Description

Elder Impulse Candle Color Indicator MT4

The Elder Impulse Candle Color Indicator is a powerful tool for MetaTrader 4 (MT4) traders. It helps identify trend changes and potential entry/exit points based on candlestick patterns. Here’s what you need to know:

Strategy Overview

• Indicator Description:
  • The Elder Impulse Candle Color Indicator paints the candlestick chart based on the Elder Impulse System.
  • Developed by Dr. Alexander Elder, this system combines two key elements: the 13-period exponential moving average (EMA) and the MACD-Histogram.
  • The indicator provides clear visual cues for trend direction and potential reversals.

 

• Color Coding:
  • Green Price Bar:
    • Conditions:
      • 13-period EMA > previous 13-period EMA
      • MACD-Histogram > previous period’s MACD-Histogram
    • Interpretation: Indicates a bullish trend.
  • Red Price Bar:
    • Conditions:
      • 13-period EMA < previous 13-period EMA
      • MACD-Histogram < previous period’s MACD-Histogram
    • Interpretation: Signals a bearish trend.
  • Blue Price Bar:
    • Occurs when conditions for a Red or Green Price Bar are not met.
    • Suggests potential consolidation or uncertainty.

 

 

 

 

• Recommended Settings:
  • Time Frame: The indicator works well on various time frames, but it’s commonly used on daily charts.
  • Currency Pairs: Suitable for all major and minor currency pairs.
  • Minimum Deposit: There’s no specific minimum deposit requirement, but it’s advisable to have sufficient capital to manage risk effectively.

 

• How the EA Takes Trades:
  • The Elder Impulse Candle Color Indicator doesn’t directly execute trades; it provides visual cues.
  • Traders can use it in conjunction with other technical analysis tools to make informed decisions.
  • Example:
    • When the indicator shows a Green Price Bar, consider looking for long (buy) opportunities.
    • When the indicator displays a Red Price Bar, be cautious and consider short (sell) opportunities.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.📈🍀

 

Stay Updated:

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Contact: https://t.me/yoforexrobot

 

🔔😎Happy Trading😎🔔