Elder Impulse System
The Elder Impulse System indicator identifies transitions where a trend speeds up or slows down. The Impulse System is based on two indicators, a exponential moving average over a number of days and the MACD histogram. The moving average identifies the trend, while the MACD histogram measures momentum. As a result, the Elder Impulse System combines trend following and momentum to show tradable impulses.
- Color Selectors: Colors to use for graph elements.
- Display Axis Label: Whether to display the most recent value on the Y axis.
Bullish price bar:
(13-period EMA > previous 13-period EMA) and
(MACD-Histogram > previous period's MACD-Histogram)
Bearish price bar:
(13-period EMA < previous 13-period EMA) and
(MACD-Histogram < previous period's MACD-Histogram)
Neutral price bar: when conditions for a bullish price bar or bearish price bar are not met.