Indicator: Elder Impulse System

According to Elder, "The Impulse System encourages you to enter a trade cautiously but exit fast, by identifying inflection points where a trend speeds up or slows down. This is the professional approach to trading, the total opposite of the amateur's style. Beginners jump into trades without thinking too much and take forever to get out, hoping and waiting for the market to turn their way."

The Impulse System is based on two indicators, a 13-day exponential moving average and the MACD-Histogram. The moving average identifies the trend, while the MACD-Histogram measures momentum. As a result, the Impulse System combines trend following and momentum to identify impulses that can be traded.

By default it uses your chart's time frame, but you can set it to any custom time frame via options page. Optionally, price bars can be color coded too.

More info:

Steps to import / use custom indicators from this chart:
從常用腳本中移除 新增至常用腳本
// @author LazyBear
// If you use this code in its original/modified form, do drop me a note. 
study("Elder Impulse System [LazyBear]", shorttitle="EIS_LB")
useCustomResolution=input(false, type=bool)
customResolution=input("D", type=resolution)
source = security(tickerid, useCustomResolution ? customResolution : period, close)
showColorBars=input(false, type=bool)
lengthEMA = input(13)
fastLength = input(12, minval=1), slowLength=input(26,minval=1)

calc_hist(source, fastLength, slowLength) =>
    fastMA = ema(source, fastLength)
    slowMA = ema(source, slowLength)
    macd = fastMA - slowMA
    signal = sma(macd, signalLength)
    macd - signal

get_color(emaSeries, macdHist) =>
    g_f = (emaSeries > emaSeries[1]) and (macdHist > macdHist[1])
    r_f = (emaSeries < emaSeries[1]) and (macdHist < macdHist[1])
    g_f ? green : r_f ? red : blue
b_color = get_color(ema(source, lengthEMA), calc_hist(source, fastLength, slowLength))    
bgcolor(b_color, transp=0)
barcolor(showColorBars ? b_color : na)
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Hello LazyBear, first of all, thank you so much for the indicator, it is really useful. I have the same issue as Anfet3 (last comment). I use a 5 minutes graph with the impulse system with Custom Resolution of 15m. And after the close of the 5 min bar the bar colour experience changes sometimes. Is it possible to fix it somehow?
Thanks a lot!!

+13 回覆
Hi there. Could you kindly enlighten me as to the reason to use higher TF while looking at lower TF chart? Trend change? Entries? Thank you.
+9 回覆
Hello LazyBear, thank you so much for the time and work you put on this indicator. I am using it with a 1W resolution and i have been experiencing some changes at the bar color after the market closes, for example, yesterday´s candle closed blue, but today it turned green followed by a new blue candle (so i closed a position than maybe i should kept open) I guess this change is related to the 1w macd conditions. is there a way to modify this condition without changing Elder's system? Maybe modifying the ema and macd parameters instead of using the 1W resolution? thank you!!
ps, i hope someday we could count with the alert condition some other guys mentioned ;)
+8 回覆
Teadup Anfet3
@Anfet3, I am still new and don't know much, but I've just learned that current price action can make a past EMA line shift. Could this be the answer?
+2 回覆
@taylo88885, still would like to know if its possible, to create in tradingview script, the ability to indicate what closing price would be required to change the colors of the indicator. Examples: what closing price would it take to switch color from "red to green" or "green to blue", etc.

would really like know, if it is possible with tradingview script, to predetermine (show on chart or indicator) what close price would be required to to change an indicators values from positive to negative, visa versa. thanks.
+5 回覆
LazyBear, do u have a version of this set up with alerts? that would be awesome.
+4 回覆
M92 dougl1965
@dougl1965, Did you manage to set alerts for this indicator using the alertcondition function on pine script?
Has anyone been able to use the 'alertcondition' function on pines script to set an alert for when the colour changes to red or green?

I have been trying, but have been unable to do so.
+2 回覆
Great Indicator....Wondering if you could program to show " via the closing price" what price tomorrow the indicator color would change to blue, red or green? (maybe post the signal price either on the chart or on the colored indicator along with a representing price line on the above chart) It would be great to see at what price the indicator will change at on a closing basis.
+2 回覆
Hi LazyBear, thanks for this indicator. When I try modifying it I get:
Error: Undeclared identifier `emaSeries`;

Do you know what the issue is?
+1 回覆
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