Characteristics of Murray Math Line for Trading....

Since, according to Gann, prices move in 1/8's, these 1/8's act as points of price support and resistance as an entity's price changes in time. Given this 1/8 characteristic of price action, Murrey assigns properties to each of the MML's in an a given octave. These properties are listed here for convenience.

8/8 th's and 0/8 th's Lines (Ultimate Resistance)

These lines are the hardest to penetrate on the way up, and give the greatest support on the way down. (Prices may never make it thru these lines).

7/8 th's Line (Weak, Stall and Reverse)

This line is weak. If prices run up too far too fast, and if they stall at this line they will reverse down fast. If prices do not stall at this line they will move up to the 8/8 th's line.

6/8 th's and 2/8 th's Lines (Pivot, Reverse)

These two lines are second only to the 4/8 th's line in their ability to force prices to reverse. This is true whether prices are moving up or down.

5/8 th's Line (Top of Trading Range)

The prices of all entities will spend 40% of the time moving between the 5/8 th's and 3/8 th's lines. If prices move above the 5/8 th's line and stay above it for 10 to 12 days, the entity is said to be selling at a premium to what one wants to pay for it and prices will tend to stay above this line in the "premium area". If, however, prices fall below the 5/8 th's line then they will tend to fall further looking for support at a lower level.

4/8 th's Line (Major Support/Resistance)

This line provides the greatest amount of support and resistance. This line has the greatest support when prices are above it and the greatest resistance when prices are below it. This price level is the best level to sell and buy against.

3/8 th's Line (Bottom of Trading Range)

If prices are below this line and moving upwards, this line is difficult to penetrate. If prices penetrate above this line and stay above this line for 10 to 12 days then prices will stay above this line and spend 40% of the time moving between this line and the 5/8 th's line.

1/8 th Line (Weak, Stall and Reverse)

This line is weak. If prices run down too far too fast, and if they stall at this line they will reverse up fast. If prices do not stall at this line they will move down to the 0/8 th's line.

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Murrey Math Line X

Murrey Math Line X MetaTrader indicator — a pivot line indicator that will definitely help every trader that know how to trade with support, resistance and pivot lines. It displays 8 different lines (with possible additional lines) on the main chart, helping you to find the best points to sell, buy and exit the positions.

Input parameters:

• P (default = 64) — period in bars or in other periods (set by MMPeriod), on which the lines will be calculated. The lower is the number the more current but less accurate calculations will be.


• MMPeriod (default = 1440) — a basic period in minutes (60 — for hourly pivots, 1440 — for daily pivots, 10080 — for weekly and 43200 — for monthly); if greater than zero, indicator will use P amount of MMPeriod minutes to calculate its lines. If zero, indicator will use P amount of the current chart bars to calculate its lines.


• StepBack (default = 0) — a shift back for calculating the lines (in the current bars or in number of MMPeriod (if set) minutes).


• Other parameters — affect only visual parameters of the lines.

It's easy to use Murrey Math Line X. 0/8P and 8/8P lines are the ultimate resistance and support lines — they are very hard to break. 1/8P and 7/8P lines are weak support and resistance lines, but if the price stopped near them, it will reverse and change direction. 2/8P and 6/8P lines are strong reverse points. 3/8P and 5/8P are the bottom and the top of the average trading range respectively; it is very likely that the price will either pierce this range fast or will remain inside it for a long time. 4/8P is a major support and resistance line; sell and buy when the price crosses it for a certain profit. The blue arrow marks the final calculated bar.

Downloads:

Murrey Math Line X in .zip

Murrey Math Line X in .mq4