turtlechanneli
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The Turtle Channel Method is a technical analysis tool designed to visualize price boundaries over different timeframes. It identifies the historical "highs" and "lows" of a market to establish visual corridors, helping traders identify breakout points or potential reversal zones.
Core Functionality
The script tracks three distinct channels simultaneously on a single chart. Each channel represents a different level of market perspective:
- Long Term: Captures broad, macro market movements over an extended period (e.g., 50 bars).
- Medium Term: Tracks intermediate trends, balancing short-term noise with long-term direction (e.g., 20 bars).
- Short Term: Focuses on immediate price action and rapid fluctuations (e.g., 10 bars).
Price Calculation Logic
The tool calculates the "ceiling" (top) and "floor" (bottom) of these channels based on three different mathematical approaches for identifying price extremes:
- Extreme High/Low: Uses the absolute highest and lowest prices reached during the specified period.
- Opening Price Concentration: Identifies the opening price of the specific bar where the extreme high or low occurred, based on the theory that these points represent higher probabilities of price concentration.
- Median Point: Calculates the halfway point between the opening price and the high/low of the extreme bars to find a more balanced boundary.
Customization Features
The script includes several parameters to allow users to refine how the channels appear on the chart:
- Margins: This allows for a "buffer zone." You can shrink or expand the displayed lines relative to the actual highs and lows by a specific percentage. A positive margin makes the channel narrower, while a negative value expands it.
- Advance: This determines how many bars into the future the channel lines are projected or offset.
- Visual Differentiation: To ensure clarity, each of the three channels is rendered with unique line styles (dotted, dashed, and dash-dot) and colors, allowing traders to easily distinguish between long-term, medium-term, and short-term trends at a glance.
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turtlechanneli
//+------------------------------------------------------------------+
//| 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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