Raghee Horner Indicator for MT4/MT5/cTrader

Raghee Horner indicator is a free MetaTrader/cTrader indicator that implements the two best-known visual components of Raghee Horner's trading method. The first is the 34EMA Wave - three exponential moving averages applied to bars' high, close, and low prices; together they form a directional channel around price. The second is GRaB Candles (Green, Red, and Blue), which classifies and colors each bar by its position relative to the Wave: green when the bar sits entirely above the channel (uptrend), red when it sits entirely below (downtrend), and blue when it overlaps the channel (consolidation or transition).

The indicator supports multi-timeframe operation - the Wave and the bar classification can be computed on a higher timeframe and projected onto the current chart - and configurable alerts that fire when the trend color transitions from one state to another.

This Raghee Horner indicator is available for MT4, MT5, and cTrader.

Input parameters

• EMA Period: the lookback period for all three EMAs that form the Wave. Default is 34, the value originally used by Raghee Horner. Higher values produce a smoother, slower Wave; lower values make it more reactive to short-term price action.
• MA Type: the moving average method used for the Wave. Default is Exponential per the original method; Simple, Smoothed, and Linear Weighted alternatives are available.
• Timeframe: the source timeframe for the Wave and the bar classification. When set higher than the chart's timeframe, the indicator computes everything on the higher timeframe and projects it onto the current chart - useful for filtering noise out of lower-timeframe entries. When equal or lower than the chart's timeframe, the indicator runs on chart data directly.
• Colors: separate inputs for the three Wave lines (high/close/low) and for the three GRaB candle states (green/red/blue). On MT5 and cTrader, an additional bearish body color controls how bearish candles are filled within each trend block - the outline keeps the trend color, but the body fills with the bearish color, letting you tell within-trend bullish bars apart from within-trend bearish bars at a glance.
• Alerts: three independent toggles for new bullish (green), bearish (red), and neutral (blue) transitions. Alerts can be delivered via pop-up, email, push notification, or sound. The Trigger candle setting selects between the still-forming candle (faster but can be revoked if the candle's classification changes before it closes) and the just-closed candle (confirmed, one-bar delayed).

In multi-timeframe mode the Wave value is constant across all chart bars that fall within a single higher-timeframe bar, so the Wave lines draw as a stepped channel and bar colors form blocks of consistent state, making the higher-timeframe trend context immediately readable on a lower-timeframe chart.

Example charts

The example charts below show the 34EMA Wave running through price and the GRaB candle coloring applied to each bar. Stretches of one dominant color highlight directional moves; blue blocks mark consolidation phases between trends.

MetaTrader 4

In MT4, it makes sense to remove the native chart display to prevent it from interfering with Raghee Horner indicator's display. You can easily do it by switching to the Line chart (Alt+3 on your keyboard) and then setting its color to None via chart properties: F8 or right-click on the chart and select Properties, switch to the Colors tab, set Line graph to None.

MetaTrader 5

cTrader

Raghee Horner trading method

Raghee Horner is a professional Forex trader and trading educator known for the 34EMA Wave system, a directional trading method she developed and popularized through her books, seminars, and online trading courses since the early 2000s. The premise behind the method is that a smooth three-EMA channel built from bars' high, close, and low forms a effective directional filter on currency pairs - the slope of the channel shows the trend direction, and the position of price bars relative to the channel signals whether the trend is being respected or has stalled.

The Wave is read primarily by its slope. A steadily rising Wave with green candles sitting above it confirms a bullish trend, where pullbacks into the Wave are entry opportunities and continuation breakouts trade in the direction of the slope. A steadily falling Wave with red candles below it is the mirror image - a bearish phase where retracements toward the Wave can be sold and breakdowns through the Wave trade in the direction of the slope. A flat or coiling Wave with predominantly blue candles signals a ranging or transitioning market - a "stand aside" or breakout-anticipation zone rather than a directional setup.

Color transitions can be actionable signals. A first green candle after a blue or red block may mark the start of a bullish trend; the inverse holds for the first red after a blue or green block. Repeated alternation between blue and a trend color is a sign that the trend is contested. It makes sense to wait for cleaner conditions before opening a trade. You can enable the indicator's alerts to get alerts on bullish (green), neutral (blue), and bearish (red) transitions independently.

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