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?id=chart_school:chart_analysis:elder_impulse_system

Steps to import / use custom indicators from this chart:
PDF: https://drive.google.com/file/d/0Bx48Du_2aPFncUhIemNrZUY1dTA/edit?usp=sharing
Remove from Favorite Scripts Add to Favorite Scripts
//
// @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)
Drat
2 years ago
Awesome as always. Love the indicators you and others in this awesome community provide..
Reply
LazyBear PRO Drat
2 years ago
Thanks.
+1 Reply
SunnyBTC PRO
2 years ago
Thanks LB :)
Reply
LazyBear PRO SunnyBTC
2 years ago
yw :)
+1 Reply
cryptomojo
2 years ago
Thank you
Reply
LazyBear PRO cryptomojo
2 years ago
yw
+1 Reply
sublimares2
2 years ago
Absolute fantastic addition- very much appreciate it your work- Thank you
Reply
LazyBear PRO sublimares2
2 years ago
Thank you sir.
+1 Reply
sunil505
2 years ago
simply greatttttttttttttt
Reply
LazyBear PRO sunil505
2 years ago
Thanks Sunil.
+1 Reply
A2Jimenez
2 years ago
Thank you. This is great
Reply
J.Livermore PRO
2 years ago
Awsome. Than you very much.
Reply
thebunny1
2 years ago
I am relatively new to trading and very new to TradingView. I am also a big fan of Dr Elder's books. So I am very pleased to have someone on TradingView take the time to make this relatively simple indicator available to us. Thanks again.
Reply
Elders Pulse has shown some great results.
Reply
LazyBear PRO QuantitativeExhaustion
2 years ago
agree.
Reply
ClearEdgeFX PRO
2 years ago
Many, many thanks for programming this indicator. It can be a very powerful tool. Once again, many thanks.
Reply
LazyBear PRO ClearEdgeFX
2 years ago
YW Eno
Reply
dougl1965 PRO
2 years ago
LazyBear, do u have a version of this set up with alerts? that would be awesome.
+2 Reply
taylo88885 PRO
7 months ago
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.
Reply
risingclass89
5 months ago
thanks for putting time into bringing this to light.. :)
Reply
Pauloduvar
4 months ago
Awsome. Than you very much.
Reply
jeffrocket
2 months ago
Hi LazyBear, thanks for this indicator. When I try modifying it I get:
Error: Undeclared identifier `emaSeries`;

Do you know what the issue is?
Reply
jeffrocket jeffrocket
a month ago
@jeffrocket, never mind, I saw what was I doing wrong.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out