GRaB Candles by mattlacoco with Murrey Math Midline

(use V1.1 now See links below)

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.

Credits:
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)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study(title='Buy Blue Sell Red', shorttitle='BBSR', overlay=true)

// plot midline from Murrey Math for trifecta entry and exit
// Inputs
length = input(100, minval = 10, title = "Look back Length")
mult = input(0.125, title = "Mutiplier; Only Supports 0.125 = 1/8")
lines = input(true, title= "Show Murrey Math Fractals")
bc = input(true, title = "Show Bar Colors Based On Oscillator")

// Donchanin Channel
hi = highest(high, length)
lo = lowest(low, length)
range = hi - lo
multiplier = (range) * mult
midline = lo + multiplier * 4

plot (midline)
// end MMM line

// vars
emaPeriod = input(title="EMA Period", type=integer, defval=34)
showWave = input(title="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=blue)
plot(waveClose, title="EMA Close", color=silver)

// paint candles according to close position relative to wave
barcolor(close < emaLow ? close > open ? red : maroon : close > emaHigh ? close > open ? blue : navy : close > open ? silver : gray)

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