Elder Impulse Candle Color Indicator MT5 Download – Free – [TFlab]

The Elder Impulse Candle Color Indicator is built on the analytical method of the Elder Impulse system, with the primary goal of simplifying the recognition of price momentum and trend direction.

This tool combines two widely used indicators Exponential Moving Average (EMA) and MACD to analyze market conditions and reflect the outcome through color-coded candles.

Specification Table of the Elder Impulse Candle Color Indicator

The table below shows the specifications of the Elder Impulse Candle Color System Indicator:

Elder Impulse Candle Color at a Glance

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

Green candles indicate bullish control and an uptrend, while orange candles suggest selling pressure and a possible downward move. The blue color indicates a phase of uncertainty or fluctuation in the market.

Bullish Trend Conditions

In the 1-hour chart of the USD/CAD pair, consecutive green candles are observed.

This color formation suggests a bullish trend and strengthening buyer momentum, increasing the likelihood of continued price growth.

Bearish Trend Conditions

In the 30-minute chart of XAU/USD (Gold vs. US Dollar), a bearish market condition is visible through the display of orange candles.

The repeated appearance of these candles indicates intensified selling pressure and seller dominance, supporting the probability of a further downward move.

Indicator Settings of Elder Impulse Candle Color System

The settings panel of the Elder Impulse Candle Color Indicator is illustrated below:

• MACD Fast EMA period: Short-term period for the fast EMA in MACD calculations
• 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 detecting trend direction in the Elder Impulse System

Conclusion

The Elder Impulse Candle Color Indicator is a key tool for identifying momentum and market direction. By color-coding candles it simplifies the decision-making process for traders.

This trading tool quicklyprovides a visual representation of bullish, bearish, or ranging market conditions, offering a clear picture of the current market environment.

Additionally, customizable parameters allow it to be adapted to various trading styles, including price action, ICT, and more.