Murrey Math Lines are support and resistance lines based on geometric mathematical formulas developed by T. H. Murrey. MM lines are a derivation of the observations of W.D. Gann. Murrey's geometry facilitate the use of Gann's theories in a somewhat easier application. According to Gann's theory, price tends to trend and retrace in 1/8th intervals. The most important MM line levels are the 0/8, 4/8 and 8/8 levels, which typically provide strong support and resistance points. The 3/8 and 5/8 levels represent the low and high of the typical trading range. When price is above the typical trading range, it is considered overbought, and when it is below it is considered oversold. The 2/8 and 6/8 levels provide strong pivot points.
Some of the other Murrey Math indicators on TradingView use different formulas and therefore produce varying results. I've checked my indicator against MM indicators on other platforms and it is consistent with those indicators.
This indicator also allows users to switch to alternative timeframes for analysis and it includes labels for the MM lines. If you have any suggestions or comments, please leave them below.
Cheers!
Notas de prensa
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Fixed -3/4 line rendering issue
Notas de prensa
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Changed method of plotting labels so they could be offset to the right.
This is by far the best MML indicator I found in TradingView. Many thanks.
sushilasoni079
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hi sir
rafaelbrown40
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Very nice script but a bit heavy on the cpu?
sushilasoni079
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hi
Ellionacci
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Great indicator! I used to use this in Ninjatrader when I traded CL. I remember there was a setting that had the option to calculate the pivot hourly. Is that setting included in your script?
swapnilnawale1995
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please include labels for lines like ultimate support please
SerenityTrader
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Really well done... especially the changing lines based on real-time price action.
kotirao21
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Best time frame for indian market s
kotirao21
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Hi great work,pl provide time best timeframe for day trading india stocks
RinzlerX
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Hello , Respect , impressive Work you have done .... i wonder when does this Indicator form a new Grid ? after Price moves out of the +3/8 or -3/8 zones ?? or does it make a new Grid at a certain Time ?