The Murray Levels indicator is today considered one of the most effective tools designed to find significant support and resistance. As you might guess from the name of the indicator, the formula for calculating these levels was created by Thomas Murray, a famous trader, and teacher, whose name became widely known just after the presentation of the corresponding levels. Despite the fact that the algorithm of this tool is based on the developments of Gann, for its correct operation, you do not need to install any additional indicators - you just need to copy the Murrey Levels System.
If everything was done according to the standard instructions, then after restarting MetaTrader4, the corresponding algorithm will appear in the navigator. Setting up the Murray tool parameters also is simple - all you need to do is set the period for calculating the levels.
You should work with this indicator based on the location of the levels, which, depending on their color and name, indicate a possible price rebound or reversal. Depending on where the price is now located, it can play both the role of support and act as resistance;. To date, Murray's levels are not only a popular trading system but also a means for analyzing the whole of the entire international forex currency market.
This indicator is based on an instrument such as the Gunn square 8x8. Typically, this indicator will be ideal for those who prefer trade tactics, which are based on a rebound from the levels. It is thanks to Murray Levels that you can view the drawing of the ten most significant levels on the price chart and count them. The chart shows only the significant points in which a potential reversal, breakout, or rebound is possible, as well as those where the price may remain.
Such vertices are easy to detect: the lines of the indicator are painted in different shades, while the colors depend on the importance of the lines. At the same time, the Murray Levels color the positions, focusing on their significance for the player. For trading, the currency pairs required by the player are selected, and the Murray indicator is already placed on them. Understanding how the program works is not difficult, after obtaining the necessary knowledge and practical skills, it will seem to the trader rather simple convenient in application.
Development can be combined with almost any trading system this is easily achieved by special settings. The indicator will show the required levels, as well as their corrections on the chosen time interval. In this case, there is a basic rule - do not apply this tool on the charts below H4. Also, the player needs to set such a parameter as «P», which would determine the interval between the levels - a special distance when creating them: the author of the system recommends adhering to a value equal to And one more important point: for the full functionality of the Murray levels, you need a cyclical development of the exchange with an intermediate segment that equals a quarter or a year.
But, of course, in reality, such a phenomenon as the cycle of the market is rather difficult to recognize. In total, this system includes twelve horizontal levels, which are a significant resistance to the price.
Of their number, eight are the main ones, which have a significant impact on the price, while the other four are acting as additional ones. Such horizontal lines divide the graph into regions, and each of the levels has its characteristics, which are divided by the degree of influence on the behavior of the trend.
Pivot Levels Indicators; 9. Different price levels Indicators; Murrey Levels Indicators; Fibonacci Levels Indicators. For you convenience, each part is concealed under spoiler. Under the spoiler you can find the list of indicator names and list of 'ex'- and 'mql'-files. Screenshots and sort descriptions are also included only if needed. Made for programmers and other fans of open source code. Consists of and 40 indicators. Don't download this pack if you don't know who to compile indicators.
Consists of and 50 indicators. Manuals, Part 01 Murrey Math Manuals, Part 01 Fibonacci Manuals, Part 01 Trading with supply and demand levels. Articles collection - Goes alone because of big size. Technical Information. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies.
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