This trend following system was designed by Dennis Gartman and Bill Eckhart, and relies on breakouts of historical highs and lows to take and close trades: it is the complete opposite to the “buy low and sell high” approach. This trend following system was taught to a group of average and normal individuals, and almost everyone turned into a profitable trader.
The main rule is “Trade an N-day breakout and take profits when an M-day high or low is breached (N must me above M)”. Examples:
- Buy a 10-day breakout and close the trade when price action reaches a 5-day low.
- Go short a 20-day breakout and close the trade when price action reaches a 10-day high.
In this indicator, entry and exit signals are displayed as arrows and dots. Original system is:
- Go long on blue arrows
- Go short short on red arrows
- Exit long positions when a blue dot appears
- Exit short positions when a red dot appears
This indicator should be used together with my other indicator: The Turtle Trading Channel, to represent the same period or the failsafe trading system. The important function about this indicator is that it actually checks if your last trade has been stopped out and gives further entry signals along the trend. So it is the perfect addition to the trading channel for a complete Turtle Trading approach.
I have, however, altered a little bit the algorithm to get early entry signals and avoid random trend swings in highly volatile conditions. To do so, this indicator will only show a trend change when a bar actually closes above or below the current trendline -instead of just touching it like a normal stop-loss order would do-. The downside is that you can only detect trend changes when the last bar has already closed. Just in case, the strict version is also available.
Both indicators implement trading alerts, enable or disable them at will depending on your trading setup.
MT4 Indicators – Download Instructions
The classic Turtle Trading Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
The classic Turtle Trading Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install The classic Turtle Trading Indicator.mq4?
- Download The classic Turtle Trading Indicator.mq4
- Copy The classic Turtle Trading Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on The classic Turtle Trading Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator The classic Turtle Trading Indicator.mq4 is available on your Chart
How to remove The classic Turtle Trading Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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MT4 Indicators Download here: The classic Turtle Trading Indicator