34-EMA Wave and GRaB Candles Indicator for ThinkorSwim

[VernT]

Rather than have multiple versions, my offering is a slight modification of the original, with selectable moving average type and length. http://tos.mx/kCS5Kr2

# 3 color GRaB candles for ThinkorSwim
# Copyright 2014 Simpler Options
#
# Credit: Raghee Horner
#
# V1.01  Robert Kling  Modified for 6 Color Light/Hollow and Solid/Dark Green, Red and Blue Colored Candles for ThinkorSwim
#
#  The original 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)
#
# V1.02  [USER=8847]@VernT[/USER]  modified to allow any moving average type and length.  These are now inputs.
#
#
declare upper;
declare once_per_bar;

input avgType = AverageType.Exponential;
input avgLength = 34;

Plot avg1 = MovingAverage(avgType, high, avgLength);
plot avg2 = MovingAverage(avgType, close, avgLength);
plot avg3 = MovingAverage(avgType, low, avgLength);

avg1.SetDefaultColor(Color.GREEN);
avg1.SetLineWeight(2);
avg2.SetDefaultColor(Color.BLUE);
avg2.SetLineWeight(2);
avg3.SetDefaultColor(Color.RED);
avg3.SetLineWeight(2);

AssignPriceColor(if close > avg1 and open < close then Color.GREEN
  else if close > avg1 and open >= close then Color.DARK_GREEN
  else if close < avg3 and open < close then Color.RED
  else if close < avg3 and open >= close then Color.DARK_RED
  else if open < close then Color.CYAN
  else if open >= close then Color.BLUE
  else Color.BLUE);

 

[shrewdlybullish]

Hey All, long time lurker, first time poster here.

I am tinkering with a strategy based on Raghee Horner's 34 EMA Wave, and one of the criteria she specifies is that the slope of the 34 EMA should be in a "12 o' clock to 2 o' clock" position.

Based on this info, I was able to scrap together an indicator that (I believe) changes the plot color once the slope reaches the angle she describes.
However, I've wasted more hours than I'm willing to admit trying to create a scan which shows only stocks whose 34 EMAs fit within this slope criteria.

I've included the code below to show how the slope is calculated.
Thanks so much, to all you crafty people who generously contribute your time and energy to helping us code-illiterates.

declare lower;

input length = 34;
input price = close;
input averageType = AverageType. Exponential;
def avg = MovingAverage(averageType, price, length);
def height = avg - avg[1];
plot “Angle, deg” = Atan(height/length) * 180 / Double.Pi;
“Angle, deg”.AssignValueColor (if “Angle, deg” >=.833333333 then color.ORANGE else color.BLack);

 

[rad14733]

@shrewdlybullish You're almost there... For scanning you want to only have the plot be true if the angle meets the criteria...

plot data = if (Atan(height / length) * 180 / Double.Pi) then 1 else Double.NaN;

Not tested but should be correct... Also, try to avoid using variables or plot names within quotes when at all possible... It makes debugging a whole lot easier...

 

[shrewdlybullish]

@shrewdlybullish You're almost there... For scanning you want to only have the plot be true if the angle meets the criteria...

plot data = if (Atan(height / length) * 180 / Double.Pi) then 1 else Double.NaN;

Not tested but should be correct... Also, try to avoid using variables or plot names within quotes when at all possible... It makes debugging a whole lot easier...

@rad14733 thanks so much for taking a crack at this!

I tried to convert it into a scan using the following, but got no matches. Any clue where I deviated?
input length = 34;

input price = close;
input averageType = AverageType. Exponential;
def avg = MovingAverage(averageType, price, length);
def height = avg - avg[1];

plot “Angle, deg” = if (Atan(height / length) * 180 / Double.Pi) >=.833333333 then 1 else Double.NaN;

 

[rad14733]

@shrewdlybullish I just set the timeframe to 1m and got the following results... That tells me that you need to make adjustments to timeframe and/or length until you get the desired results...

