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using MM is like panning for gold nuggets with a screen. Smaller screens help you catch the small pips, and larger screens will help you only with larger nuggets.
Screen mesh is the view, ie: weekly would be screen mesh of 600 pips for example, whereas a 15min chart would have screen mesh of approx 40 pip sizes.
So if you are only interested in 20-100 pip trading then you need to drop down time-wise into a math view that uses smaller pip spreads for the MM lines.
if you study the MM concept , you will see that lines can be 19 or 39 or 156 or maybe even 312 pips apart, its all in what view you want to use, so now we are back to the idea of screening for gold....use the screen size that suits your gold, ummm (goal) !!
Would anyone know if there is a Murrey Math indicator code for the ThinkOrSwim platform? I'm new to this indicator and it seems that there is some resemblance to the Fibonacci indicator.
I came across the Murrey Math indicator code for TradeStation; however, since I don't have TradeStation I can't open it. I would like to try to translate it to TOS; since TradeStation's EasyLanguage code has been easier to translate than other codes. If someone has TradeStation, could you load it and then save it as a text file for me to look at? See attachment.
I haven't found any guidelines on the development of the Murrey Math indicator and I haven't tried any translation from another platform. Below is a DRAFT thinkscript code for the TOS platform. If anyone has any comments to improve the logic I used in this code please reply. Probably one of the main issues I need to verify is what price range is used for the 8 levels. This first attempt at the code uses the daily high and low which will change during the day. Otherwise it seems that all it basically does is to partition a price range into different levels just like the Fibonacci Retracements does.