GRaB Candles by mattlacoco with MMM by Harold_NL V1.1

Update v1.1:
GRaB colors now green, red, gray
Added Murrey Range lines.
Cleaned up the code.

GRaB candles and a murrey math "midline" in one script.
Some traders using methods of Rob Booker (40% club, trifecta5) like to use both GRaB candles and Murrey Math to combine, or to compare entry and exit moments.
Color of candles are as GRaB candles.
Midline use: Crossing the midline is a change of color in murrey. Candles closing above the midline would be green and below would be red as murrey candles.

Original script of Raghee Horner's GRaB Candles by Matt Lacoco (BUY BLUE SELL RED).
Murrey Math Midline added by Harold van Berk (most code copied from "UCS_Murrey's Math Oscillator_V2" by ucsgears)

Candle colors defined by GRaB
Green bulish, Red bearish , Gray neutral

Dark for close lower than open
Light for close higher than open

Candles that close above the Murrey Math Middle line would normally be (murrey) green. Below would be (murrey) red.

Murrey lines can be switched off in "format" of the indicator.

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study(title='Buy green Sell Red', shorttitle='BGSR', overlay=true)
// V1.1 Adjusting colors to GRaB originals Green, Red and Blue.
// Introducing a color for neutral.

// plot midline from Murrey Math for trifecta entry and exit
// Inputs
length = input(100, minval = 10, title = "Murrey: Look back Length")
showmidline = input(true, title = "Murrey: plot midline")
showrange = input(true, title = "Murrey: plot range")

// begin MMM line
hi = highest(high, length)
lo = lowest(low, length)
range = hi - lo
midline = lo + range / 2

//plot (midline, color = black)
//showmidline == true ? plot (midline, color = black) : na
//showrange ? plot (range, color = orange) : na

plotmidline = showmidline == true ? midline : na
plotrange = showrange == true ? lo : na

plot(plotmidline, title="Murrey Math Midline",color=black) 
plot(plotrange, title="Murrey Math Range low",color=fuchsia)
plot(plotrange + range, title="Murrey Math Range high",color=fuchsia)
// end MMM line

// vars
emaPeriod = input(title="GRaB: EMA Period", type=integer, defval=34)
showWave = input(title="GRaB: Show Wave", type=bool, defval=false)

// build wave
emaHigh = ema(high,emaPeriod)
emaLow = ema(low,emaPeriod)
emaClose = ema(close,emaPeriod)

waveHigh = showWave == true ? emaHigh : na
waveLow = showWave == true ? emaLow : na
waveClose = showWave == true ? emaClose : na

plot(waveHigh, title="EMA High",color=red )
plot(waveLow, title="EMA Low", color=green)
plot(waveClose, title="EMA Close", color=silver)

// paint GRaB candles according to close position relative to wave
barcolor(close < emaLow ? close > open ? red : maroon : close > emaHigh ? close > open ? lime : green: close > open ? silver : gray)
DigitalMan PRO
2 years ago
Very nice! I will be testing it out. Thanks!
stockspy PRO
4 months ago
This is a great way to color the bars. Also, it looks like it might operate exactly around the ReverseEngineeringRSI line. In checking some charts, it appears that everytime the bar us below the ReverseEngineeringRSI line, they are colored red, and vice versa for green. Which is great, because I have been using the ReverseEngineeringRSI line for some time now, and it always seems to be a touch point for the index. If it's going down, any bullish divergence usually only makes it exactly to the ReverseEngineeringRSI line, and then back down. As if it's not allowed to pass that line.

This is great because it will help re-affirm my position and not make any quick decisions.

stockspy PRO stockspy
4 months ago
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