This indicator plots Murrey Math lines using values that are manually entered by the user. These user input values can be derived from one of the automatic Murrey Math indicators such as the ones available on Futures.io that has been placed on a separate chart (or with information otherwise determined by the user). In this way the user can view the lines on a chart with a different chart interval than the chart interval used by the automatic Murrey Math indicator.
For example, the automatic Murrey Math indicator would be placed on a 5 minute chart. The 8/8 and 0/8 values would be noted from this chart. A 2,000 tick chart (or any other interval) would be opened and the MurreyMathInput indicator applied with the 8/8 and 0/8 values manually entered by the user. The MurreyMathInput indicator should plot the same lines regardless of chart interval. These lines will not change until the user changes the InputHigh and InputLow values.
I have noted that sometimes a line plotted by this indicator will have a slightly different value than the one that is plotted on the automatic indicator chart. I think this is because the values derived from the automatic indicator are rounded so when entered into the input version a double rounding error occurs.
I welcome any input but must warn that I am not very good at coding and only know enough to hack this one together from an automatic Murrey Math indicator.
The Murrey Math trading system is primarily based upon the observations made by W.D. Gann in the first half of the 20th century.
While Gann was purported to be a brilliant trader in any market his techniques have been regarded as complex and difficult to implement.
The great contribution of Murrey Math (T. H. Murrey) was the creation of a system of geometry that can be used to describe market price movements in time. This geometry facilitates the use of Gann's trading techniques.
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.
We need a discussion on Murrey Math and implementing it into your trading.
I know many of you had not heard of Murrey Math Lines (MML) prior to reading my blog or this forum. I must also admit I only recently discovered it, so we will all learn together!
First, …
While Gann was purported to be a brilliant trader in any market his techniques have been regarded as complex and difficult to implement.
The great contribution of Murrey Math (T. H. Murrey) was the creation of a system of geometry that can be used to describe market price movements in time. This geometry facilitates the use of Gann's trading techniques.
This archive contains a PowerPoint presentation showing 10 lessons on trading Murrey Math, and it includes an overview of "how to trade Murrey Math Lines (MML)" by a fellow trader.
Please also see this forum topic for detailed look at Murrey Math trading: https://nexusfi.com/
September 13th, 2024 02:09 PM nilvano This is a great indicator. The problem so far is not able to save on chart. The indicator must be re-added on the char
t each time there is a new reboot. Hopefully this can be fixed. Big Thanks!!!
September 1st, 2024 08:23 PM Finley Great work! Love the indicator. But cannot save. Log says "Could not save. Error generating XML document."