indicator · on price · open source
Elder Impulse System
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About
Elder Impulse System colours price bars green when both EMA(13) and MACD histogram are rising (bulls in control), red when both falling, blue when they disagree.
- Stay long in green bars, short in red bars; blue bars are no-trade zones.
- Avoids many false signals from a pure EMA cross or pure MACD cross.
Source code
//@version=5
indicator("Elder Impulse System", overlay=true)
ema13 = ta.ema(close, 13)
[macdLine, signalLine, macdH] = ta.macd(close, 12, 26, 9)
emaSlope = ema13 > ema13[1]
macdUp = macdH > macdH[1]
impulseColor = emaSlope and macdUp ? color.green : (not emaSlope and not macdUp ? color.red : color.blue)
barcolor(impulseColor)
alertcondition(impulseColor == color.green and impulseColor[1] != color.green, "Bullish impulse", "Elder impulse flipped bullish")
alertcondition(impulseColor == color.red and impulseColor[1] != color.red, "Bearish impulse", "Elder impulse flipped bearish")
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