Elder's Impulse System

Similar indicators already published have modifications with respect to Elder's theory. This indicator fulfills literally what is described in the New Trading For A Living.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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From what I can tell, this is the more correct indicator, though it's less popular. The other indicator is using a simple moving average in the calculation (check the source code, line 19), which I don't think Elder describes. This script uses the correct EMA. Thank you!