Turtles Modified Alerts

The Turtles Modified Alerts indicator provides automated signals based on the classic Turtle Trading rules, designed to identify trend breakouts and exits across two distinct timeframes.

Usage

The Usage section focuses on identifying trend continuation and reversals through "Fast" and "Slow" breakout systems. Users can monitor signals for both long and short positions based on historical price extremes.

• Fast System (L1/S1): Generates signals based on shorter-term price breakouts (default 20 periods) and exits (default 10 periods). These are labeled as OFL (Open Fast Long), CFL (Close Fast Long), OFS (Open Fast Short), and CFS (Close Fast Short).
• Slow System (L2/S2): Utilizes longer-term lookback periods (default 55 periods) for entries and 20 periods for exits, aimed at capturing more significant trend movements. These are labeled as OSL (Open Slow Long), CSL (Close Slow Long), OSS (Open Slow Short), and CSS (Close Slow Short).

Details

The script implementation is based on the trend-following principles popularized by the Turtle Traders. It calculates the highest highs and lowest lows over specified periods to determine entry points. The logic includes a time filter to allow users to backtest or monitor signals within a specific date range. The indicator specifically looks for "clean" breakouts, meaning it tracks the state of the current position to ensure that exit signals are only produced after a valid entry, and vice versa. This version is optimized for alerts, making it suitable for integration with third-party automation tools.

Settings

The settings are divided into time filtering and period lookbacks:

• Time Range Settings:
  • From Month/Day/Year: Sets the starting date for the indicator to begin calculating and plotting signals.
  • To Month/Day/Year: Sets the expiration date for the signal calculations.
• Breakout Settings:
  • Enter Fast: The lookback period for the fast system entry (highest high for long, lowest low for short).
  • Exit Fast: The lookback period for the fast system exit.
  • Enter Slow: The lookback period for the slow system entry.
  • Exit Slow: The lookback period for the slow system exit.

FAQ

How do I interpret the chart labels?

"O" stands for Open, "C" stands for Close, "F" stands for Fast, "S" stands for Slow, "L" stands for Long, and "S" stands for Short. For example, "OFL" means Open Fast Long.

Can I automate these signals?

Yes, the script includes both alertcondition() functions and dynamic alert() calls, allowing for easy integration with execution bots or TradingView's alert system.

How can I access Turtles Modified Alerts?

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