The buy sell candlestick i Impulse System Metatrader 5 forex indicator is a technical indicator that is built on the Elder’s Impulse system.
Furthermore, the i Impulse System forex indicator is known to plot candles that displays varying colors, which are reliant on the OsMa (12, 26, 9) and Moving Average (13 EMA) custom indicators.
The following rules are pertinent when using the i Impulse System:
- The candle is filled green if the OsMa and EMA appreciate to the upside
- The candle is filled red if the OsMa and EMA depreciate to the downside
The color of the candles stays gray for all other scenarios.
The GBP/USD H1 chart below displays the i impulse system Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the i Impulse System Metatrader 5 forex indicator paints the candlesticks lime (stay in the trend even when the candlesticks turns gray afterwards).
Sell Signal: Go short when the i Impulse System Metatrader 5 forex indicator paints the candlesticks red (remain in the trend even when the candlesticks turn gray subsequently).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red i Impulse System candlestick pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a lime i Impulse System candlestick pops up on the activity chart.
Tips: Understanding the i Impulse System MT5 forex indicator will enable short term traders take advantage of its features when formulating workable trading strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 i-impulsesystem.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)