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Elder impulse release

The purpose of Impulse Release is to prevent trading in the wrong direction. While the Impulse System operates in a single timeframe, Impulse Release is based on two timeframes. It tracks both the longer and the shorter timeframes to find when the Impulse points in the same direction on both.

Its color bar flashes several signals:

If one timeframe is in a buy mode and the other in a sell mode, the signal is "No Trade Allowed", a red bar.
If both are neutral, then any trades are allowed, showing a blue bar.
When one is bullish while the other is either bullish or neutral, there is a green bar, allowing traders to buy and prohibiting shorting.
When one is bearish while the other is either bearish or neutral, a red bar signals that shorts are permitted, while long trades are not allowed.



Please check Dr Elders books available on amazon they are a great buy and a nice to read.
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Hi! Thank you for coding this.
If you don't mind me asking, is "no trades" red different from from "bearish" red? I only see 3 colors on the chart but there are 4 scenarios here.
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Biticon ngocquevt
@ngocquevt, hello, thank you for the comment, red is used in impulse as a "no long trade allowed" and "can only open short position", and this is the dr Elder typical use of the impulse.
If the color is red there is no long trade, if the color is green there is no short trade (even tho in the crypto world you cant really open short position unless in some pairs who allow margin trading), and if is blue you can go both ways, so the scenarios are 3.
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Biticon ngocquevt
@ngocquevt, yes red bar and bearish bar are the same
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This script is the best script I have seen on Tradingview and frankly I can't believe no one has commented on this! I just wanted to say thanks for coding this! It's amazing!!
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