34-EMA Wave and GRaB Candles Indicator for ThinkorSwim

BenTen

BenTen

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Raghee Horner is the Managing Director at Simpler Trading and one of the things that she's known for is her 34-EMA Wave and GRaB Candles. I got the chance to test out the GRaB candles indicator on ThinkorSwim and it works really well. Raghee was kind enough to make her indicators public so I'm re-posting it here for you guys to check it out.

The EMA GRaB indicator produced a wave consists of:

  • - The high of 34 period exponential moving average
  • - The low of 34 period exponential moving average
  • - The close of 34 period exponential moving average

The 34-EMA GRaB indicator helps to identify the following:

  • - Uptrend market (green)
  • - Downtrend market (red)
  • - Sideways market (blue)



When using this to trade, you want to avoid trading when there are a lot of blue candles. When the candlesticks are just moving up and down between the wave, that means the stock is moving sideways. You don't want to trade in a choppy market.



thinkScript Code
Rich (BB code):
# 3 color GRaB candles for ThinkorSwim
# Copyright 2014 Simpler Options
# Modified for 6 Color Light/Hollow and Solid/Dark Green, Red and Blue Colored Candles for ThinkorSwim by Robert Kling

declare upper;
declare once_per_bar;

plot ema1 = ExpAverage (high, 34);
plot ema2 = ExpAverage (close, 34);
plot ema3 = ExpAverage (low, 34);
ema1.SetDefaultColor(Color.GREEN);
ema1.SetLineWeight(2);
ema2.SetDefaultColor(Color.BLUE);
ema2.SetLineWeight(2);
ema3.SetDefaultColor(Color.RED);
ema3.SetLineWeight(2);

AssignPriceColor(if close > ema1 and open < close then Color.GREEN
  else if close > ema1 and open >= close then Color.DARK_GREEN
  else if close < ema3 and open < close then Color.RED
  else if close < ema3 and open >= close then Color.DARK_RED 
  else if open < close then Color.CYAN
  else if open >= close then Color.BLUE
  else Color.BLUE);
Shareable Link
http://tos.mx/qOne4N

Credit:

 
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mo2020

New member
Great work Ben can you do one for Elliot waves

 
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RocketShip

New member
Has anyone found this too work? I bought this for $500 and nothing

 
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BenTen

BenTen

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Staff
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@RocketShip There is no holy grail. This thing definitely has potential though. I don’t use it as my main trading strategy. However, it helps to determine the intraday trend and support / resistance.

 
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mo2020

New member
it is called Dynamic StopLoss following an indicator I need your help ben to convert it to TOS . Thanks

 
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BenTen

BenTen

Administrative
Staff
VIP
@mo2020 Please request that in a new post.

 
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PumpJack

PumpJack

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VIP
Yea a grabcandle scanner would be nice. Scan for new green candles.

 
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Tom4235

New member
Ben do you use GRaB candles or do you use any other ones?

 
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BenTen

BenTen

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Staff
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@Tom4235 I use a variety of different indicators, but the 34 ema is definitely top on my list.

 
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