_Turtle Channel Indicator
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This script implements a technical analysis tool known as the Turtle Channel Method, which is based on the classic Donchian Channel logic. Its primary purpose is to visualize price boundaries over specific timeframes, helping traders identify significant support and resistance levels by observing the high and low extremes of past price action.
Core Functionality
The indicator automatically plots three distinct sets of channels on your chart. Each set represents a different "look-back" period, allowing you to view market volatility across various time horizons simultaneously:
- Short-Term: Focuses on immediate price fluctuations.
- Medium-Term: Identifies broader swings and trends.
- Long-Term: Highlights major structural boundaries in the market.
How the Logic Works
The tool scans historical price data to find the highest highs and lowest lows for each of the three periods. Based on your configuration, it determines how to calculate these "extremes":
- Standard Extremes: Uses the absolute highest high and lowest low reached during the period.
- Open Price Reference: Uses the price at which the specific high or low bar opened, which some traders believe represents a more stable concentration of probability.
- Median Point: Calculates a middle ground between the opening price and the extreme high/low.
Key Customization Features
The script includes several professional parameters to fine-tune how the channels appear and behave on your screen:
- Margins: This allows you to create a "buffer" or safety zone inside the channel borders. By adjusting this percentage, you can slightly shrink or expand the lines inward from the actual extremes.
- Advance: This provides a way to shift the visual placement of the data points forward or backward on the chart timeline.
- Visual Distinction: To ensure clarity, each set of channels is rendered with unique line styles (dots, dashes, and dash-dots) and different colors, making it easy to distinguish between short, medium, and long-term boundaries at a glance.
By monitoring where the current price interacts with these boundaries, traders can better understand the "envelope" of market movement and identify potential breakout opportunities or reversal zones.
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_Turtle Channel Indicator
//+------------------------------------------------------------------+
//| Turtle Channel Method(Donchain).mq4 |
//| djindyFX@sbcglobal.net |
//| http://www.learncurrencytrading.com/fxforum/blogs/djindyfx/ |
//+------------------------------------------------------------------+
#property copyright "djindyFX@sbcglobal.com"
#property link "http://www.learncurrencytrading.com/fxforum/blogs/djindyfx/"
/* - Original Donchain channel code posted here: http://codebase.mql4.com/ru/1317
Periods: number of bars used for calculating the Donchian channels
3 Seperate Channels are provided, Long term, Medium, and Short Term
Extremes: 1 uses the highest high and the lowest low to create the Channel
0 uses the open of the extremes bar -> the open point of a bar (as well as the close
are the points of maximum probability of concentration of the prices during the bar
3 uses the median point most extreme open and lowest low or highest high
Margins: is the percent of the channel subtrated from the channel border before printing it, negative values are allowed
Advance: the numbers of bars ahead
*/
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_color1 White
#property indicator_color2 White
#property indicator_color3 Yellow
#property indicator_color4 Yellow
#property indicator_color5 Red
#property indicator_color6 Red
//---- input parameters
