Turtle Rules Trader EA
Info
The Turtle Rules Trader EA is a Expert Advisor for MetaTrader 5 that this expert advisor (ea) implements a trading system inspired by the renowned turtle trader system, as outlined in the book 'the complete turtle trader' by michael covel (2026). The Turtle Trader system is a well-known trend-following strategy that has been widely used in financial markets.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Turtle Rules Trader EA
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.
What this tool does
This Expert Advisor (EA) implements a trading system inspired by the renowned Turtle Trader system, as outlined in the book 'The Complete Turtle Trader' by Michael Covel (2026).
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Accurate Broker GMT Offset and Daylight Saving Time Rules from Price History - another powerful expert for MetaTrader 5 traders.
This Expert Advisor (EA) implements a trading system inspired by the renowned Turtle Trader system, as outlined in the book 'The Complete Turtle Trader' by Michael Covel (2026).Also recommended: Prop Firm Defense: Navigating Proprietary Trading Rules - similar expert with strong performance on MetaTrader 5.
The Turtle Trader system is a well-known trend-following strategy that has been widely used in financial markets. This EA aims to replicate its core components while providing additional customization options for traders.
Key features of the system include:
- Position sizing based on market volatility.
- Entry signals triggered by Donchian channel breakouts (both fast and slow).
- Signal skipping after successful breakouts to avoid consecutive trades.
- Position adding based on volatility intervals.
- Stop order placement and management.
- Flexible exit strategies, including Donchian channel breakouts, Parabolic SAR, or take profit.
The EA offers a comprehensive implementation of the Turtle Trader system with the following specific functionalities:
- Automatic calculation of optimal trading lots based on market volatility.
- Visualization of three Donchian channels: System 1, System 2, and a fast channel for exit signals.
- Signal skipping mechanism to avoid consecutive trades after successful breakouts.
- Trade management, including position closing after fast channel breakouts or adding positions based on volatility intervals.
- Stop order placement and trailing using the Parabolic SAR system or take profit.
Inputs:
- Donchian Channel Settings:
- Fast Channel (Entry Channel) - Range for the fast Donchian channel.
- System 1 Channel - Range for the System 1 Donchian channel.
- System 2 Channel - Range for the System 2 Donchian channel.
- Risk Management:
- Max. Deposit Share at Risk - Percentage of the deposit at risk per trade.
- Max. Amount of 'Units' per Symbol - Maximum number of units allowed for a symbol.
- Position Management:
- Adding Interval (Times ATR) - Volatility interval for adding positions.
- Stop Loss (Times ATR) - Volatility interval for stop loss placement.
- Take Profit (Times ATR) - Volatility interval for take profit placement.
- Trade Execution:
- Allowable Trade Slippage - Acceptable slippage for trade execution.
- Parabolic SAR Settings:
- Use SAR-System to Trail SL - Enable/Disable Parabolic SAR for stop loss trailing.
- SAR System Step - Step size for the Parabolic SAR system.
- SAR System Cap - Maximum step size for the Parabolic SAR system.
You may also like: Doji Arrows Trading Strategy - excellent alternative for expert users on MetaTrader 5.
Source Code
/.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.