Turtle Trading Rules Explained: N, Units, Breakouts and Stops

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The Turtle trading rules form a mechanical trend-following system built on Donchian channel breakouts for entries and volatility-based position sizing. The author walks through each rule as stated in the 2003 'Original Turtle Trading Rules' PDF, using worked examples. N, the 20-day Wilder average of true range, underpins most other rules, and position units are sized so that a 1N move equals 1% of the account. Entries occur on breakouts of 20- or 55-day highs and lows, with unit additions every half N and stops set 2N away. The post also notes six points where the original PDF leaves decisions to the trader, and reports that the author's backtest of these rules on 26 Exness markets from 2020 to 2026 lost 57.7%.

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