The Elder Impulse System is a technical MT5 indicator tool that is deployed in spotting transitions where a trend speed up or losses steam.
The Elder Impulse Metatrader 5 forex indicator is based on two indicators, an exponential moving average plotted over a number of days along with the MACD histogram.
Market trends are spotted via the moving average, while price momentum is gauged using the MACD histogram.
This makes the Elder Impulse forex indicator a suitable technical tool that combines trend following and momentum to reveal tradable impulses.
The bars of the indicator are colored red, blue and green, which denotes bearish, quiet and bullish market conditions respectively.
The USD/CHF M30 chart below displays the Elder Impulse Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Elder Impulse indicator paints green price bars.
Sell Signal: Go short when the Elder Impulse indicator paints the red price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Elder Impulse indicator pops up a red painted price bar.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Elder Impulse indicator pops up a green painted price bar.
Tips: A blue filled Elder Impulse bar implies the market is running out of steam.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (InpFast, InpSlow, EMA, Applied price), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | momentum
Copy and paste the ElderImpulse.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)