Murrey_Math_Line_X_eng
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This script is a technical analysis tool designed to identify key support and resistance levels on a trading chart. It utilizes the "Murrey Math" logic, which segments price action into an organized grid of eight distinct zones (octaves). By analyzing these zones, the tool helps traders visualize where the price might encounter friction, pause, or potentially reverse direction.
How the Logic Works
The script operates by scanning a specific period of recent price history to identify the highest highs and lowest lows. It then performs several mathematical steps to establish a structured "trading range."
1. Establishing the Range Instead of just looking at the current price, the script determines a primary trading container. It calculates a "fractal" based on the price magnitude to determine the scale of the market movement. It then identifies a base level (minimum) and a maximum boundary to define the current territory the price is moving within.
2. Identifying Pivotal Points The core of the logic involves searching for specific coordinates within that trading range. The script looks for "pivots"—mathematical points where the price is statistically more likely to behave in certain ways. It checks multiple conditions to see if the current price action qualifies for different types of markers, such as:
- Major Support/Resistance: The most significant levels where the price finds balance.
- Weak Reversal Zones: Areas where a fast-moving price might "exhaust" itself and head back in the opposite direction.
- Trading Range Boundaries: The upper and lower limits of the current market behavior.
3. Generating the Octave Grid Once the primary boundaries and pivots are calculated, the script divides the total trading range into eight equal horizontal sections (the "8/8" lines).
- The Midpoint (4/8): This is considered the major equilibrium of the market.
- Upper and Lower Extremes: The lines at the very top ([8/8]) and bottom ([0/8]) represent extreme overbought or oversold conditions.
Visual Representation and Interpretation
The script automatically draws these horizontal lines on your chart and labels them so you can distinguish between different types of price action:
- Extreme Zones (0/8 and 8/8): These are the ultimate boundaries. Price reaching these levels suggests extreme sentiment.
- Weak Reversal Lines (1/8 and 7/8): If the price moves very quickly and stops at these lines, it is a signal that the movement may be losing steam and could reverse soon.
- Pivot Points (2/8 and 6/8): These are secondary levels that provide additional context to the strength of the price movement.
- Premium and Discount Zones (3/8 and 5/8): These represent the "Trading Range." The area between 3/8 and 5/8 is where the price spends a significant amount of its time. Price near 5/8 can be viewed as a "selling zone," while price near 3/8 can be viewed as a "buying zone."
- The Major Level (4/8): This is the primary level for identifying high-probability entry or exit points, acting as the ultimate balance line for the current trend.
By providing this structured grid, the script allows you to see the "geography" of the market, helping you identify where the price is currently located relative to significant historical and mathematical boundaries.
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Murrey_Math_Line_X_eng
//+------------------------------------------------------------------+
//| Murrey_Math_Line_X.mq4 |
//| Copyright © 2004, Vladislav Goshkov (VG).|
//| 4vg@mail.ru |
//| code change by Alex.Piech.FinGeR |
//+------------------------------------------------------------------+
#property copyright "Vladislav Goshkov (VG) && Alex.Piech.FinGeR"
#property link "4vg@mail.ru && regnif@gmx.net"
#property indicator_chart_window
// ============================================================================================
// * Line 8/8 è 0/8 (Ultimate Support and Ultimate Resistance).
// * Those lines are the most strong concerning Support and esistance.
// ============================================================================================
//* Line 7/8 (Weak, Place to Stop and Reverse).
//* This line is weak. If suddenly the price was going too fast and too far and stops around this line
//* it means the price will reverse down very soon. If the price did not stop near this line this price
//* will continue the movement to the line 8/8.
// ============================================================================================
//* Line 1/8 (Weak, Place to Stop and Reverse).
//* This line is weak. If suddenly the price was going too fast and too far and stops around this line
//* it means the price will reverse up very soon. If the price did not stop near this line this price
//* will continue the movement down to the line 0/8.
// ============================================================================================
//* Line 2/8 and 6/8 (Pivot, Reverse)
//* Those two lines yield the line 4/8 only to the strength to reverse the price movement.
// ============================================================================================
//* Line 5/8 (Top of Trading Range)
//* The price is spending the about 40% of the time on the movement between the lines 5/8 and 3/8.
