Bears Bulls Impulse Indicator for MT4 and MT5

Written by Dominic Walsh · Published 29 Jul 2026 · Last updated 9 Sep 2026

Elder’s impulse rule permits rather than predicts, and the bears bulls impulse indicator applies it bar by bar. Green says nothing blocks a buy. Red says nothing blocks a sell. Blue, the most common colour by far, says the two measures disagree and the rule has no opinion.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	3: Bull Impulse, Bear Impulse, Neutral
Alerts	popup, push notification, email, sound
Inputs	11

What the Bears Bulls Impulse Indicator draws on the chart

Three dot plots above the bars.

`Bull Impulse` places a lime dot at width 3.

`Bear Impulse` places a red one.

`Neutral` places a dodger blue dot at width 2.

Exactly one appears per bar.

Dots sit `DotOffsetPts` `15` points above.

• Bull Impulse: arrow, lime, width 3, arrow code 159
• Bear Impulse: arrow, red, width 3, arrow code 159
• Neutral: arrow, dodger blue, width 2, arrow code 159

How the Bears Bulls Impulse Indicator calculates its values

The trend half

`InpEmaTrend` `13` gives an exponential average, and its direction against the previous bar is the first of the two tests.

The momentum half

`InpFast` `12`, `InpSlow` `26` and `InpSignal` `9` build a MACD, and the direction of its histogram is the second test.

Both or neither

Agreement decides the colour. Both rising gives lime, both falling gives red, and any disagreement gives the blue dot instead.

How to read the signals

Blue is the normal state and appears most often.

Lime means nothing blocks a long.

Red means nothing blocks a short.

A run of one colour describes a clean move.

Alternating colours describe chop.

The rule permits rather than predicts.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Messages here follow a change of dot colour. `EnableAlerts` governs whether any go out and starts on beside `EnablePopup`. `EnablePushNotify`, `EnableEmail` and `EnableSound` with `SoundFile` all begin switched off.

Every Bears Bulls Impulse Indicator input

Core settings

Setting	What it does	Default
InpEmaTrend	Trend EMA period. Bars in the trend average, `13`.	13
InpFast	MACD fast EMA. Quicker leg of the momentum half, `12`.	12
InpSlow	MACD slow EMA. Slower leg, `26`.	26
InpSignal	MACD signal EMA. Smoothing on their difference, `9`.	9
DotOffsetPts	Dot offset above bar (points). Height of the dot above the bar, `15`.	15

Alert settings

Setting	What it does	Default
EnableAlerts	Whether colour-change messages go out, `true`.	on
EnablePopup	Shows one in a MetaTrader box, `true`.	on
EnablePushNotify	Sends one to your phone, `false`.	off
EnableEmail	Mails one out, `false`.	off
EnableSound	(see inputs panel)	off
SoundFile	Clip the colour-change sound uses, `”alert.wav”`.	alert.wav

Settings that fit your chart

Elder built the rule for daily bars and used it across timeframes. EURUSD H1 is the reference chart, where colour runs last several bars. Drop to M5 and the colour changes constantly. On daily bars a run can hold for a fortnight.

When the Bears Bulls Impulse Indicator fails

Blue dominates, so most bars say nothing.

Both halves read the same closes, so they lag together.

A colour can change without price doing much.

The rule blocks entries, it never finds them.

Copy the compiled Bears Bulls Impulse Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the Bears Bulls Impulse Indicator for MT4 and MT5

The zip holds the compiled Bears Bulls Impulse Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why is the Neutral dot the most common?

Because it needs only disagreement. The thirteen-bar average and the MACD histogram move at different speeds, so one turning before the other is the normal state and full agreement is comparatively rare.

What does a Bull Impulse dot permit?

A long, in Elder’s framing. He treated green as removing the objection rather than providing the reason, so the dot says nothing is currently blocking the trade rather than telling you to take it.

Why does InpEmaTrend use 13 bars?

It is Elder’s own figure, short enough to turn within a swing but long enough not to flip on single bars. Both halves of the rule are his, and changing one shifts the balance between them.

Do InpEmaTrend and the MACD half read the same data?

They do, and it matters. Both work from the same closes, so they tend to turn for one underlying reason. Full agreement therefore says less than two genuinely separate measures agreeing would.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Bears Bulls Impulse Indicator as one input. Always backtest before trading live.