Elder Impulse Indicator for ThinkorSwim

Ace_Trader

Ace_Trader

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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

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);
 
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