The Elder Impulse System indicator for Metatrader 5 is a MACD Forex trading system that tells you when to enter and reverse FX trades.
The indicator gets displayed in a separate chart window as gray/red/green colored signal blocks.
The signal blocks provide the entry and exit prices.
The indicator is newbie-friendly and it can be used by anyone, regardless of trading experience.
How it works?
- A green colored impulse block is a bullish signal.
- A red colored impulse block is a bearish signal.
- A gray colored impulse block is neutral.
The indicator contains the following inputs and parameters: EMA period, MACD fast EMA period, MACD slow EMA period, and others.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Elder_Impulse_System.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Elder Impulse Forex System indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Elder Impulse System Indicator?
Find a simple trading example below:
Buy Signal
- The first green impulse block is a buy signal.
- Open a buy trade and place your stop loss slightly below support.
- Exit the buy trade for a fixed profit target or wait until the first red impulse block appears on the chart.
Sell Signal
- The first red impulse block is a sell signal.
- Open a sell trade and place your stop loss slightly above resistance.
- Exit the sell trade for a fixed profit target or wait until the first green impulse block appears on the chart.
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Elder_Impulse_System.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Elder_Impulse_System.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration