Murrey Math Line X
Murrey Math Line X MetaTrader indicator — a pivot line indicator that will definitely help every trader who knows how to trade with support, resistance, and pivot lines. It displays 8 primary lines (with 5 more additional ones) on the main chart, helping you to find the best points to sell, buy, and exit your positions. You can download this indicator for MT4 and MT5 platform.
- Period (default = 64) — a period in bars or in other upper timeframe periods (set via the UpperTimeFrame input), on which the lines will be calculated. The lower the number the more up-to-date but less accurate calculations.
- UpperTimeframe (default = PERIOD_D1) — a basic period; if different from the current timeframe, the indicator will use Period × UpperTimeframe periods to calculate its lines. Otherwise, the indicator will use Period of the current chart bars to calculate its lines.
- StepBack (default = 0) — a shift back for calculating the lines (in the current bars or in the number of UpperTimeframe periods).
- LabelSide (default = Left) — the side of the screen to display the line labels. If you select Right, make sure, the chart is shifted to the left; otherwise, you won't be able to see the labels.
- [N]/8 Color — colors for the indicator lines.
- [N]/8 Width — the indicator lines' width.
- MarkColor (default = clrBlue) — the color for the last calculated bar's arrow.
- MarkNumber (default = 217) — the arrow code for the last calculated bar's arrow.
- FontFace (default = "Verdana") — the font face to use for display.
- FontSize (default = 10) — the font size to use for display.
- ObjectPrefix (default = "MML-") — prefix for chart objects for compatibility with other indicators.
Example and strategy
It is easy to use Murrey Math Line X. 0/8P and 8/8P lines are the ultimate resistance and support lines — they are very hard to break. 1/8P and 7/8P lines are weak support and resistance lines, but if the price stops near them, it will likely reverse and change direction. 2/8P and 6/8P lines are strong reverse points. 3/8P and 5/8P are the bottom and the top of the average trading range respectively; it is very likely that the price will either pierce this range fast or will remain inside it for a long time. 4/8P is a major support and resistance line; you can sell or buy when the price crosses it for a high-probability trade. The blue arrow marks the final calculated bar.
Downloads (ver. 1.04, 2022-03-10)Murrey Math Line X for MetaTrader 4 in .zip Murrey Math Line X for MetaTrader 4 in .mq4 Murrey Math Line X for MetaTrader 5 in .zip Murrey Math Line X for MetaTrader 5 in .mq5
Do you have any suggestions or questions regarding this indicator? You can always discuss Murrey Math Line X with the other traders and MQL programmers on the indicators forums.
1.04 - 2022-03-10
- Refactored MQL4 code.
- Added an input parameter (LabelSide) to move line labels either to the left or to the right.
- Added font and object naming parameters.