by 
This indicator plots Donchian Channel boundary lines along with dynamic fan projections directly on the price chart. It calculates the highest high, lowest low, and median price over a customizable lookback period. Whenever price establishes a new channel high
Indicator · Pine Script v4 · On the chart
Turtle Trader
The Turtle Trader indicator merges Donchian channels with trend detection to classify market state.
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code36
Settings2inputs
LicenceGPL-3.0
Last update5 years ago24 Jun 2021
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
36 lines of Pine Script v4 from Turtle.txt, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
study("Turtle",shorttitle="T",overlay=true)
trend_length = input(title="Trend Length",defval=20)
stop_length = input(title="Stop Length",defval=10)
t_length = bar_index > trend_length ? trend_length : bar_index+1
s_length = bar_index > stop_length ? stop_length : bar_index+1
// === DONCHIAN CHANNEL ===
donchian_channel(l)=>
t = highest(l)
b = lowest(l)
ba = avg(t,b)
[t,b,ba]
// == CHANNELS ===
[top,bottom,_] = donchian_channel(trend_length)
[stop,sbottom,_] = donchian_channel(stop_length)
// === MARKET STATE ===
expansionUp = high==top
expansionDown = low==bottom
trend = barssince(expansionUp) < barssince(expansionDown or bar_index==0)
trendStart = expansionUp or expansionDown
trendFlip = (trend and not trend[1]) or (trend[1] and not trend)
trendEnd = (trend and low==sbottom) or (not trend and high==stop)
trending = barssince(trendStart) <= barssince(trendEnd or bar_index==0)
rangeStart = (trendEnd and trending[1]) or (trendFlip and trending[1])
// === DISPLAY STRATEGY ===
barcolor(trending and trend ? #2aa599 : trending and not trend ? #ee5451 : not trending ? color.gray : color.gray)
t = plot(top,color=#3bb3e4,linewidth=2,transp=65,title="Upper")
b = plot(bottom,color=#3bb3e4,linewidth=2,transp=65,title="Lower")
plot(stop,color=#3bb3e4,linewidth=2,transp=65)
plot(sbottom,color=#3bb3e4,linewidth=2,transp=65)
fill(t,b,transp=90,color=#3bb3e4,title="Background")
Overview
Turtle Trader computes upper and lower channel levels from recent highs and lows, along with stop levels, and plots them directly on the price chart. Green bars signal upward trends, red bars downward trends, and gray bars ranging conditions. Entry signals follow bar colors: long when green, short when red, and both sides when gray. Primary settings adjust trend length to 20 and stop length to 10. It draws exclusively on the price chart and suits scalping by highlighting clear trend phases.
- Donchian channels
- trend detection
- bar color signals
- scalping indicator
- Turtle Trader system
Details
Published by
rocketbrainsurgeon on GitHub
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Trend, Volatility & bands, Support & resistance
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.
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Trend Length | int | 20 | trend_length |
| Stop Length | int | 10 | stop_length |
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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