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 MT5 indicator signal is 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 as period Donchian, push notifications, popup alerts, send email colors, and more.
It is advisable to become familiar with this technical indicator and thoroughly test it on a demo account for an extended period.
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AW Turtles Indicator MT5.ex5 Indicator (MT5)
Chart Example
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:
Buy Signal
- 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.
Sell Signal
- 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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AW Turtles Indicator MT5.ex5 Indicator (MT5)
Multi-Timeframe Breakout MT5 Strategy with Turtle MTF and Universal Forex Oscillator
The Turtle MTF Forex Indicator for MT5 is based on the classic Turtle trading system, optimized for multi-timeframe breakouts.
When combined with the Universal Forex Oscillator, it provides strong entry confirmation through momentum and overbought/oversold filters.
Best Timeframes
Use M15 to H1 charts for breakout signals, with H4 as the reference trend.
Strategy Components
- Turtle MTF Indicator: Detects breakout entries based on price breaching past highs/lows across timeframes.
- Universal Forex Oscillator: Confirms trade direction using momentum and divergence signals.
Buy Setup
- Turtle MTF signals a long breakout (price breaks above the channel high).
- Universal Oscillator shows bullish momentum and is not in overbought territory.
- Enter long with a stop-loss just below the recent channel low.
- Take profit at 1:2 risk-reward or trail with recent swing lows.
Sell Setup
- Turtle MTF signals a short breakout (price breaks below the channel low).
- Universal Oscillator confirms bearish momentum without oversold conditions.
- Sell position opened with a stop above the recent high.
- Target key support or use a trailing stop strategy.
Why This Strategy Works
The Universal Forex Oscillator adds clarity to Turtle breakouts by filtering trades with momentum confirmation, helping traders avoid false signals and improving trend-following efficiency.
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!
