The Turtle MTF Forex Indicator for Metatrader 5 is based on the Dochican trading channel and is used by traders to identify trends and potential entry and exit points.
It is named after the famous Turtle Traders, a group of novice traders trained by legendary traders Richard Dennis and William Eckhardt in the 1980s.
The Turtle Trading strategy and its associated indicators were designed to capture and profit from long-term trends in the markets.
The indicator appears on the price chart as a channel line colored in blue and red, accompanied by signal arrows also colored in blue and red
Understanding the Turtle indicator signal is simple and straightforward: A blue arrow generates a buy signal, while a red arrow indicates a sell signal.
This signal indicator should work equally well for any currency pair and time frame.
The indicator includes several inputs and parameters, such period Donchian, push notifications, popup alerts, send email colors, and more.
Becoming familiar with this technical indicator and thoroughly testing it on a demo account for an extended period is advisable.
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The picture below illustrates how the Turtle MTF Forex indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Turtle MTF Forex Indicator?
Find a simple trading strategy below:
- A buy signal is generated when the blue-colored Turtle arrow appears on the chart.
- Execute a buy market order and place a stop loss below the blue-colored Turtle channel line.
- Close the buy trade for a fixed profit target, for example, +20 pips on the 5-minute chart.
- Alternatively: await a sell arrow to close the buy trade.
- A sell signal is generated when the red-colored Turtle arrow appears on the chart.
- Execute a sell market order and place a stop loss above the red-colored Turtle channel line.
- Close the sell trade for a fixed profit target, for example, +50 pips on the 1-hour chart.
- Alternatively: await a buy arrow to close the sell trade.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the AW Turtles Indicator MT5.ex5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration