OPEN-SOURCE SCRIPT
Turtle Money Management
The Turtle Trading approach* is a trend following system that uses volatility for position size. *(Richard Dennis & William Eckhardt )
Turtle traders use the N unit system for risk management, which has its own advantages. This indicator offers beginners a simple interface that uses the same logic. Using ATR (Average True Range) to measure volatility.
The indicator shows the suggested position size and stop-loss price. You need to activate position line to see how it behaved in the past. Information about the Turtle system shows that it works in a daily candle. Intraday candles can be misleading (for ATR) because of this indicator use daily ATR by default. I leave the choice to you.
Limits recommended by Turtle Traders
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Single Trade % 2 Maximum risk
Single Market % 4 Maximum risk
Closely Correlated Markets % 6 Maximum risk
Loosely Correlated Markets % 10 Maximum risk
Single Direction – Long or Short % 12 Maximum risk
Turtle traders use the N unit system for risk management, which has its own advantages. This indicator offers beginners a simple interface that uses the same logic. Using ATR (Average True Range) to measure volatility.
The indicator shows the suggested position size and stop-loss price. You need to activate position line to see how it behaved in the past. Information about the Turtle system shows that it works in a daily candle. Intraday candles can be misleading (for ATR) because of this indicator use daily ATR by default. I leave the choice to you.
Limits recommended by Turtle Traders
-
Single Trade % 2 Maximum risk
Single Market % 4 Maximum risk
Closely Correlated Markets % 6 Maximum risk
Loosely Correlated Markets % 10 Maximum risk
Single Direction – Long or Short % 12 Maximum risk
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