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ElderImpulseSystem

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What is the impulse system ?

The impulse system is a censorship trading system developed by Alexander Elder, and explained in his book New trading for a living. Its meant is to allow or to prohibit a trade. Also, it can be used to find when a trend start to weaken.
This script is an implementation of this system using a TradingView indicator.

How does it work

It's based on

The slope of a fast EMA , which is the inertia of the price.
The slope of the MACD , which is the power of the price.

If fast EMA and MACD are rising, candle is green.
If fast EMA and MACD are declining, candle is red.
Otherwise candle is gray.

How to use it

Use your own trading system to setup your trading plan, then use the impulse system to see if your trade is allowed or not.

If candle is green no short is allowed (either buy or stay aside).
If candle is red no buy is allowed (either short or stay aside).
The impulse system should be used in addition to an other system. Don't forget to check on differents times frames (see triple screen trading section of Elder's book). Don't forget that it's a censorship system, don't go against the censor.

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Add customization for EMA and MACD used to compute impulse system :

You can customize fast EMA and MACD values to match your trading style
You can display fast EMA on chart

릴리즈 노트

Now the Impulse system can be displayed as an indicator at the bottom of your screen, or directly as a candle color on your chart. You can hide the bar colors in the indicator settings.
This indicator has been updated with PineScript 4.

Add it to your favorites to use it