The Impulse Indicator is a Metatrader 4 forex indicator that is built on the foundation of two indicators i.e. MACD and EMA.
The indicator consists of differently colored bars that are held within the indicator window.
- When the signals on these indicators (MACD & EMA) go up or rise, the bars gets filled green (uptrend).
- Red is the dominant color of the bars when these indicators (MACD & EMA) go down or decline (downtrend).
- Blue bars represent a flat or range-bound forex market.
The Impulse MT4 Indicator offers currency traders the opportunity to spot setups within price dynamics that are not visible to the naked eye.
The GBP/USD M30 chart below displays the Impulse Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the bars of the Impulse Indicator Metatrader 4 custom forex indicator turns green within the indicator window.
Sell Signal: Go short when the bars of the Impulse Indicator Metatrader 4 custom indicator turns red within the indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Impulse Indicator pops up a deep sky blue bar.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Impulse Indicator puts up a deep sky blue bar.
Tips: The Impulse Indicator can be traded on all timeframes, making it a great candidate for scalping, short, medium and long term trading.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (TimeFrame, EMA_Period, MAC_FastPeriod, MACD_ SlowPeriod, MACD_SignalPeriod), 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 impulse-indicator.ex4 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)