//* If the price is moving near line 5/8 and stopping near the line during the 10 - 12 days so it means
//* that it is necessary to sell in this "bonus zone" (some people are doing like this) but if the price is keeping the tendency to stay above
//* 5/8 line, so it means that the price will be above. But if the price is droping below 5/8 line it means that the price will continue
//* falling to the next level of resistance.
// ============================================================================================
//* Line 3/8 (Bottom of Trading Range).
//* If the price is below this line and in uptrend it means that it will be very difficult for the price to break this level.
//* If the price broke this line during the uptrend and staying above during the 10 12 days it means that the price will be above this line
//* during the 40% of its time moving between this line and 5/8 line.
// ============================================================================================
//* Line 4/8 (Major Support/Resistance Line).
//* It is the major line concerning support and resistance. This leve is the better for the new sell or buy.
//* It is the strong level of support of the price is above 4/8. It is the fine resistance line if the price is below this 4/8 line.
//* ñîïðîòèâëåíèÿ.
// ============================================================================================
extern int P = 64;
extern int MMPeriod = 1440;
extern int StepBack = 0;
extern color mml_clr_m_2_8 = White; // [-2]/8
extern color mml_clr_m_1_8 = White; // [-1]/8
extern color mml_clr_0_8 = Aqua; // [0]/8
extern color mml_clr_1_8 = Yellow; // [1]/8
extern color mml_clr_2_8 = Red; // [2]/8
extern color mml_clr_3_8 = Green; // [3]/8
extern color mml_clr_4_8 = Blue; // [4]/8
extern color mml_clr_5_8 = Green; // [5]/8
extern color mml_clr_6_8 = Red; // [6]/8
extern color mml_clr_7_8 = Yellow; // [7]/8
extern color mml_clr_8_8 = Aqua; // [8]/8
extern color mml_clr_p_1_8 = White; // [+1]/8
extern color mml_clr_p_2_8 = White; // [+2]/8
extern int mml_wdth_m_2_8 = 2; // [-2]/8
extern int mml_wdth_m_1_8 = 1; // [-1]/8
extern int mml_wdth_0_8 = 1; // [0]/8
extern int mml_wdth_1_8 = 1; // [1]/8
extern int mml_wdth_2_8 = 1; // [2]/8
extern int mml_wdth_3_8 = 1; // [3]/8
extern int mml_wdth_4_8 = 1; // [4]/8
extern int mml_wdth_5_8 = 1; // [5]/8
extern int mml_wdth_6_8 = 1; // [6]/8
extern int mml_wdth_7_8 = 1; // [7]/8
extern int mml_wdth_8_8 = 1; // [8]/8
extern int mml_wdth_p_1_8 = 1; // [+1]/8
extern int mml_wdth_p_2_8 = 2; // [+2]/8
extern color MarkColor = Blue;
extern int MarkNumber = 217;
double dmml = 0,
dvtl = 0,
sum = 0,
v1 = 0,
v2 = 0,
mn = 0,
mx = 0,
x1 = 0,
x2 = 0,
x3 = 0,
x4 = 0,
x5 = 0,
x6 = 0,
y1 = 0,
y2 = 0,
y3 = 0,
y4 = 0,
y5 = 0,
y6 = 0,
octave = 0,
fractal = 0,
range = 0,
finalH = 0,
finalL = 0,
mml[13];
string ln_txt[13],
buff_str = "";
int