 

[shrewdlybullish]

@shrewdlybullish I just set the timeframe to 1m and got the following results... That tells me that you need to make adjustments to timeframe and/or length until you get the desired results...

works like a charm! Thanks so much for your help!

 

[shrewdlybullish]

@rad14733 that actually makes a ton of sense, and I can understand and appreciate why you're saying it.

I realized that I had an extra criteria (Last price) that was preventing me from getting results. Thanks again!

 

[PAYtience]

Is it possible to create a watchlist along with bar color coating?

Basically I just want to create a watchlist of my daily picks and have the watchlist show what color candle its currently on.

 

[MerryDay]

Is it possible to create a watchlist along with bar color coating?

Basically I just want to create a watchlist of my daily picks and have the watchlist show what color candle its currently on.

GRaB Watchlist
shared watchlist column script: http://tos.mx/JqJrWI1 Click here for --> Easiest way to load shared links

# 3 color GRaB candles WATCHLIST only
# Copyright 2014 Simpler Options
# Modified for 6 Color Light/Hollow and Solid/Dark Green, Red and Blue Colored Candles for ThinkorSwim by Robert Kling

def ema1 = ExpAverage (high, 34);
def ema2 = ExpAverage (close, 34);
def ema3 = ExpAverage (low, 34);

AddLabel(yes, " ");
AssignBackgroundColor(
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);

 

[JAK]

GRaB Watchlist
shared watchlist column script: http://tos.mx/JqJrWI1 Click here for --> Easiest way to load shared links

# 3 color GRaB candles WATCHLIST only
# Copyright 2014 Simpler Options
# Modified for 6 Color Light/Hollow and Solid/Dark Green, Red and Blue Colored Candles for ThinkorSwim by Robert Kling

def ema1 = ExpAverage (high, 34);
def ema2 = ExpAverage (close, 34);
def ema3 = ExpAverage (low, 34);

AddLabel(yes, " ");
AssignBackgroundColor(
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);

Thanks J.What time frame does this work?

 

[PAYtience]

Thanks J.What time frame does this work?

You can select it on the top

 

[spartan.ts]

How is this different than hoffman overlay?

 

[MerryDay]

How is this different than hoffman overlay?

No, the Wave & Grab has no similarities to the Hoffman Overlay
https://usethinkscript.com/threads/rob-hoffman-overlay-set-for-thinkorswim.10742/

 

[dap711]

Hey All, long time lurker, first time poster here.

I am tinkering with a strategy based on Raghee Horner's 34 EMA Wave, and one of the criteria she specifies is that the slope of the 34 EMA should be in a "12 o' clock to 2 o' clock" position.

Based on this info, I was able to scrap together an indicator that (I believe) changes the plot color once the slope reaches the angle she describes.
However, I've wasted more hours than I'm willing to admit trying to create a scan which shows only stocks whose 34 EMAs fit within this slope criteria.

I've included the code below to show how the slope is calculated.
Thanks so much, to all you crafty people who generously contribute your time and energy to helping us code-illiterates.

declare lower;

input length = 34;
input price = close;
input averageType = AverageType. Exponential;
def avg = MovingAverage(averageType, price, length);
def height = avg - avg[1];
plot “Angle, deg” = Atan(height/length) * 180 / Double.Pi;
“Angle, deg”.AssignValueColor (if “Angle, deg” >=.833333333 then color.ORANGE else color.BLack);

I like the idea of using angles for confirmation. Try this .. it allows you to adjust the angle threshold. I personally use a 20 HULL moving average with a 150 angle.

