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Elder Impulse System

The Impulse System was first described in "Come into my Trading Room" book. It uses the direction of both the MACD-Histogram and an exponential moving average (EMA) of price to define an impulse. The rule is never to trade against the impulse.

Its color code gives you several signals:

  • When both the EMA and MACD-Histogram are rising, the Impulse system colors the bar color is green (no shorting permitted).
  • When both the EMA and MACD-Histogram are falling, the Impulse system colors the bar color is red(no buying permitted).
  • When the EMA and MACD-Histogram are pointing in different directions, the Impulse system colors the bar color is cyan (you may go long or short).

Parameters:

  • MACD_Short_Length (12) – The short EMA for the MACD calculation;
  • MACD_Long_Length (26) – The long EMA for the MACD calculation;
  • MACD_Smoothing_Length (9) – The smoothing value for the Signal line;
  • Short_EMA_Length (13) – The short-term price EMA.
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