The Impulse System is based on two indicators, a 13-day 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.
Steps to import / use custom indicators from this chart:
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
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.
// // @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) and (macdHist > macdHist) r_f = (emaSeries < emaSeries) and (macdHist < macdHist) 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)