extern int LngPeriod=50;
extern int MedPeriod=20;
extern int ShtPeriod=10;
extern int Extremes=1;
extern int Margins=0;
extern int Advance=0;
// - Buffers
double Channel1[];
double Channel2[];
double Channel3[];
double Channel4[];
double Channel5[];
double Channel6[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//Comment("Turtle Channel is running");
string LngTop, LngBottom, MedTop, MedBottom, ShtTop, ShtBottom;
//---- indicators
SetIndexStyle(0,DRAW_LINE,STYLE_DOT);
SetIndexStyle(1,DRAW_LINE,STYLE_DOT);
SetIndexStyle(2,DRAW_LINE,STYLE_DASH);
SetIndexStyle(3,DRAW_LINE,STYLE_DASH);
SetIndexStyle(4,DRAW_LINE,STYLE_DASHDOT);
SetIndexStyle(5,DRAW_LINE,STYLE_DASHDOT);
SetIndexBuffer(0,Channel1);
SetIndexBuffer(1,Channel2);
SetIndexBuffer(2,Channel3);
SetIndexBuffer(3,Channel4);
SetIndexBuffer(4,Channel5);
SetIndexBuffer(5,Channel6);
LngTop = "Long Top";
LngBottom = "Long Bottom";
MedTop = "Medium Top";
MedBottom = "Medium Bottom";
ShtTop = "Short Top";
ShtBottom = "Short Bottom";
IndicatorShortName(LngTop);
IndicatorShortName(LngBottom);
IndicatorShortName(MedTop);
IndicatorShortName(MedBottom);
IndicatorShortName(ShtTop);
IndicatorShortName(ShtBottom);
SetIndexLabel(0,LngTop);
SetIndexLabel(1,LngBottom);
SetIndexLabel(2,MedTop);
SetIndexLabel(3,MedBottom);
SetIndexLabel(4,ShtTop);
SetIndexLabel(5,ShtBottom);
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int max_bars;
if (counted_bars < 0) return(-1);
if (counted_bars>0) counted_bars--;
max_bars= Bars-1;
double sminl=0, smaxl=0, SsMinl=0, SsMaxl=0;
double sminm=0, smaxm=0, SsMinm=0, SsMaxm=0;
double smins=0, smaxs=0, SsMins=0, SsMaxs=0;
//----
for(int shift = 0; shift< max_bars; shift++)
{ //begin for loop
if(Extremes ==1)
{
SsMaxl = High[iHighest(NULL,0,MODE_HIGH,LngPeriod,shift)];
SsMinl = Low[iLowest(NULL,0,MODE_LOW,LngPeriod,shift)];
SsMaxm = High[iHighest(NULL,0,MODE_HIGH,MedPeriod,shift)];
SsMinm = Low[iLowest(NULL,0,MODE_LOW,MedPeriod,shift)];
SsMaxs = High[iHighest(NULL,0,MODE_HIGH,ShtPeriod,shift)];
SsMins = Low[iLowest(NULL,0,MODE_LOW,ShtPeriod,shift)];
}
else if (Extremes ==3)
{
SsMaxl = (Open[iHighest(NULL,0,MODE_OPEN,LngPeriod,shift)]+High[iHighest(NULL,0,MODE_HIGH,LngPeriod,shift)])/2;
SsMinl = (Open[iLowest(NULL,0,MODE_OPEN,LngPeriod,shift)]+Low[iLowest(NULL,0,MODE_LOW,LngPeriod,shift)])/2;
SsMaxm = (Open[iHighest(NULL,0,MODE_OPEN,MedPeriod,shift)]+High[iHighest(NULL,0,MODE_HIGH,MedPeriod,shift)])/2;
SsMinm = (Open[iLowest(NULL,0,MODE_OPEN,MedPeriod,shift)]+Low[iLowest(NULL,0,MODE_LOW,MedPeriod,shift)])/2;
SsMaxs = (Open[iHighest(NULL,0,MODE_OPEN,ShtPeriod,shift)]+High[iHighest(NULL,0,MODE_HIGH,ShtPeriod,shift)])/2;
SsMins = (Open[iLowest(NULL,0,MODE_OPEN,ShtPeriod,shift)]+Low[iLowest(NULL,0,MODE_LOW,ShtPeriod,shift)])/2;
}
else
{
SsMaxl = Open[iHighest(NULL,0,MODE_OPEN,LngPeriod,shift)];
SsMinl = Open[iLowest(NULL,0,MODE_OPEN,LngPeriod,shift)];
SsMaxm = Open[iHighest(NULL,0,MODE_OPEN,MedPeriod,shift)];
SsMinm = Open[iLowest(NULL,0,MODE_OPEN,MedPeriod,shift)];
SsMaxs = Open[iHighest(NULL,0,MODE_OPEN,ShtPeriod,shift)];
SsMins = Open[iLowest(NULL,0,MODE_OPEN,ShtPeriod,shift)];
}
smaxl = SsMaxl-(SsMaxl-SsMinl)*Margins/100;
sminl = SsMinl+(SsMaxl-SsMinl)*Margins/100;
smaxm = SsMaxm-(SsMaxm-SsMinm)*Margins/100;
sminm = SsMinm+(SsMaxm-SsMinm)*Margins/100;
smaxs = SsMaxs-(SsMaxs-SsMins)*Margins/100;
smins = SsMins+(SsMaxs-SsMins)*Margins/100;
Channel1[shift-Advance]=smaxl;
Channel2[shift-Advance]=sminl;
Channel3[shift-Advance]=smaxm;
Channel4[shift-Advance]=sminm;
Channel5[shift-Advance]=smaxs;
Channel6[shift-Advance]=smins;
} //end for loop
//----
return(0);
}
//+------------------------------------------------------------------+
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