Original Turtle Rules Trader
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Original Turtle Rules Trader
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
Original Turtle Rules Trader EA implements a trading system described in the book
.
According to the description given in the book, the famous Turtle Trader system consists of the following components:
Selecting the size of a trading position depending on the current market volatility.
Entering the market after the fast or slow Donchian channel breakout.
Skipping the second signal following the first successful breakout.
Adding new positions.
Placing and moving stop orders.
Exiting positions.
In full compliance with the description,
the system automatically tracks the current market volatility and calculates the optimal trading lot - unit;
the algorithm visualizes three Donchian channels on the chart: System 1 and System 2 channels, as well as the fast channel for exiting a position;
the EA skips the channel breakout (regardless of its outcome) if a successful trading signal was implemented before that;
the algorithm tracks a trade, closes a position after the fast channel breakout or adds positions after specified volatility intervals;
the EA sets and moves stops.
Instead of closing trades after the fast channel breakout, the algorithm can use the Parabolic SAR system or simply set a take profit.
Inputs:
Donchian channel for exit breakout - range for building the fast channel (entry channel).
Donchian channel for system-1 breakout - range for building the System 1 channel.
Donchian channel for system-2 breakout - range for building the System 2 channel.
Max. deposit share at risk in one trade - risk per one position as a deposit share.
Max. amount of "Units" per symbol - maximum acceptable number of units per symbol.
Adding interval (times ATR) - volatility interval for adding positions.
Stop loss (times ATR) - volatility interval for placing a stop order.
Take profit (times ATR) - volatility interval for placing a take profit
Allowable trade slippage - acceptable slippage.
Use SAR-system to trail SL - enable/disable Parabolic SAR system.
SAR system step - SAR system step.
SAR system cap - maximum SAR system step.
