Murrey Math Line X MetaTrader indicator | FREE Forex Trading Indicator
Murrey Math Line X MetaTrader indicator – a pivot line indicator that will undoubtedly assist any trader who understands how to trade with support, resistance, and pivot lines. It displays eight different lines (with the possibility of additional lines) on the main chart, assisting you in determining the best points to sell, buy, and exit positions. This indicator is available for both MT4 and MT5 platforms.
- P (default = 64) — period in bars or in other periods (set by MMPeriod), on which the lines will be calculated. The lower is the number the more current but less accurate calculations will be.
- MMPeriod (default = 1440) — a basic period in minutes (60 — for hourly pivots, 1440 — for daily pivots, 10080 — for weekly and 43200 — for monthly); if greater than zero, indicator will use P amount of MMPeriod minutes to calculate its lines. If zero, indicator will use P amount 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 number of MMPeriod (if set) minutes).
- Other parameters — affect only visual parameters of the lines.
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Murrey Math Line X is simple to use. The 0/8P and 8/8P lines are the ultimate resistance and support lines, and they are extremely difficult to break. Although the 1/8P and 7/8P lines are weak support and resistance levels, if the price stops near them, it will reverse and change direction. The 2/8P and 6/8P lines are excellent reverse points. The bottom and top of the average trading range are 3/8P and 5/8P, respectively; it is very likely that the price will either pierce this range quickly or remain within it for a long time. 4/8P is a significant support and resistance line; sell and buy when the price crosses it for a profit. The final calculated bar is indicated by the blue arrow.
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