Calculates standard Bollinger Bands and identifies band expansion breakouts where upper and lower bands move in opposite directions. It enters long positions when price breaks above the upper band with a high candle body percentage, and enters short positions
Strategy · Pine Script v5 · On the chart
Turtle Soup Strategy
This strategy fades false breakouts of a rolling high and low.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code37
Settings4inputs
LicenceNone stated
Last update1 year ago30 Mar 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Turtle Soup Strategy goes long when the bar's low pokes below the prior lowest low of the lookback window but the close finishes back above it, and short in the mirror case at the highest high. Each trade has an ATR-based stop loss and take profit. The lookback and ATR multipliers are adjustable, and the high and low lines are drawn on the price chart.
- False breakout reversal entries
- Rolling high and low lookback
- ATR-based stop loss and take profit
- High and low lines plotted
Details
Published by
pcjtse on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Mean reversion, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback Period | int | 20 | lookbackPeriod |
| ATR Period | int | 14 | atrPeriod |
| ATR Multiplier | float | 2.0 | atrMultiplier |
| Stop Loss ATR Multiplier | float | 3.0 | stopLossMultiplier |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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