The author said: “For a long time I’ve tried to find an indicator that would color bars based on the Elder’s impulse system. All that I found didn’t work properly. For example, a similar indicator color bars depending on the movement of the MACD line and the signal line of MACD, but Elder suggested painting bars depending on the movement of the moving average of the price and the oscillator based on MACD. ”
It was a hybrid of MACD, MACD histogram and the impulse system. The meaning is the following:
- the histogram bar is colored in green when the histogram and the price chart MA are both increasing;
- the histogram bar is colored in pink when the histogram and the price chart MA are both falling;
- the histogram bar is colored in blue when the histogram and the price chart MA go in different directions;
Alexander Elder calls this system a system of censorship: when the bar is green, do not sell; when the bar is pink, do not buy.
This indicator was first implemented in MQL4 and published in Code Base on 03.10.2009.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
MT5 Indicator – Download Instructions
ImpulseOsMA is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
ImpulseOsMA provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install ImpulseOsMA.mq5?
- Download ImpulseOsMA.mq5
- Copy ImpulseOsMA.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on ImpulseOsMA.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator ImpulseOsMA.mq5 is available on your Chart
How to remove ImpulseOsMA.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: