Turtle Channel
a.k.a. Donchian channel
A channel drawn from the highest high and lowest low over a set period, made famous by the Turtle Traders' breakout system.
A turtle channel plots two lines: the highest price over the last N bars and the lowest price over the last N bars. It is the same idea as a Donchian channel. When price breaks above the top line, it has hit a new N-day high.
It gets its name from the "Turtles", a group of beginners trained by trader Richard Dennis in the 1980s to buy breakouts of 20- or 55-day highs and sell breakouts of lows. The experiment became a famous case for rules-based trend following.
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