that are used to plot a trend channel. The red and yellow lines form the upper and lower channels, while the white line marks the optimal exit zone.
So, in essence, you can open a buy/sell position when the red and yellow lines match together in the up/down channel. However, not all channel levels are suitable for entry. Thus, the indicator is recommended to be used in synergy with price action/other technical indicators to merge before opening a buy/sell order.
How to trade with the Turtle Channel indicator
The image above shows the action of the indicator on the GBPUSD currency pair on the H4 timeframe. It illustrates how to identify a profitable high probability trade setup according to price action.
The image shows that the price has formed a bullish engulfing candlestick pattern on the lower channel, suggesting a potential bullish move (buy signal). In addition, the price has also printed a bearish engulfing candlestick pattern on the upper trend channel, which also depicts a possible bearish move (sell signal).
Conclusion
The Turtle Channel Indicator for MT5 is ultimately a trend reversal trading tool recommended for scalpers, day/intraday and swing traders. In addition, it is also ideal for both beginner/intermediate and advanced forex traders. Finally, it’s free to download.
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