The GRaB candlesticks indicator draws candlesticks of 3 different colours according to the actual trend calculated with a combination of 3 exponential moving average of the same period but applied to high, low and close:

– 34 period exponential moving average on the high
– 34 period exponential moving average on the close
– 34 period exponential moving average on the low
(periods and moving average type can be modified in the indicator parameter to find the more suitable sets for each instrument and timeframe).

According to the original author of this tool, this is how it should be used: 

GRaB Candles are an extension of my 34EMA Wave and are simply a visual tool. I use them to determine the momentum and organization of a market trend. They are also a nice tool to use for traders looking at multiple charts and screens. They make my charts “glance-able” – in other words – I can make a some important decisions about price action on a specific time frame quickly “at a glance”. Typically an uptrend will have almost all green GRaB candles, a downtrend will have almost all red GRaB candles, and the more grey GRaB candles that I see, the higher the likelihood that the trend is correcting and/or in transition or that the market is trend is sideways (accumulation or distribution).

This indicator has been translated from 3 different MQL4 ones (1 for each candlestick type), by a request on English ProBuilder forum.

//PRC_GRaB candlesticks | indicator
//01.03.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//converted from MT4 code

//--- parameters
// EMAperiod=34
// mmTYPE=1 (mm type)
// ---

EMAh = average[EMAperiod,mmTYPE](high)
EMAl = average[EMAperiod,mmTYPE](low)
EMAc = average[EMAperiod,mmTYPE](close)

bodyhigh = max(open,close)
bodylow = min(open,close)

if(open<=close and close > EMAH) then 
 LongWickUp = high
 LongCandleUp = bodyHigh
 LongWickDown = low
 LongCandleDown = bodyLow
elsif(open>=close and close > EMAH) then 
 LongWickUp = low
 LongCandleUp = bodyLow
 LongWickDown = high
 LongCandleDown = bodyHigh
elsif(open<=close and close < EMAL) then 
 ShortWickUp = high
 ShortCandleUp = bodyHigh
 ShortWickDown = low
 ShortCandleDown = bodyLow
elsif(open>=close and close < EMAL) then 
 ShortWickUp = low
 ShortCandleUp = bodyLow
 ShortWickDown = high
 ShortCandleDown = bodyHigh
elsif(open<=close and close < EMAH and close > EMAL) then
 RangeWickUp = high
 RangeCandleUp = bodyHigh
 RangeWickDown = low
 RangeCandleDown = bodyLow
elsif(open>=close and close < EMAH and close > EMAL) then
 RangeWickUp = low
 RangeCandleUp = bodyLow
 RangeWickDown = high
 RangeCandleDown = bodyHigh
endif

//bullish candlesticks 
if close>EMAH then
 DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,200,0)
endif

//bearish candlesticks 
if close<EMAL then 
 DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0)
endif 

//neutral candlesticks (range)
if close<EMAH and close>EMAL then 
 DRAWCANDLE(RangeCandleDown,RangeWickUp,RangeWickDown,RangeCandleUp) coloured(150,150,150)
endif

RETURN EMAH coloured(100,100,100) style(dottedline) as "high EMA", EMAL coloured(100,100,100) style(dottedline) as "low EMA", EMAC coloured(100,100,100) style(point) as "trend EMA"