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Elder Impulse Indicator for ThinkorSwim


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2019 Donor
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:




thinkScript Code

Rich (BB code):
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);
Last edited by a moderator:


Well-known member
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

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