LazyBear

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:
http://stockcharts.com/school/doku.php?i...

Steps to import / use custom indicators from this chart:
PDF: https://drive.google.com/file/d/0Bx48Du_...
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//
// @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)
signalLength=input(9,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)
Been aware of and using EIS for a while. Hearfelt thanx, awesome. I was wondering why you selected the "signal = sma" check box on MACD inputs. It is not the default setting, but gives an earlier signal. Is there a reason for this? Just started using today, so havent much experience with it yet, I have a set up in other charts, not on TV, that use the default.
Reply
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.
+4 Reply
I tried on BTCUSDT and it repaint :(
Reply
kaz3m kaz3m
@kaz3m, but it's OK. never mind
Reply
@kaz3m, Tried it myself and yes it did repaint
Reply
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!!

+9 Reply
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 ;)
+6 Reply
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?
Reply
@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 Reply
Somehow green bars don't appear
Reply
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