JRL_6

[JRL] Murrey Math Lines

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!
Release Notes: Fixed -3/4 line rendering issue
Release Notes: Changed method of plotting labels so they could be offset to the right.
Skript med en öppen källkod

I sann TradingView-anda har författaren till detta skript publicerat det som öppen källkod, så att handlare kan förstå och verifiera det. Skål för författaren! Du kan använda den gratis men återanvändning av den här koden i en publikation regleras av våra Ordningsregler. Du kan göra den till favorit för att använda den i ett diagram.

Vill du använda det här skriptet i ett diagram?
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Kommentarer

Hi, How can I change lines thickness and plain lines without dotted lines. I have tried to do in the code, it seems not working. Even I have tried to change in the trading view settings also, the changes not working?
Svara
U r a hero the amount of care u took to make this is incredible. Thx
Svara
Hi, Great work bro. :) Can you add mid point levels in the script as an optional to select whenever required. I'm feeling it's very useful on daily/weekly time frame.
Svara
That is Awesome Tool Man!!!
Svara
JRL_6 Zahid10
@Zahid10, Cheers!
Svara
Thanks for sharing, this cool script. What's the best value to use for higher time frame?
Svara
JRL_6 ilesanmipepsi
@ilesanmipepsi, I typically use one timeframe higher than the chart that I'm looking at, but it depends on how you trade
Svara
@JRL_6, And you still use the default value of 64?
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JRL_6 ilesanmipepsi
@ilesanmipepsi, yes, I usually use 64 for the frame size. I will sometimes use a higher frame size if I'm using a timeframe lower than 1H.
Svara
Amazing work JRL. Is there anyway to move the text location further right where it doesn't overlap the candles? Would make it easier to read. Much appreciated.
Svara