This indicator was based on the Elders Impulse System by astraloverflow.
The only difference is that I included the weekly EMA26 as a filter and you can plot it on the graph if you want (unchecking the Weekly EMA26 won't turn the filter off, will only stop plotting it).
The indicator works this way:
When the MACD Histogram is growing UP, the EMA13 is pointing UP AND the Weekly EMA26 is pointing UP, the bar is Green When the opposite is true, the bar is Red. When any condition from both green and red is not true, the bar is blue.
In my opinion, this particular indicator works better on the D1 time frame. I recommended using the original one, by astraloverflow for other time frames.
Thank you so much Valente for this indicator! Elder uses blue dots above/below the price bar to indicate when the candle actually turns blue from green or red. Could you add that, too? I sadly can't do it myself.
Elder uses blue dots above/below the price bar to indicate when the candle actually turns blue from green or red.
Could you add that, too? I sadly can't do it myself.