Liberal democracy is currently experiencing a detachment from the citizenry, of which populism is a part, a phenomenon that is especially present in Latin American countries. However, the thesis that populism characterizes politics in Latin America still needs micro studies in specific countries. In this article, an operational definition of populism is offered, an analysis code is proposed that includes the main characteristics of this phenomenon and is applied to the spots of the candidates who reached the second and final round in the last two presidential elections of 2015 and 2019 in Guatemala. The results confirm the presence of populism in the spots, but the absence of some of the features leads to suggesting campaigns of mitigated populism. At the same time, not all candidates resort to it with the same intensity.