Elder Impulse Candle Color Indicator MT4 Download – Free – [TFlab]

The Elder Impulse Candle Color Indicator is designed based on Alexander Elder's system, aiming to simplify the understanding of momentum and trend identification.

This indicator utilizes two tools: the Exponential Moving Average (EMA) and the MACD. After analyzing their status, the result is reflected through changes in candle color.

Specification Table of the Elder Impulse Candle Color Indicator

The specification table for the Elder Impulse Candle Color Indicator is as follows:

Elder Impulse Candle Color at a Glance

In the Elder Impulse Candle Color indicator, each candle's color represents the strength and direction of market momentum.

A green candle indicates bullish strength, an orange candle suggests bearish pressure and a blue candle signals a neutral or ranging market condition.

Bullish Trend Conditions

Based on the analysis of the USD/CHF currency pair in the 1-hour timeframe, the candles appear green.

This confirms a bullish market direction, reflecting strong positive momentum and the market's tendency to continue rising. In such scenarios, traders typically look for buy opportunities or hold long positions.

Bearish Trend Conditions

According to the 4-hour chart of the GBP/USD currency pair, which is in a bearish trend, candles are displayed in orange.

The consecutive formation of orange candles illustrates growing selling pressure and seller dominance in the market.

Indicator Settings for Elder Impulse Candle System

The adjustable parameters in the Elder Impulse Candle Color Indicator are as follows:

• MACD Fast EMA period: Short-term period for the fast EMA in MACD calculation
• MACD Slow EMA period: Long-term period for the slow EMA in MACD structure
• MACD Signal SMA period: Signal line period in MACD based on Simple Moving Average
• Elder Trend EMA period: EMA period for trend direction recognition in the Elder Impulse system

Conclusion

The Elder Impulse Candle Color Indicator is a simple yet practical tool for identifying market momentum and trend direction. By coloring candles, it simplifies trading decisions.

This trading tool quickly illustrates bullish, bearish, and range conditions, providing a clear picture of the market. Additionally, with precise parameter adjustments, it can be tailored to fit any trading strategy.