This script is a technical analysis tool designed to identify significant support and resistance levels on a price chart. It functions by dividing the market's current trading range into an "octave" system—essentially breaking down the price movement into eight distinct, mathematically balanced zones.
Core Logic and Methodology
The tool begins by analyzing a specific period of historical price data to identify the absolute highest and lowest points (the "range"). Once it has this range, it applies a logarithmic calculation to determine the most significant "fractal" or scale of that movement. This allows the script to adjust dynamically whether the market is moving in small increments or large swings.
From this data, the script calculates several internal pivot points. It identifies these specific coordinates based on where price action has shown the most stability or potential for reversal. These pivots are then used to calculate a series of eight primary horizontal lines (the MML lines) that represent different "zones" of market behavior.
Understanding the Levels
Each of the eight lines serves a specific purpose for the user:
- The Extremes (0/8 and 8/8): These are identified as the "Ultimate Support" and "Ultimate Resistance." They represent zones where the price is considered extremely overbought or oversold, suggesting it has reached a very significant boundary.
- The Reversal Zones (1/8 and 7/8): These are described as "weak" lines. The logic suggests that if the price moves very rapidly and halts near these levels, it may be a signal of an imminent reversal. However, if the price passes through them easily, it indicates strong momentum toward the next level.
- The Trading Range (3/8 and 5/8): These represent the "bottom" and "top" of the active trading area. The script notes that the price spends a significant amount of time (roughly 40%) fluctuating between these two boundaries. They act as primary benchmarks for identifying the current "trading floor" and "trading ceiling."
- The Major Pivot (4/8): This is arguably the most important line in the calculation. It represents a major support or resistance point. When the price is above this line, it acts as a strong foundation; when the price is below it, it serves as a primary hurdle to overcome.
- The Mid-Range Pivots (2/8 and 6/8): These lines provide secondary strength and are used to gauge the momentum required to push toward the major levels.
Visual Representation
To make this data actionable for the user, the script automatically draws these horizontal lines directly on the chart. Each line is assigned a specific color and width to help distinguish between "strong" and "weak" zones. Additionally, the script places text labels next to each line so that the user can easily identify which zone they are currently observing as the price moves in real-time.
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Murrey_Math_Line_X_eng_v1
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| 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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