Turtle Channel Indicator

Turtle Channel Indicator

The Turtle Channel indicator for MT4 is a trend-following system that forms a trend channel at the breakout level of the past highs and lows of a defined trading period.

The Turtle Channel indicator for MetaTrader is a trend-following system that forms a trend channel at the breakout levels of the past highs/lows of a defined trading period. The principle behind this technical indicator is based on the candlestick behavior whereby the past highs/lows of the price tend to become a support/resistance zone after a breakout.

How do you use the Turtle Channel?
The Turtle Channel indicator comes with red, yellow, and white lines, which are used to plot the trend channel. The red and yellow lines form the upper and lower channel, while the white line signifies an optimal trade exit zone.

So, in essence, you may open a buy/sell position when the red and yellow lines align together at the upper/lower channel. Nevertheless, not all channel levels are suitable for entry. Thus, the indicator is recommended to be used in synergy with price action/other technical indicators for confluence before opening a buy/sell order.

How to Trade With the Turtle Channel Indicator

The above image depicts the action of the indicator on the EURUSD currency pair in an M15 timeframe. It illustrates how to identify a high-probability winning trade setup in line with price action.

The image shows that the price formed a bullish engulfing candlestick pattern on the lower channel, which suggests a potential bullish move (buy signal). Furthermore, the price 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 MT4 is ultimately a trend reversal trading tool recommended for scalpers, day/intraday, and swing traders. Moreover, it is also ideal for both beginners/intermediate and advanced forex traders. Finally, it is free to download.