declare upper;

input ShowMovingAvgWave      = yes;
input PaintBars              = yes;
input MovAvg_Length          = 34;
input MovAvg_Type            = AverageType.EXPONENTIAL;
input MovAvg_Angle           = 75;

plot ma1   = MovingAverage (MovAvg_Type, high, MovAvg_Length);
plot ma2   = MovingAverage (MovAvg_Type, close, MovAvg_Length);
plot ma3   = MovingAverage (MovAvg_Type, low, MovAvg_Length);
def height = ma2 - ma2[1];
def Angle  = Atan(height/50) * 180 / Double.Pi;
ma1.SetDefaultColor(Color.DARK_GREEN);
ma1.SetLineWeight(2);
ma1.SetHiding(!ShowMovingAvgWave);
ma2.SetDefaultColor(Color.DARK_GRAY);
ma2.SetLineWeight(2);
ma2.SetHiding(!ShowMovingAvgWave);
ma2.AssignValueColor (if Angle >= MovAvg_Angle/1000 or Angle <= -(MovAvg_Angle/1000) then
                                          if Angle < 0 then Color.Red else color.CYAN
                                      else Color.DARK_GRAY);
ma3.SetDefaultColor(Color.DARK_RED);
ma3.SetLineWeight(2);
ma3.SetHiding(!ShowMovingAvgWave);

AssignPriceColor(if PaintBars  then if close > ma1 and open < close then Color.GREEN
  else if close > ma1 and open >= close  then Color.DARK_GREEN
  else if close < ma3 and open < close  then Color.RED
  else if close < ma3 and open >= close  then Color.DARK_RED
  else if open < close  then Color.CYAN
  else if open >= close then Color.BLUE
  else Color.BLUE
  else Color.Current);

 

[Juno (Best Day EVER)]

I like the idea of using angles for confirmation. Try this .. it allows you to adjust the angle threshold. I personally use a 20 HULL moving average with a 150 angle.

declare upper;

input ShowMovingAvgWave      = yes;
input PaintBars              = yes;
input MovAvg_Length          = 34;
input MovAvg_Type            = AverageType.EXPONENTIAL;
input MovAvg_Angle           = 75;

plot ma1   = MovingAverage (MovAvg_Type, high, MovAvg_Length);
plot ma2   = MovingAverage (MovAvg_Type, close, MovAvg_Length);
plot ma3   = MovingAverage (MovAvg_Type, low, MovAvg_Length);
def height = ma2 - ma2[1];
def Angle  = Atan(height/50) * 180 / Double.Pi;
ma1.SetDefaultColor(Color.DARK_GREEN);
ma1.SetLineWeight(2);
ma1.SetHiding(!ShowMovingAvgWave);
ma2.SetDefaultColor(Color.DARK_GRAY);
ma2.SetLineWeight(2);
ma2.SetHiding(!ShowMovingAvgWave);
ma2.AssignValueColor (if Angle >= MovAvg_Angle/1000 or Angle <= -(MovAvg_Angle/1000) then
                                          if Angle < 0 then Color.Red else color.CYAN
                                      else Color.DARK_GRAY);
ma3.SetDefaultColor(Color.DARK_RED);
ma3.SetLineWeight(2);
ma3.SetHiding(!ShowMovingAvgWave);

AssignPriceColor(if PaintBars  then if close > ma1 and open < close then Color.GREEN
  else if close > ma1 and open >= close  then Color.DARK_GREEN
  else if close < ma3 and open < close  then Color.RED
  else if close < ma3 and open >= close  then Color.DARK_RED
  else if open < close  then Color.CYAN
  else if open >= close then Color.BLUE
  else Color.BLUE
  else Color.Current);

this is cool. thank you for sharing inspiration. loaded and watching it. trying scanning on MA2 set to hull (20) and angle (150) produced a nice match

https://imgur.com/a/9rIF3sJ

. @dap711 am I scanning the correct thing. TY again

 

[dap711]

this is cool. thank you for sharing inspiration. loaded and watching it. trying scanning on MA2 set to hull (20) and angle (150) produced a nice match

https://imgur.com/a/9rIF3sJ

. @dap711 am I scanning the correct thing. TY again

Add this code to the bottom of the study.

plot buy = Angle > MovAvg_Angle/1000 and Angle > 0;
buy.sethiding(yes);
plot sell = Angle < MovAvg_Angle/1000 and Angle < 0;
sell.sethiding(yes);

Create a new scan and add the study: