Elder Impulse Screener for ProRealTime

The Elder Impulse Screener scans financial markets to identify stocks showing a new green or red impulse according to Alexander Elder’s Impulse System.

The system combines two measurements:

• Inertia, measured using a short moving average.
• Power, measured using the MACD.

The resulting impulse is displayed in three colors:

• Green: Both measurements are rising.
• Red: Both measurements are falling.
• Blue: The two measurements are moving in opposite directions.

These colors help traders identify market momentum and potential changes in trend direction.

Find the First Green or Red Candle

The Screener identifies stocks displaying a new impulse on the selected timeframe.

It can scan for two types of signals:

• First green candle: A green impulse appearing after a red or blue candle.
• First red candle: A red impulse appearing after a green or blue candle.

You can search for bullish and bearish configurations according to your trading strategy.

The results are displayed directly in ProScreener, allowing you to identify matching stocks without checking each chart individually.

Higher Timeframe Confirmation

Alexander Elder’s approach uses a higher timeframe to provide additional context for trading decisions.

The Screener allows you to filter results according to the impulse of a higher timeframe, from monthly charts down to 5-minute charts.

For a first green candle, higher timeframe confirmation can require a green or blue impulse.

For a first red candle, higher timeframe confirmation can require a red or blue impulse.

This optional filter helps identify signals that are consistent with the conditions of the selected higher timeframe.

You can also require a minimum number of blue candles before the first green or red candle appears.

Customizable Search Parameters

Adjust the Screener directly through ProRealTime’s Variables menu, without modifying the code.

Adjustable calculation criteria:

• Moving average period.
• Moving average type (SMA, EMA, WMA, etc.).

Available filters:

• Detection of the first green candle.
• Detection of the first red candle.
• Higher timeframe impulse confirmation.
• Minimum number of blue candles before the new green or red impulse.

General market filters:

• Minimum stock price.
• Minimum average trading volume.
• Average volume calculation period.
• Volume calculated using the number of shares traded or the traded value.

General liquidity filters are applied on the daily timeframe, allowing you to select stocks according to your price and trading volume requirements.

Characteristics

• Works on all timeframes.
• Compatible with ProRealTime V11 and later versions.
• Compatible with the free version of ProRealTime (daily closing prices).
• Customizable impulse detection and higher timeframe filters.
• Adjustable moving average, price and volume settings.
• Parameters adjustable without modifying the code.
• Elder Impulse Indicator included, with Candlestick and BarChart versions.
• Free automatic updates.

Video Presentation

Video in French – English subtitles available.