Turtle Trader IndicatorSo apparently Trading View has now removed the ability to publish indicators as a free users.
So unfortunately I cannot publish this anymore.
This is a prototype indicator I wrote after finishing the book, "The Complete Turtle Traders".
I plan to update modify this with my own TVMV framework and talk about other rules for trading as opposed to simply copying the old school turtles because the economic conditions today are simply very different than they used to be. I did backtest this and I wasn't terribly impressed. It wasn't horrible or anything, it just didn't fit my personal style.
For context, Turtle Trading Indicator is designed to implement the Turtle Trading strategy, a systematic approach developed by Richard Dennis and William Eckhardt in the 1980s. This strategy is known for its trend-following methods, using price breakouts and volatility to manage trades. The indicator plots visual signals for entries, exits, and position additions, making it easier for traders to follow the rules manually on their charts.
How It Works
Entry and Exit Signals: It uses breakouts above X-day highs or below X-day lows for entries, with exits based on Y-day highs or lows. Users can choose between System One (20-day breakout, 10-day exit) or System Two (55-day breakout, 20-day exit).
Volatility-Based Position Sizing: The indicator calculates position sizes using the Average True Range (ATR), ensuring risk is proportional to account capital, typically 1-2% per trade.
Risk Management: Stop-loss levels are set at 2N (twice the ATR) from the entry price to limit losses.
Pyramiding: It signals when to add to winning positions as the price moves favorably by 0.5N, helping to capitalize on trends.
How to Use It
To use the indicator:
Attach it to your chart on TradingView.
Look for entry signals (green triangles for long, red for short) to initiate trades.
Use the displayed position size for entries or additions, adjusting for your instrument if needed (e.g., stocks, futures).
Monitor for pyramid signals (lime or orange triangles) to add to positions.
Exit when exit signals appear (blue triangles), and always respect the plotted stop-loss levels.
Hope you enjoy and if you wanna see more indicators like this, consider following and giving this a boost. If it reaches 100 boosts, I'll update it or publish the strategy version otherwise I'm just gonna keep any updates in house.
