Turtles Alerts

The Turtles Alerts indicator is a trend-following tool designed to signal potential entry and exit points based on the classic Turtle Trading break-out strategies.

Usage

The indicator can be used to identify breakout momentum in both long and short directions. By monitoring price action relative to historical highs and lows, it provides visual signals on the chart for entries and exits. Traders typically use the "Fast" signals for more aggressive entries and the "Slow" signals for more conservative, longer-term trend following.

For example, a long entry triangle appears when price breaks above the specified high of the lookback period, while an "X" shape indicates a potential exit when the price retraces below the exit channel.

Details

This script is based on the methodologies popularized in the book "Way of the Turtle" by Curtis Faith. It implements two distinct systems:

1. System 1 (Fast): Uses a shorter lookback (default 20 periods) for entries and an even shorter period (default 10) for exits.
2. System 2 (Slow): Uses a longer lookback (default 55 periods) for entries and a 20-period lookback for exits.

The indicator calculates the highest highs and lowest lows over these periods to create breakout channels. Alerts are triggered the moment price exceeds these historical boundaries, allowing for automated monitoring of multiple assets.

Settings

• Fast Enter Length: The lookback period used to determine the breakout point for System 1 long and short entries.
• Fast Exit Length: The lookback period used to determine the exit point for System 1 positions.
• Slow Enter Length: The lookback period used to determine the breakout point for System 2 long and short entries.
• Slow Exit Length: The lookback period used to determine the exit point for System 2 positions.

FAQ

How do I interpret the shapes on the chart? Upward triangles represent long entries, downward triangles represent short entries, and "X" marks represent exit signals for the respective directions.

Can I set up automated notifications with this script? Yes, the indicator includes alert conditions for Long Entry, Short Entry, Long Exit, and Short Exit which can be configured via the TradingView alert menu.

How can I access Turtles Alerts? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.