Forex Impulses Indicator: Forex Impulses: Application in Trading
In the previous article, I talked about impulse movements in the forex market. They can be used to make profitable trades. But for this purpose it is necessary to predict the possible appearance of an impulse in time. In order to perform this task more easily, it will be useful to use appropriate analysis tools. Today I’ll tell you about one of them – it’s a impulse indicator on the forex market, which is called Forex Impuls.
Indicator setting in MT4
Start downloading his files by clicking the link at the end of the article. And then we follow the standard instructions. I’ll remind you what to do. Using the menu item “File” in MT4 click “Open data directory”. In the appeared window we are looking for a folder called “MQL4”, and in it we are looking for “Indicators”. The copied Forex Impuls files are inserted into it. Then we close the catalogue. The final step is to restart the terminal. But you don’t have to do that, and in the “Navigator” window you can right-click on “Indicators” and then “Update”. Now impulse indicator is available for setting it on the chart of the traded instrument price.
No settings in this indicator. There are only two parameters, but they concern the way of signal notification.
How to use Forex Impulses in trading
This is very simple. The indicator has columns of two colors: red and green. At the moment of color change we can expect impulse price movement.
If there is a price consolidation in the market, the indicator changes color to the opposite, it is a signal of a possible impulse. On the screen above, after changing the color of the Forex Impuls columns from red to green, the resistance level broke through and rapidly went up.
If the indicator bars change from green to red, we can expect a downward momentum.
When changing the indicator’s color, it is recommended to place a pending order based on the levels.
I want to warn you that you should not trade only on the signals of this indicator. In order to reduce risks and increase the efficiency of trading, it is necessary to select a filter for it. If the signals to enter the market for both analysis instruments coincide, then you can decide to open a trading position. To test Forex Impuls and find the filter, use a demo account.
Download impulse indicator to Forex you can follow the link: