I've always been intrigued by the Elder Impulse System but found it labour intensive with its flipping back and forth between daily and weekly charts. I also wasn't fond of the way it repainted the . So I set out to build a version where you could get every trade signal filtered down in one chart and still see the real price action.
This article provides a decent overview of the original system: https://www.investopedia.com/articles/trading/03/092403.asp
Elder Impulse Snapshot uses two EMAs and two MACDs, one of each to process both the daily and weekly data. The daily data gets an of 13 periods and the standard settings. For the weekly info, the is set to 65 periods and all the values are also multiplied by five (60, 130, 45). Buy signals are generated when both EMAs and both histograms are rising. When all four of these elements are falling, sell signals are generated. If any of the indicators disagree, no signal is generated and entering any trade is not advised.
The blue and red arrows are the buy and sell signals. From my reading, it appears Dr . Elder recommended exiting the trade as soon as the system no longer generated a signal, though the case could be made for taking partial profit and moving up your stop loss to ride the trend out longer provided you haven't been stopped out yet.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.