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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.

Configuration Options

  • Color Selectors: Colors to use for graph elements.
  • Display Axis Label: Whether to display the most recent value on the Y axis.

Formula

  • 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.