Alexander Elder's Impulse System combines two measures to determine market momentum:
When both indicators are rising, the impulse is green; when both are falling, the impulse is red. When the indicators move in opposite directions, the impulse is blue.
Elder also uses his system across two timeframes: the main timeframe is used to observe the impulse, while the higher timeframe acts as a filter. A red impulse on the higher timeframe rules out long positions, while a green impulse rules out short positions; a blue impulse remains neutral.
Find Alexander Elder's detailed explanations of the Impulse System in his book The New Trading for a Living, published by Wiley.
The Elder Impulse System Screener scans the market on the selected timeframe to find the first green and/or first red bar according to Alexander Elder's Impulse System.
A first green bar is a green bar preceded by a red or blue bar. Conversely, a first red bar is a red bar preceded by a green or blue bar.
Multi-timeframe validation can be activated to filter the results using a higher timeframe selected by the user. A first green bar is then retained only if the impulse on the higher timeframe is green or blue; a first red bar only if the higher-timeframe impulse is red or blue.
A filter can also require a minimum number of blue bars before the first green or red bar appears.
A general filter applied on the daily timeframe, based on price and trading volume, allows you to select the desired level of liquidity.
Many parameters allow you to adapt the search to your own criteria. All settings can be adjusted directly from ProRealTime's “Variables” menu, without modifying the code.
Adjustable validation criteria:
Available filters:
General filtering:
Video presentation:
Details of available settings:
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Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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