Murrey Math Lv Arr r Levels Trading Indicator
Murrey Math Lv Arr r Levels Trading Indicator is designed for the MetaTrader 5 trading terminal and draws Murray levels on the price chart of a currency pair.
Murrey Math Lv Arr r indicator is a modified version of the indicator with limited computer resources spent on its calculation and displaying on the chart. The CountBars input variable is added to the indicator parameters to optimize calculations.
How to use Murrey Math Lv Arr r indicator levels
- Lines 8/8 and 0/8 (Final Resistance)
These lines are the strongest and have the strongest resistance и support.
- Line 7/8 (Weak, a place to stop and turn.) Weak, Stall and Reverse
This line is weak. If price has gone too far and too fast and if it stops near this line, then it will turn quickly downwards. If price has not stopped near this line, it will continue upwards to the 8/8.
- Line 1/8 (Weak, Stall and Reverse). Weak, Stall and Reverse
This line is weak. If price has gone too far and too fast and if it stops near this line, then it will turn quickly upwards. If price has not stopped near this line, it will continue down to 0/8.
- Lines 6/8 and 2/8 (Pivot, Reverse). Pivot, Reverse
These two lines are second only to the 4/8 in their ability to completely reverse the price movement.
- The 5/8 line (Top of Trading Range). Top of Trading Range
Prices in all markets spend 40% of time moving between the 5/8 and 3/8 lines. If the price moves near the 5/8 line and stays near it for 10-12 days, the market says you should sell in that "premium zone", which is what some people are doing, but if the price keeps trending above the 5/8, then it will stay above it. If, however, the price falls below the 5/8, it will likely continue to fall further to the next resistance level.
- The 3/8 line (Bottom of Trading Range). Bottom of Trading Range
If prices are below this line and moving up, then it will be difficult for prices to break this level. If prices break above that line and stay above it for 10-12 days, then prices will stay above that line and spend 40% time moving between that line and the 5/8 line.
- The 4/8 line (Major Resistance/Support). Major Support/Resistance
This line provides the greatest resistance/support. This level is the best level for a new buy or sell. If price is above 4/8, this is a strong support level. If the price is below 4/8, this is a great resistance level.
Note that Murrey Math Lv Arr r levels trading indicator uses the library class GetFontName.mqh, which must be copied to the terminal folder "Terminal Name"\MQL5\Include.
Download Murrey Math Lv Arr r trading indicator
Dear Alexander!
Thank you very much for the detailed story about the Murrey Math Lv Arr r indicator.
Would you be so kind as to answer a few questions about it?
1. How do I remove the names of the levels and leave only the numbers (1/8, 4/8, etc.)?
2. What does the following indicator settings affect?
Calculation period P
StepBack
Symbol for Murray levels
Number of bars to calculate the indicator
3. I read that it needs to be adjusted for a specific timeframe. How?
Thank you in advance for your answer.
Thank you.