Elder Impulse Indicator for ThinkorSwim

[Ace_Trader]

I was talking about this indicator earlier this evening in Discord. I have been a big fan of the Elder Impulse System as developed by Alexander Elder. It gets you into trades at the right time and helps you to exit quickly when the trend slows down or changes. The Elder Impulse System combines trend following and momentum to identify tradable impulses. This unique indicator combination is color-coded into the price bars for easy reference.

I have included links to some more information about this indicator and system so you can get familiar with its interpretation:

https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:elder_impulse_system

https://www.investopedia.com/articles/trading/03/092403.asp

thinkScript Code

# Elder Impulse Indicator for ThinkorSwim
# @Ace_Trader 1/10/2019
input length = 13;

def EMA = MovAvgExponential(length=length)."AvgExp";
def MACDHist = MACDHistogram()."Diff";

def impulseSignal = if (EMA < EMA[1] and MACDHist < MACDHist[1])
then 0
else if (EMA > EMA[1] and MACDHist > MACDHist[1])
then 1
else -1;

assignpriceColor(if impulseSignal == 1 then Color.Green else if impulseSignal == 0 then Color.Red else Color.Yellow);

 

[Shinthus]

Interesting find. It seems similar to SlimRibbon.

 

[markos]

Interesting find. It seems similar to SlimRibbon.

@Shinthus Elder Impulse is an excellent indicator but works differently than the SlimRibbon I have posted and use. Look similar but are not.
Slim Miller didn't create the Ribbons for day trading primarily, but, Dr Elder has written a number of books on Day/Short-term Trading.
Please read the two links that @Ace_Trader put in. I found reading the links to be quite important to implement the system.
Find a system and live with it for a while, have patience and discipline, and obey the signals (no ego). Good Trading, Markos

 

[kls06541]

Could someone help me to create a scan of this?

 

[MerryDay]

Could someone help me to create a scan of this?

# Elder Impulse Indicator for ThinkorSwim  # @Ace_Trader 1/10/2019
# SCANNER ONLY # @merryday 4/2022
input length = 13;

def EMA = MovAvgExponential(length=length)."AvgExp";
def MACDHist = MACDHistogram()."Diff";

def impulseSignal = if (EMA < EMA[1] and MACDHist < MACDHist[1]) then 0 else 
                                 if (EMA > EMA[1] and MACDHist > MACDHist[1]) then 1 else -1;
plot scan = impulseSignal == 1 ;

 

[Rich-Trader]

I was talking about this indicator earlier this evening in Discord. I have been a big fan of the Elder Impulse System as developed by Alexander Elder. It gets you into trades at the right time and helps you to exit quickly when the trend slows down or changes. The Elder Impulse System combines trend following and momentum to identify tradable impulses. This unique indicator combination is color-coded into the price bars for easy reference.

I have included links to some more information about this indicator and system so you can get familiar with its interpretation:

https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:elder_impulse_system

https://www.investopedia.com/articles/trading/03/092403.asp

View attachment 4270

thinkScript Code

# Elder Impulse Indicator for ThinkorSwim
# @Ace_Trader 1/10/2019
input length = 13;

def EMA = MovAvgExponential(length=length)."AvgExp";
def MACDHist = MACDHistogram()."Diff";

def impulseSignal = if (EMA < EMA[1] and MACDHist < MACDHist[1])
then 0
else if (EMA > EMA[1] and MACDHist > MACDHist[1])
then 1
else -1;

assignpriceColor(if impulseSignal == 1 then Color.Green else if impulseSignal == 0 then Color.Red else Color.Yellow);

I took this idea and made it were it works on a MTF for ThinkorSwim cant get it to work for TOS, If the impulse is green on a 1 min, 5min, and 30 min bar painsgt green< if impulse is red on 1 min, 5 min, and 30min ,, bar painst red, if no these condtiosn are not met paints yellow
//@version=5
indicator(title="Elder Impulse Strategy-PB", shorttitle="Elder Impulse-PB", overlay=true)
// Define inputs
emaLength = input(13, title="EMA Length")
smaLength = input(34, title="SMA Length")
// Calculate EMA and SMA for multiple timeframes
ema1 = request.security(syminfo.tickerid, "1", ta.ema(close, emaLength))
sma1 = request.security(syminfo.tickerid, "1", ta.sma(close, smaLength))
ema5 = request.security(syminfo.tickerid, "5", ta.ema(close, emaLength))
sma5 = request.security(syminfo.tickerid, "5", ta.sma(close, smaLength))
ema30 = request.security(syminfo.tickerid, "30", ta.ema(close, emaLength))
sma30 = request.security(syminfo.tickerid, "30", ta.sma(close, smaLength))
// Calculate bars' color for multiple timeframes
greenBar1 = close > ema1 and close > sma1
redBar1 = close < ema1 and close < sma1
greenBar5 = close > ema5 and close > sma5
redBar5 = close < ema5 and close < sma5
greenBar30 = close > ema30 and close > sma30
redBar30 = close < ema30 and close < sma30
// Strategy conditions
buySignal = greenBar1 and greenBar5 and greenBar30
sellSignal = redBar1 and redBar5 and redBar30
// Plot buy and sell signals
barcolor(buySignal ? color.green : sellSignal ? color.red : color.yellow)