JustUncleL

EMA Wave and GRaB Candles by JustUncleL

This is a specialised Price Action Channel (PAC) or Wave that mirrors the indicator used by Raghee Horner, the "34EMA Wave and GRaB Candles".

The Wave consist of:

The GRaB candles colour scheme:
  • Lime = Bull candle closed above Wave
  • Green = Bear candle closed above Wave
  • Red = Bull candle closed below Wave
  • DarkRed = Bear candle closed below Wave
  • Aqua = Bull candle closed inside Wave
  • Blue = Bear candle closed inside Wave

Optionally display a trend direction indication along bottom of chart.

References:
For some details on how Raghee uses this indicator check out this:
https://www.forexfactory.com/showthread.php?t=492080
Also her various training and webinar videos on Youtube

Note: This code is licensed under open source GPLv3 terms and conditions. Any modifications to it should be made public and linked to the original code.
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JustUncleL

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Great system, thank you for sharing! On what time-frame would you recommend using it? Also, any oscillators which could complement it?
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@MRZSKV, Personally I would recommend the higher time frames, at least hourly charts. Where you use lower time frames is up to the trader's preferences. I don't personally like to use oscillators much, I prefer to use the chart's price action to determine trading preferences, so I would recommend something like my "Pivot HiLo" as a helper.
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MRZSKV JustUncleL
@JustUncleL, Thank you for your reply. I'm currently testing the system on the 15m TF with the EMA set to 20 and Darvas Box-type indicator. Also added a CCI set to 20 just to see how it performs. Looksing good, so far.
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MRZSKV MRZSKV
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MRZSKV MRZSKV
looking good*
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I am new to Tradingview. Can I use this script on here?
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JustUncleL BCRider
@BCRider, You can use or modify any of my scripts, they have been published into the TradingView Indicator Public library all open source and free to use as you see fit.
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Looks interesting - testing it out. Do you recommend using it with heiken ashi candles?
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Very nice work. I use a version of Raghee Horner's method on MT4 and it works well. This is a nice addition to TradingView.
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u must be tired of getting comments like u r awesome.. thanks.. fantastic work... great coding... well watelse could we say for the things u do..
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