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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JustUncleL GoldenRatioTA
@GoldenRatioTA, 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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GoldenRatioTA 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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GoldenRatioTA GoldenRatioTA
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GoldenRatioTA GoldenRatioTA
looking good*
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I have a question I use the wave but have the 34 Ema High and Low switch colors on a 200 ema cross. So if it is above the 200 ema the high is Green and the Low is red as standard. But when it crosses the 200 to the downside I have the high switch to red and the low switch to green

My question is there a way to have the bars switch colors in the two color pattern of grab candles depending on if the price is above the 200 ema or below the 200 EMA. I want the price color of bars to match the switch at the cross over it would be like a mirror of the long side so to speak hope this makes sense
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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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