The Impulse Metatrader 5 indicator is deployed to show traders the number of points passed.
The supported methods of averaging from enumeration is the ENUM_MA_METHOD.
The Impulse MT5 indicator stands alone with its own window and a default gray line oscillates around the zero center line.
The Impulse custom indicator shares a lot of similarities with the RSI indicator. It showcases two very important input parameters:
Averaging period – defines the moving average averaging calculation price;
Method – variable defines the moving average calculation method.
The Impulse indicator depicts a bullish market signal when its gray line breaks above the zero signal level.
On the contrary, if the gray line of the Impulse MT5 indicator break below the zero level, price is said to be bearish i.e. a trigger to go short on the currency pair of interest.
Trading with the Impulse indicator allows for divergence lookup, which means that we can look for areas where price is making higher highs and the indicator is yielding corresponding higher lows (bearish divergence).
Bullish divergence occurs when price is making lower lows and the indicator is experiencing higher lows.
We can therefore spot possible reversals when using the Impulse MT5 indicator.
Do not trade the Impulse as a detached trading tool, make sure you properly combine it with other technical studies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Averaging period, Method), 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 Impulse.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)