Murrey Math Line X indicator displays 8 pivot lines on the price chart, which will help with determining entry and exit points of the market.
- P (default = 64) - the period for which the lines are calculated. The accuracy of the lines is in direct relation to the value of this value. The smaller the value, the lower the accuracy.
- MMPeriod (default = 1440) - base period in minutes, where 1440 - daily lines, 10080 - weekly, 43200 - monthly. The zero value corresponds to the calculation based on the current P value.
- StepBack (default = 0) - shift backwards to calculate lines (in current bars or in MMPeriod (if set) minutes).
- Other parameters affect only the visual display of the lines.
Using the Murrey Math Line X Indicator
- All lines represent support and resistance levels.
- Strong support levels and resistance are the 0/8P and 8/8P lines.
- If price has stopped at the 1/8P and 7/8P lines, it is more likely to change direction.
- The 2/8P and 6/8P lines are strong reversal lines.
- The 3/8P and 5/8P lines are the boundaries of the average trading range.
- The 4/8P line is the strongest support and resistance level.
- The blue arrow indicates the last bar for which the lines were calculated.
The experts of ForTrader magazine believe that Murrey MathLine X indicator will be a great tool for traders who use breakout strategies in trading.