bn_v1 = 0,
bn_v2 = 0,
OctLinesCnt = 13,
mml_thk = 8,
mml_clr[13],
mml_wdth[13],
mml_shft = 35,
nTime = 0,
CurPeriod = 0,
nDigits = 0,
i = 0;
int NewPeriod=0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init() {
//---- indicators
if(MMPeriod>0)
NewPeriod = P*MathCeil(MMPeriod/Period());
else NewPeriod = P;
ln_txt[0] = "[-2/8]P";// "extremely overshoot [-2/8]";// [-2/8]
ln_txt[1] = "[-1/8]P";// "overshoot [-1/8]";// [-1/8]
ln_txt[2] = "[0/8]P";// "Ultimate Support - extremely oversold [0/8]";// [0/8]
ln_txt[3] = "[1/8]P";// "Weak, Place to Stop and Reverse - [1/8]";// [1/8]
ln_txt[4] = "[2/8]P";// "Pivot, Reverse - major [2/8]";// [2/8]
ln_txt[5] = "[3/8]P";// "Bottom of Trading Range - [3/8], if 10-12 bars then 40% Time. BUY Premium Zone";//[3/8]
ln_txt[6] = "[4/8]P";// "Major Support/Resistance Pivotal Point [4/8]- Best New BUY or SELL level";// [4/8]
ln_txt[7] = "[5/8]P";// "Top of Trading Range - [5/8], if 10-12 bars then 40% Time. SELL Premium Zone";//[5/8]
ln_txt[8] = "[6/8]P";// "Pivot, Reverse - major [6/8]";// [6/8]
ln_txt[9] = "[7/8]P";// "Weak, Place to Stop and Reverse - [7/8]";// [7/8]
ln_txt[10] = "[8/8]P";// "Ultimate Resistance - extremely overbought [8/8]";// [8/8]
ln_txt[11] = "[+1/8]P";// "overshoot [+1/8]";// [+1/8]
ln_txt[12] = "[+2/8]P";// "extremely overshoot [+2/8]";// [+2/8]
//mml_shft = 3;
mml_thk = 3;
// Íà÷àëüíàÿ óñòàíîâêà öâåòîâ óðîâíåé îêòàâ è òîëùèíû ëèíèé
mml_clr[0] = mml_clr_m_2_8; mml_wdth[0] = mml_wdth_m_2_8; // [-2]/8
mml_clr[1] = mml_clr_m_1_8; mml_wdth[1] = mml_wdth_m_1_8; // [-1]/8
mml_clr[2] = mml_clr_0_8; mml_wdth[2] = mml_wdth_0_8; // [0]/8
mml_clr[3] = mml_clr_1_8; mml_wdth[3] = mml_wdth_1_8; // [1]/8
mml_clr[4] = mml_clr_2_8; mml_wdth[4] = mml_wdth_2_8; // [2]/8
mml_clr[5] = mml_clr_3_8; mml_wdth[5] = mml_wdth_3_8; // [3]/8
mml_clr[6] = mml_clr_4_8; mml_wdth[6] = mml_wdth_4_8; // [4]/8
mml_clr[7] = mml_clr_5_8; mml_wdth[7] = mml_wdth_5_8; // [5]/8
mml_clr[8] = mml_clr_6_8; mml_wdth[8] = mml_wdth_6_8; // [6]/8
mml_clr[9] = mml_clr_7_8; mml_wdth[9] = mml_wdth_7_8; // [7]/8
mml_clr[10] = mml_clr_8_8; mml_wdth[10]= mml_wdth_8_8; // [8]/8
mml_clr[11] = mml_clr_p_1_8; mml_wdth[11]= mml_wdth_p_1_8; // [+1]/8
mml_clr[12] = mml_clr_p_2_8; mml_wdth[12]= mml_wdth_p_2_8; // [+2]/8
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit() {
//---- TODO: add your code here
Comment(" ");
for(i=0;i<OctLinesCnt;i++) {
buff_str = "mml"+i;
ObjectDelete(buff_str);
buff_str = "mml_txt"+i;
ObjectDelete(buff_str);
buff_str = "MML_LatestCulcBar";
ObjectDelete(buff_str);
}
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start() {
//---- TODO: add your code here
if( (nTime != Time[0]) || (CurPeriod != Period()) ) {
//price
bn_v1 = Lowest(NULL,0,MODE_LOW,NewPeriod+StepBack,StepBack);
bn_v2 = Highest(NULL,0,MODE_HIGH,NewPeriod+StepBack,StepBack);
v1 = Low[bn_v1];
v2 = High[bn_v2];
//determine fractal.....
