The Elder Impulse Candle Color Indicator for MT4 is a technical analysis tool designed to identify strong market trends by combining momentum and trend-following indicators. It uses color-coded candles to signal potential buy or sell opportunities, making it easier for traders to visualize market conditions. This indicator helps traders make more informed decisions by highlighting the strength and direction of price movements.

Elder Impulse Candle Color Indicator MT4

The Elder Impulse Candle Color Indicator is a powerful tool for MetaTrader 4 (MT4) traders. It helps identify trend changes and potential entry/exit points based on candlestick patterns. Here’s what you need to know:

Strategy Overview

• Indicator Description:
  • The Elder Impulse Candle Color Indicator paints the candlestick chart based on the Elder Impulse System.
  • Developed by Dr. Alexander Elder, this system combines two key elements: the 13-period exponential moving average (EMA) and the MACD-Histogram.
  • The indicator provides clear visual cues for trend direction and potential reversals.

• Color Coding:
  • Green Price Bar:
    • Conditions:
      • 13-period EMA > previous 13-period EMA
      • MACD-Histogram > previous period’s MACD-Histogram
    • Interpretation: Indicates a bullish trend.
  • Red Price Bar:
    • Conditions:
      • 13-period EMA < previous 13-period EMA
      • MACD-Histogram < previous period’s MACD-Histogram
    • Interpretation: Signals a bearish trend.
  • Blue Price Bar:
    • Occurs when conditions for a Red or Green Price Bar are not met.
    • Suggests potential consolidation or uncertainty.

• Recommended Settings:
  • Time Frame: The indicator works well on various time frames, but it’s commonly used on daily charts.
  • Currency Pairs: Suitable for all major and minor currency pairs.
  • Minimum Deposit: There’s no specific minimum deposit requirement, but it’s advisable to have sufficient capital to manage risk effectively.
• How the EA Takes Trades:
  • The Elder Impulse Candle Color Indicator doesn’t directly execute trades; it provides visual cues.
  • Traders can use it in conjunction with other technical analysis tools to make informed decisions.
  • Example:
    • When the indicator shows a Green Price Bar, consider looking for long (buy) opportunities.
    • When the indicator displays a Red Price Bar, be cautious and consider short (sell) opportunities.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

• Indicator : Elder Impulse Candle Color.ex4

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Disclaimer:

The EAs sold on our channel are not created by us.

We are only resellers of these EAs and the EA performance cannot be guaranteed or predicted.

Past performance is no guarantee of future results. We seek the EA on an 'as is' basis and only the version mentioned is being sold.

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EA updates are thus not automatic and not guaranteed.