The Classic Turtle Trader
Free MT4 Indicator
Description
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. 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.
How to trade
In this indicator, entry and exit signals are displayed as arrows and dots.
- Go long on blue arrows
- Go 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 The Turtle Trading Channel indicator, 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.
Both indicators implement alerts and email alerts.
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