Elder Impulse Colouring
The Impulse System combines two readings that are usually watched separately: a 13-period EMA for trend direction, and the MACD-Histogram (12, 26, 9) for momentum direction. A bar only counts as confirmed bullish when the EMA is rising and the histogram is rising into it at the same time; it only counts as confirmed bearish when both are falling together. Every other combination - trend up but momentum fading, trend down but momentum turning - is marked neutral, and that disagreement is the actual point of the system: it flags bars where a trend-following entry is not yet backed by momentum, or where momentum is moving without the trend behind it, either of which is a caution flag rather than a green light. Elder's own presentation recolours the price candles directly. Neither platform's indicator API offers a colour-indexed drawing mode on a plain line/histogram plot without extra buffers, so the state is shown the way classic multi-colour indicators always handled it: the MACD-Histogram value is written into one of three buffers depending on which state applies, with the other two left empty on that bar, so only one colour ever draws per bar. The magnitude read is therefore genuine MACD- Histogram momentum, coloured by the trend agreement, rather than an arbitrary marker. Notes and limitations - Needs InpMacdSlow + InpMacdSignal bars of history before the first value appears; earlier bars are intentionally left empty rather than guessed. - The EMA and MACD values are read directly from the platform's own built-in moving-average and MACD calculation, so the state never depends on a value this indicator computed itself. - The forming, still-open bar can still change colour tick to tick as its own EMA and MACD develop through the bar - that is the same live-update behaviour any oscillator has intrabar, not repainting of a closed bar; once a bar closes its colour is final. - This shows a momentum reading with a trend-confirmation colour, not a recoloured candle chart. Anyone wanting the original candle-colouring presentation will need to read the histogram alongside price rather than on top of it.
Indicator · MT5 · v1.0 · Free
About Elder Impulse Colouring
Elder Impulse Colouring is an indicator for MetaTrader 5 based on MACD and Moving Average. It can alert you with a pop-up, sound, email or push message. It has 5 settings, such as Ema period, Macd fast and Macd slow. MQL source code included.
Files in the download: ElderImpulse.ex5, ElderImpulse.mq5, ElderImpulse.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Ema period | 13 | Trend EMA period, in bars |
| Macd fast | 12 | MACD fast EMA period |
| Macd slow | 26 | MACD slow EMA period |
| Macd signal | 9 | MACD signal period |
| Alerts | true | Alert once per closed bar when the state changes |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: MACD · Moving Average · Momentum · Trend · Alerts · MT5 Indicator · MQL5 Source Code