Turtle Trader Dynamic Breakouts & Risk Levels (20D/55D + 2xATR)
Turtle Trader Dynamic Breakouts & Risk Levels (20D/55D + 2xATR Stop)
Short Description:
Systematic multi-timeframe breakout engine based on Dennis & Eckhardt’s classic Turtle rules. Features dynamic 20-day & 55-day Donchian Highs/Lows, smart level merging to prevent overlap, and automatic $2\times\text{ATR}$ initial risk bands—compiled natively in Pine Script v6.
Full Description:
“Don’t try to guess where the top or bottom is. Trade the trend, size your risk by volatility, and let mathematics do the heavy lifting.” — Richard Dennis
This indicator modernizes the legendary System 1 (20-Day) and System 2 (55-Day) breakout architecture detailed in Michael W. Covel’s The Complete TurtleTrader. Instead of cluttering your chart with historical channel bands across months of data, this script projects only the active trigger and risk levels directly to the right margin of your price action.
Core Features
Multi-Timeframe Native (1D Daily Feed):
All trigger prices and N calculations are anchored to completed Daily bars (1D). You can zoom into intraday timeframes (1H, 15m, 5m) to execute tick-by-tick breakout orders in Interactive Brokers (TWS / IBKR Mobile) without distorting the underlying macro trend levels.
Dynamic $2\times\text{ATR}$ Turtle Risk Management (N):
Instantly calculates and renders the required initial Stop-Loss lines (2ATR14) for both Long and Short breakouts. Read your Entry and Stop prices in seconds to calculate exact position sizing before placing bracket orders.
Smart Overlap Engine:
During aggressive trending phases where the 20-day high/low coincides with the 55-day level, labels automatically merge into a single 20D & 55D marker. No overlapping text, no chart clutter.
Zero Repaint & True Turtle Logic (high[1] / low[1]):
Calculations strictly exclude the currently developing bar, ensuring trigger thresholds do not expand ahead of an actual breakout.
Modern Pine Script v6 Architecture:
Built with dynamic memory arrays (array<line>, array<label>) for seamless performance across asset classes (US Equities, European Indices, FX, and Commodities).
How to Trade It (System Rules)
Long Entry:
S1 (Tactical): Price crosses above the 20D High (Green dashed line).
S2 (Macro Trend): Price crosses above the 55D High (Blue solid line).
Initial Risk Placement:
Place your stop immediately at the Stop (Long 2xATR) level. Risk exactly $1\%$ of your portfolio per unit.
Pyramiding (Adding Units):
Add 1Unit for every +0.5N the market advances from your last entry (up to a maximum of 4Units per instrument).
Exit Strategy:
S1 exits on a 10-day low break; S2 exits on a 20-day low break.
Short Description:
Systematic multi-timeframe breakout engine based on Dennis & Eckhardt’s classic Turtle rules. Features dynamic 20-day & 55-day Donchian Highs/Lows, smart level merging to prevent overlap, and automatic $2\times\text{ATR}$ initial risk bands—compiled natively in Pine Script v6.
Full Description:
“Don’t try to guess where the top or bottom is. Trade the trend, size your risk by volatility, and let mathematics do the heavy lifting.” — Richard Dennis
This indicator modernizes the legendary System 1 (20-Day) and System 2 (55-Day) breakout architecture detailed in Michael W. Covel’s The Complete TurtleTrader. Instead of cluttering your chart with historical channel bands across months of data, this script projects only the active trigger and risk levels directly to the right margin of your price action.
Core Features
Multi-Timeframe Native (1D Daily Feed):
All trigger prices and N calculations are anchored to completed Daily bars (1D). You can zoom into intraday timeframes (1H, 15m, 5m) to execute tick-by-tick breakout orders in Interactive Brokers (TWS / IBKR Mobile) without distorting the underlying macro trend levels.
Dynamic $2\times\text{ATR}$ Turtle Risk Management (N):
Instantly calculates and renders the required initial Stop-Loss lines (2ATR14) for both Long and Short breakouts. Read your Entry and Stop prices in seconds to calculate exact position sizing before placing bracket orders.
Smart Overlap Engine:
During aggressive trending phases where the 20-day high/low coincides with the 55-day level, labels automatically merge into a single 20D & 55D marker. No overlapping text, no chart clutter.
Zero Repaint & True Turtle Logic (high[1] / low[1]):
Calculations strictly exclude the currently developing bar, ensuring trigger thresholds do not expand ahead of an actual breakout.
Modern Pine Script v6 Architecture:
Built with dynamic memory arrays (array<line>, array<label>) for seamless performance across asset classes (US Equities, European Indices, FX, and Commodities).
How to Trade It (System Rules)
Long Entry:
S1 (Tactical): Price crosses above the 20D High (Green dashed line).
S2 (Macro Trend): Price crosses above the 55D High (Blue solid line).
Initial Risk Placement:
Place your stop immediately at the Stop (Long 2xATR) level. Risk exactly $1\%$ of your portfolio per unit.
Pyramiding (Adding Units):
Add 1Unit for every +0.5N the market advances from your last entry (up to a maximum of 4Units per instrument).
Exit Strategy:
S1 exits on a 10-day low break; S2 exits on a 20-day low break.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.