Murrey Math Black level trading indicator
Murrey Math Black level trading indicator displays mathematical Murray lines on the price chart, which are interpreted as levels support и resistance. Each of the lines on the graph has a short characteristic to simplify analysis.
Each of the displayed lines has its own properties:
- line 8/8 and 0/8 (highest resistance)
These lines are the hardest to pass when going up, and they provide the most support on the way down. Prices may never get past these lines.
- Line 7/8 (weak, stop and turn)
This is a weak line. If prices go up too far and too fast and stop at this line, they will quickly reverse downward. If prices do not stop at this line, they will move higher to the 8/8 line.
- lines 6/8 and 2/8 (axis, reversal)
These two lines are second only to the 4/8 for possible price reversal. This is true for both upward and downward price movements.
- line 5/8 (upper limit of trade)
All current prices spend 40% time moving between the 5/8 and 3/8 lines. If prices rise above the 5/8 line and stay there for 10-12 days, the symbol is said to be sold at a higher price than what they are willing to pay, and the price will tend to stay above that "high price line. But if prices fall below the 5/8 line, then they will look for resistance at a lower level.
- line 4/8 (main support/resistance)
This line has the most support and resistance. This line has the most support when prices are above it and the most resistance when prices are below it. This price level is the best level to sell and buy.
- line 3/8 (lower limit of trade)
If prices are below this line and moving up, this line is difficult to overcome. If prices pierce this line and stay above it for 10-12 days, then prices will stay above it and spend 40% time moving between it and the 5/8 line.
- Line 1/8 (weak, stop and turn)
This is a weak line. If prices go down too far and too fast, and if they stop on this line, they will quickly reverse upward. If prices do not stop on this line, they will go down to the 0/8 line.
Murrey Math Black level trading indicator It is recommended to use it to analyze the price movement on the timeframes from Daily and above. In addition, it is possible to use the indicator to determine closing levels.
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