Glossary
English glossary for core Turtle Trading and trend-following terms.
This glossary explains common terms used throughout the documentation.
| Term | Meaning |
|---|---|
| ATR | Average True Range, a common volatility measure. |
| Breakout | Price moving beyond a defined recent high or low. |
| Donchian Channel | A channel based on the highest high and lowest low over a lookback window. |
| Drawdown | A decline from an equity peak to a later low. |
| Expectancy | The average result of a repeated trading process. |
| N | A Turtle-style volatility measure closely related to ATR. |
| Pyramiding | Adding to a winning position according to predefined rules. |
| Slippage | The difference between intended execution price and actual execution price. |
| True Range | A volatility calculation that accounts for gaps as well as intraday range. |
| Unit | A position size block calibrated by account equity and volatility. |
| Whipsaw | A false or short-lived move that triggers entry and then reverses. |
The terms are best understood as parts of a complete system. For example, a breakout without Unit sizing and stops is not the Turtle method. It is only a price trigger.