Turtle Soup and Turtle Soup Plus One False-Breakout Setups
Summary
The article translates the Turtle Soup and Turtle Soup Plus One setups into MQL5 rules and discusses testing them in MetaTrader 5. Both strategies look for a reversal after price moves beyond a 20-day range extreme. For a long setup, the basic version requires time since the prior low, a break below the range, and a buy stop above the new low; short rules mirror this at the high. The position uses a stop beyond the day’s extreme, a trailing stop after becoming profitable, and may allow a repeat entry after an early stop-out.
Plus One waits for a bar to close outside the range before entry and uses a two-day extreme to set the initial stop. The article describes channel calculations, signal logic, error handling, and Strategy Tester evaluation, but the supplied text gives no test results to establish profitability. The authors’ rules are based on older market behavior, and the implementation leaves practical details such as gaps, session limits, and restrictions on repeated entries for further consideration.
Key ideas
- Turtle Soup treats a break beyond a 20-day range extreme as a possible false breakout and seeks a move back into the range.
- The basic setup places an entry order near the breached extreme after the required time since the prior range extreme.
- Turtle Soup Plus One waits for a confirming bar close outside the range and uses a two-day extreme for its initial stop.
- The article formalizes range calculations and signal rules for an MQL5 Expert Advisor.
- The implementation needs further decisions about gaps, session boundaries, and repeat entries, and the excerpt does not report test outcomes.
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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.