The present invention pertains to an arrangement wherein an inductor current is monitored and its level operates a converter switch so that the inductor current ramps up and down between two limits. The midpoint of these two limits is the average output current supplied to a pulsed load. When a pulse is first detected, the converter activates and remains in one state until the output current has ramped up to the pulsed load requirement at which time the switch changes state. The current then ramps down as the average current discharges into the load. When the output current drops to a specified minimum, the voltage supply is turned on providing for a self oscillating regulated switch. The controller responds to changes in the output current within one switching cycle so as to keep up with the transient edges of the pulsed load.