The Elder Impulse System Metatrader 4 forex indicator provides tradable price bars in a separate trading window.
Scalpers and day traders will like this system.
The Elder forex system is composed of a 13-period exponential moving average and MACD histogram.
For the ease of use, the Elder system was transferred into a colored price bar histogram.
It can be used across any timeframe of your choice but should be traded in agreement with the overall trend.
Combine with a trend following indicator and trade in the direction of the prevailing trend.
Ignore signals against the trend.
Download the “elder-impulse-system.mq4” MT4 indicator
The EUR/USD Hourly chart below displays the Elder Impulse System Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Elder Impulse System MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the prevailing trend is bullish and the Elder Impulse System draws a green price bar.
Sell Signal: Open sell trade when the prevailing trend is bearish and the Elder Impulse System draws a red price bar.
Blue bars: Stick with the current open position or wait for a new trade opportunity.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
Download the “elder-impulse-system.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Show Bars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the elder-impulse-system.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)