About the Elder Impulse System
The Elder Impulse System indicator for MT4 transforms momentum and trend analysis into an easy-to-read colored histogram.
Instead of plotting multiple tools on the main chart, this indicator compresses the logic of a 13-period exponential moving average and the MACD histogram into a separate trading window.
Each bar reflects the combined state of trend direction and momentum strength.
Green bars signal bullish momentum aligned with the trend. Red bars indicate bearish pressure in a declining market.
Blue bars represent neutral conditions where momentum stalls or transitions.
This design helps traders focus on timing rather than interpretation.
You can quickly spot when momentum supports the dominant trend and avoid entries during choppy or corrective phases.
The indicator works on any timeframe and adapts well to both fast intraday trading and higher-timeframe trend setups.
Scalpers and day traders benefit from its speed, while swing traders can use it as a confirmation tool alongside a broader trend filter.
Free Download
Download the “elder-impulse-system.mq4” MT4 indicator
Key Features
- Colored histogram based on EMA trend and MACD momentum.
- Green, red, and blue bars simplify decision-making.
- Runs in a separate window for a clean main chart.
- Helps filter low-quality signals during consolidation.
- Supports trend-following and momentum-based strategies.
Indicator Chart
The chart below shows the Elder Impulse System indicator plotted in a separate window under price.
Green and red bars highlight moments when momentum aligns with the prevailing trend, while blue bars show pause or transition phases.
Guide to Trade with Elder Impulse System
Buy Rules.
- Confirm the overall market trend is bullish using a trend-following indicator.
- Wait for the Elder Impulse System to print a green price bar.
- Enter a buy trade at the close of the green bar.
Sell Rules.
- Confirm the overall market trend is bearish.
- Wait for the Elder Impulse System to print a red price bar.
- Enter a sell trade at the close of the red bar.
Stop Loss.
- Place the stop loss beyond the most recent swing high or swing low.
- Alternatively, use a fixed stop based on current market volatility.
Take Profit.
- Close the entire position when an opposite colored bar appears.
- As an alternative, target nearby support or resistance levels.
Elder Impulse System + Super Signal Bands Forex Scalping Strategy
This scalping strategy combines the Elder Impulse System for MT4 and the Super Signal Bands Indicator for MT4.
The Elder Impulse System shows momentum with green histogram bars as buy signals and red bars as sell signals.
The Super Signal Bands Indicator confirms trend direction: a green signal line indicates bullish conditions and an orange line indicates bearish conditions.
By combining these two indicators, traders can scalp short-term trades with higher probability by entering in the direction of the trend while confirming momentum.
This strategy works best on M1 and M5 charts for fast intraday scalping, especially on major currency pairs during active trading sessions.
It captures short-term trends and provides clear entries and exits with minimal lag.
Buy Entry Rules
- Elder Impulse System displays a green histogram bar, indicating bullish momentum.
- Super Signal Bands shows a green signal line, confirming an uptrend.
- Enter a buy trade immediately after the confirming candle closes.
- Place a stop loss below the recent swing low or below the low of the entry candle.
- Take profit after a small fixed pip gain, typically 5–15 pips on M1 and 10–20 pips on M5, or when either indicator signals a reversal.
Sell Entry Rules
- Elder Impulse System displays a red histogram bar, indicating bearish momentum.
- Super Signal Bands shows an orange signal line, confirming a downtrend.
- Enter a sell trade immediately after the confirming candle closes.
- Place a stop loss above the recent swing high or above the high of the entry candle.
- Take profit after a small fixed pip drop, typically 5–15 pips on M1 and 10–20 pips on M5, or when either indicator signals a reversal.
Advantages
- Combines momentum and trend confirmation for high-probability scalping entries.
- Visual and simple signals make it easy to monitor multiple pairs simultaneously.
- Works effectively on low timeframes (M1 and M5) for fast intraday trading.
- Reduces false signals by requiring both indicators to align before entering trades.
- Helps traders capture short-term momentum moves with precise entries and exits.
Drawbacks
- Small profit targets require multiple winning trades to achieve significant gains.
- Requires constant attention to catch signals promptly on fast timeframes.
- News events or sudden spikes may trigger false entries or early exits.
Example Case Study 1
On EURUSD M1 during the London session, the Elder Impulse System showed a green histogram bar, and the Super Signal Bands line was green.
A buy trade was entered at 1.0983 with a stop loss at 1.0978.
Price moved up to 1.0992, capturing 9 pips within 6 minutes before the next signal appeared.
Example Case Study 2
On GBPJPY M5 during the New York session, the Elder Impulse System showed a red histogram bar, and the Super Signal Bands line was orange.
A sell trade was entered at 168.45 with a stop loss at 168.62.
Price dropped to 168.20, yielding 25 pips profit within 15 minutes before a reversal signal occurred.
Strategy Tips
- Trade major currency pairs with tight spreads for optimal scalping results.
- Focus on high-liquidity sessions like London and New York for stronger trends.
- Enter trades only when both momentum and trend indicators confirm the signal.
- Use tight stop losses but allow enough room to avoid being stopped out by minor market noise.
- Take profits quickly to secure short-term gains before reversals.
- Maintain a trading journal to track which pairs, timeframes, and sessions provide the best results.
Download Now
Download the “elder-impulse-system.mq4” Metatrader 4 indicator
FAQ
How does the Elder Impulse System filter weak market conditions?
The indicator combines trend direction and momentum strength into a single bar color.
When momentum weakens or conflicts with the trend, blue bars appear, helping traders stay out of low-probability trades.
Can the color sensitivity be adjusted?
Yes. Traders can fine-tune EMA and MACD parameters in the settings to better match faster or slower trading styles.
Does it work well with automated alerts?
The bar color changes can be used to trigger alerts or expert advisors, making it useful for semi-automated or rules-based trading approaches.
Summary
The Elder Impulse System MT4 forex indicator condenses trend and momentum analysis into a practical colored histogram.
This allows traders to stay aligned with strong moves and avoid entries during unstable phases.
The indicator fits naturally into trend-following strategies and performs best when paired with a separate tool that defines overall market direction.
Its clean presentation, adjustable settings, and fast interpretation make it a solid choice for active traders looking to improve entry quality and trade managem
