Provides support and resistance lines based on Gann’s theories. Usable in all time frames for effective trading across time periods.
Since, according to Gann, prices move in 1/8’s, these 1/8’s act as points of price support and
resistance as an entity’s price changes in time. Given this 1/8 characteristic of price action,
Murrey assigns properties to each of the MML’s in an a given octave. These properties are listed
here for convenience.
8/8 th’s and 0/8 th’s Lines (Ultimate Resistance)
These lines are the hardest to penetrate on the way up, and give the greatest support on the way
down. (Prices may never make it thru these lines).
7/8 th’s Line (Weak, Stall and Reverse)
This line is weak. If prices run up too far too fast, and if they stall at this line they will reverse
down fast. If prices do not stall at this line they will move up to the 8/8 th’s line.
6/8 th’s and 2/8 th’s Lines (Pivot, Reverse)
These two lines are second only to the 4/8 th’s line in their ability to force prices to reverse. This
is true whether prices are moving up or down.
5/8 th’s Line (Top of Trading Range)
The prices of all entities will spend 40% of the time moving between the 5/8 th’s and 3/8 th’s
lines. If prices move above the 5/8 th’s line and stay above it for 10 to 12 days, the entity is said
to be selling at a premium to what one wants to pay for it and prices will tend to stay above this
line in the “premium area”. If, however, prices fall below the 5/8 th’s line then they will tend to
fall further looking for support at a lower level.
4/8 th’s Line (Major Support/Resistance)
This line provides the greatest amount of support and resistance. This line has the greatest
support when prices are above it and the greatest resistance when prices are below it. This price
level is the best level to sell and buy against.
3/8 th’s Line (Bottom of Trading Range)
If prices are below this line and moving upwards, this line is difficult to penetrate. If prices
penetrate above this line and stay above this line for 10 to 12 days then prices will stay above
this line and spend 40% of the time moving between this line and the 5/8 th’s line.
1/8 th Line (Weak, Stall and Reverse)
This line is weak. If prices run down too far too fast, and if they stall at this line they will reverse
up fast. If prices do not stall at this line they will move down to the 0/8 th’s line.
MT4 Indicators – Download InstructionsMurrey Math Lines (Support and Resistance) is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data. Murrey Math Lines (Support and Resistance) provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Murrey Math Lines (Support and Resistance).mq4?
- Download Murrey Math Lines (Support and Resistance).mq4
- Copy Murrey Math Lines (Support and Resistance).mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Murrey Math Lines (Support and Resistance).mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Murrey Math Lines (Support and Resistance).mq4 is available on your Chart
How to remove Murrey Math Lines (Support and Resistance).mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete