Turtle Channel trading indicator
Turtle Channel trading indicator for the MetaTrader 5 platform is an indicator similar to Donchian Channels, except that it uses different averaging periods for the upper and lower bands.
The upper and lower bars define the channel that moves with the price bars. The name of the indicator comes from the Turtle Traders, who used the channel to signal the entry and exit of their trading system.
How to use the Turtle Channel indicator
- To trade on uptrend, the Turtle channel uses the upper band with a longer time frame than the lower band. A buy position is opened as soon as price touches the upper band after it has passed through the channel from the lower band. Closing a position on an uptrend is when price comes back down through the channel and touches the lower band.
- To trade on downtrend, the Turtle channel uses the upper band with a shorter time period than the lower band. A sell position is opened as soon as price touches the lower band after having passed through the channel from the upper band. Closing a position on a downtrend is when price moves back up through the channel and touches the upper band.
Turtle Channel trading indicator for MT5 terminal - is an effective tool for channel trading, which, if used correctly, can constantly delight the trader with profits.
Download Turtle Channel Trading Indicator