Elder Impulse Candle Color Indicator MT4

Overview

The Elder Impulse Candle Color Indicator is a powerful tool for MetaTrader 4 (MT4) that helps traders identify trend changes and potential entry/exit points. Developed by Dr. Alexander Elder, this indicator combines candlestick patterns with moving averages and the MACD histogram to provide clear signals.

Strategy

1. Green Price Bar (Buy Signal):
   • The 13-period Exponential Moving Average (EMA) is greater than the previous 13-period EMA.
   • The MACD-Histogram is greater than the previous period’s MACD-Histogram.
2. Red Price Bar (Sell Signal):
   • The 13-period EMA is less than the previous 13-period EMA.
   • The MACD-Histogram is less than the previous period’s MACD-Histogram.
3. Blue Price Bar (Neutral):
   • When conditions for a red or green price bar are not met, the bar is colored blue.

Minimum Deposit

The Elder Impulse Candle Color Indicator can be used with any account size, but it’s recommended to have a minimum deposit of $100 or more to ensure sufficient margin for trading.

Time Frame

This indicator works well on various time frames, but it’s most effective on the following:

• H1 (1-hour chart)
• H4 (4-hour chart)
• Daily (D1) chart

Recommended Currency Pairs

Consider using the Elder Impulse Candle Color Indicator on the following major currency pairs:

• EUR/USD
• GBP/USD
• USD/JPY
• AUD/USD

Download and Installation

You can download the Elder Impulse Candle Color Indicator for MT4 from our website. Follow these steps:

1. Visit our website and navigate to the “Indicators” section.
2. Search for “Elder Impulse Candle Color Indicator MT4.”
3. Click the download link and save the file.
4. Open your MetaTrader 4 platform.
5. Go to “File” > “Open Data Folder.”
6. Locate the “MQL4” folder and open the “Indicators” subfolder.
7. Paste the downloaded file into this folder.
8. Restart MetaTrader 4.
9. The indicator will appear in the Navigator panel under “Custom Indicators.”

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

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