EMA Wave and GRaB Candles by JustUncleL

8 thg 8, 2017

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:

• 34 period exponential moving average on the high
  
• 34 period exponential moving average on the close
  
• 34 period exponential moving average on the low
  

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.