# Turtle Trading Channel MT4 Indicator – Free MT4 Indicator

May 28, 2016

The Turtle Trading system is known for over three decades. It appeared in an unprecedented environment where 2 famous traders, and namely Richard Dennis and William Eckhardt, argued about whether it is possible to teach ordinary people to trade successfully in the financial markets. William and his group of traders believed that it was impossible, because making profits with trading required extensive knowledge in the field of mathematics, as well as the potential of forecasting. Richard Dennis, the actual creator of the Turtle strategy, and his group said that anyone can learn to trade in the financial market if there are some clear strategies and rules to follow and a mentor or a teacher with a great trading experience.

As a result of this friendly confrontation, there was decided an unusual experiment. Its first goal was to invite people from the street, who do not know anything about the financial markets, to trade. They were instructed with the basic knowledge about the market and trading process. After that, they were allowed to trade with real money and it turned out they were successful! The turtle channel strategy was one of those simple systems that helped people to easily forecast, and this MT4 indicator version is based on the initial turtle system.

So, let’s see how to use the MT4 Turtle Channel indicator. Basically, it is a trend following indicator that reminds a channel. Here is a simple strategy based on this great indicator:

So, let’s see how to use the MT4 Turtle Channel indicator. Basically, it is a trend following indicator that reminds a channel. Here is a simple strategy based on this great indicator:

## Turtle Trading Channel MT4 Indicator – Chart Setup

• Even if the indicator will work with M5 or M15 timeframes, it is much better to work with H1, H4 and most of all with D1 timeframes, in order to assess the market situation and manage the balance;
• The strategy works with any currency pair;
• Here are the indicators you should set on the chart:
1. The Turtle Channel Indicator with default settings;
2. MACD oscillator with default settings: 12, 26, 9;

The trading rules are very simple. In order to enter the market with a long position, you need to follow the Turtle Channel indicator and Buy when the Turtle line turns blue. Some traders are satisfied with this signal, but to make sure about the signal strength, we will also use the MACD indicator. So, when you have a blue line on the part of Turtle Channel, make sure the MACD histogram crosses its middle line from the bottom to top. Once these signals coincide, you can go long.

You should take profit manually and exit the market when the price action touches the dotted exit line which goes with the blue line. On a black MT4 chart background the exit line is sometimes less visible, but with a little effort you will find it.

The conditions for opening a short position are the mirrored ones described above. Follow the Turtle Channel indicator once its line turns Red. Now, make sure the MACD histogram crosses its line from the top to bottom, and if these conditions are met, you can go short.

You should take the profit manually and exit when the price touches the Turtle Channel exit line which is dotted and goes in parallel with the red line in our case.

Try it on a demo account in order to make yourself comfortable with the Turtle Channel indicator.

Time Frames

Technically speaking, you can use this indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.

We have provided this powerful trend trading indicator to you at no cost. We humbly request for your help to spread the word by sharing on one of the social platforms below. To unlock the download link, you just need to share this page to help us achieve our goal of helping more traders out there.

Leave us a comment below to let us know your thoughts on this indicator. If you like this indicator, you might like see other indicators that we have carefully selected that will help you in your trading journey.

And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full autopilot.

We highly recommend this powerful MT4 Expert Advisor.

We hope you have enjoyed this post as much as we have creating it.

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