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.

For some details on how Raghee uses this indicator check out this:
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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Great system, thank you for sharing! On what time-frame would you recommend using it? Also, any oscillators which could complement it?
+1 Svara
@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.
+1 Svara
@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.
+1 Svara
looking good*
Looks interesting - testing it out. Do you recommend using it with heiken ashi candles?
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.
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..
@MONEYMENOW, Thankyou, the new TradingView script publishing system, where you only need to release one script and then after that just update them, rather than the old way of constant duplicates. This allows me update scripts and implement bug fixes quickly, without the worry that I have too many duplicates of the same script.
+2 Svara
Nice and good one
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