Buy Blue Sell Red

Minor update:

Implementation of Raghee Horner's "Wave and GRaB Candles"
Paints candles blue or red according to their close relative to an EMA on each the high, low and close.

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

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Want to use this script on a chart?

study(title='Buy Blue Sell Red', shorttitle='BBSR', overlay=true)
//ema periods
emaPeriod = input(title="EMA Period", type=integer, defval=34)

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

//optionally show ema lines
showWave = input(title="Show Wave", type=bool, defval=false)
waveHigh = iff(showWave == true, emaHigh, na)
waveLow = iff(showWave == true, emaLow, na)
waveClose = iff(showWave == true, emaClose, na)
plot(waveHigh, color=red)
plot(waveLow, color=blue)
plot(waveClose, 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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