if( v2<=250000 && v2>25000 )
fractal=100000;
else
if( v2<=25000 && v2>2500 )
fractal=10000;
else
if( v2<=2500 && v2>250 )
fractal=1000;
else
if( v2<=250 && v2>25 )
fractal=100;
else
if( v2<=25 && v2>12.5 )
fractal=12.5;
else
if( v2<=12.5 && v2>6.25)
fractal=12.5;
else
if( v2<=6.25 && v2>3.125 )
fractal=6.25;
else
if( v2<=3.125 && v2>1.5625 )
fractal=3.125;
else
if( v2<=1.5625 && v2>0.390625 )
fractal=1.5625;
else
if( v2<=0.390625 && v2>0)
fractal=0.1953125;
range=(v2-v1);
sum=MathFloor(MathLog(fractal/range)/MathLog(2));
octave=fractal*(MathPow(0.5,sum));
mn=MathFloor(v1/octave)*octave;
if( (mn+octave)>v2 )
mx=mn+octave;
else
mx=mn+(2*octave);
// calculating xx
//x2
if( (v1>=(3*(mx-mn)/16+mn)) && (v2<=(9*(mx-mn)/16+mn)) )
x2=mn+(mx-mn)/2;
else x2=0;
//x1
if( (v1>=(mn-(mx-mn)/8))&& (v2<=(5*(mx-mn)/8+mn)) && (x2==0) )
x1=mn+(mx-mn)/2;
else x1=0;
//x4
if( (v1>=(mn+7*(mx-mn)/16))&& (v2<=(13*(mx-mn)/16+mn)) )
x4=mn+3*(mx-mn)/4;
else x4=0;
//x5
if( (v1>=(mn+3*(mx-mn)/8))&& (v2<=(9*(mx-mn)/8+mn))&& (x4==0) )
x5=mx;
else x5=0;
//x3
if( (v1>=(mn+(mx-mn)/8))&& (v2<=(7*(mx-mn)/8+mn))&& (x1==0) && (x2==0) && (x4==0) && (x5==0) )
x3=mn+3*(mx-mn)/4;
else x3=0;
//x6
if( (x1+x2+x3+x4+x5) ==0 )
x6=mx;
else x6=0;
finalH = x1+x2+x3+x4+x5+x6;
// calculating yy
//y1
if( x1>0 )
y1=mn;
else y1=0;
//y2
if( x2>0 )
y2=mn+(mx-mn)/4;
else y2=0;
//y3
if( x3>0 )
y3=mn+(mx-mn)/4;
else y3=0;
//y4
if( x4>0 )
y4=mn+(mx-mn)/2;
else y4=0;
//y5
if( x5>0 )
y5=mn+(mx-mn)/2;
else y5=0;
//y6
if( (finalH>0) && ((y1+y2+y3+y4+y5)==0) )
y6=mn;
else y6=0;
finalL = y1+y2+y3+y4+y5+y6;
for( i=0; i<OctLinesCnt; i++) {
mml[i] = 0;
}
dmml = (finalH-finalL)/8;
mml[0] =(finalL-dmml*2); //-2/8
for( i=1; i<OctLinesCnt; i++) {
mml[i] = mml[i-1] + dmml;
}
for( i=0; i<OctLinesCnt; i++ ){
buff_str = "mml"+i;
if(ObjectFind(buff_str) == -1) {
ObjectCreate(buff_str, OBJ_HLINE , 0,Time[0], mml[i]);
ObjectSet(buff_str, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(buff_str, OBJPROP_COLOR, mml_clr[i]);
ObjectSet(buff_str, OBJPROP_WIDTH, mml_wdth[i]);
ObjectMove(buff_str, 0, Time[0], mml[i]);
}
else {
ObjectMove(buff_str, 0, Time[0], mml[i]);
}
buff_str = "mml_txt"+i;
if(ObjectFind(buff_str) == -1) {
ObjectCreate(buff_str, OBJ_TEXT, 0, Time[mml_shft], mml_shft);
ObjectSetText(buff_str, ln_txt[i], 8, "Arial", mml_clr[i]);
ObjectMove(buff_str, 0, Time[mml_shft], mml[i]);
}
else {
ObjectMove(buff_str, 0, Time[mml_shft], mml[i]);
}
} // for( i=1; i<=OctLinesCnt; i++ ){
nTime = Time[0];
CurPeriod= Period();
string buff_str = "MML_LatestCulcBar";
if(ObjectFind(buff_str) == -1) {
ObjectCreate(buff_str, OBJ_ARROW,0, Time[StepBack], Low[StepBack]-2*Point );
ObjectSet(buff_str, OBJPROP_ARROWCODE, MarkNumber);
ObjectSet(buff_str, OBJPROP_COLOR, MarkColor);
}
else {
ObjectMove(buff_str, 0, Time[StepBack], Low[StepBack]-2*Point );
}
}
//---- End Of Program
return(0);
}
//+------------------------------------------------------------------+
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