Murrey_Math_MT4_Period_VG_v3
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This script is a technical analysis tool designed to identify key price levels on a trading chart by dividing the market's current trading range into specific zones. It uses a mathematical approach called "Murrey Math" to create a visual map of potential support and resistance areas.
How the Logic Works
1. Identifying the Trading Range The script begins by looking back over a specific period of time to find the highest price (peak) and the lowest price (trough). This defines the current "trading box." From this box, it determines the overall volatility and scale of the market.
2. Dynamic Subdivision Rather than just drawing random lines, the script uses mathematical scaling (logarithmic calculations) to determine how to divide that trading box. It calculates a primary range and then segments it into smaller, consistent units. These units are used to project 13 distinct horizontal levels onto your chart.
3. The Meaning of the Levels The 13 lines represent different market conditions, categorized as follows:
- Extreme Zones (Oversold/Overbought): The outermost lines (like -2/8 and 8/8) represent extreme price movements. When the price reaches these areas, it is considered "exhausted" and may experience a sharp reversal.
- Pivot Points: Specific lines (such as 2/8 and 6/8) act as major turning points where the price often changes direction.
- Trading Range Boundaries: The levels at 3/8 and 5/8 represent the boundaries of the active trading zone. The logic suggests that if the price stays near these lines for a significant amount of time (roughly 10-12 bars), it indicates a "premium" or "discount" zone where sellers or buyers might find more opportunity.
- The Core Pivot (4/8): This is the most significant line in the script. It represents the central balance point of the market. If the price is above this line, it is viewed as a strong support; if it is below, it is viewed as a major resistance level.
4. Visual Representation The script automatically draws these lines on the chart and labels them so you can see exactly where the "Buy," "Sell," and "Reversal" zones are located. It also includes a visual marker (an arrow) to help identify specific points of interest based on the user's preferred settings.
Summary for the User
In plain terms, this script takes the complex movement of the market and organizes it into a "map." It tells you where the market is currently spending most of its time, where it is likely to hit a "wall" (resistance), and where it might find a "floor" (support), allowing for a clearer view of potential price movements.
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Murrey_Math_MT4_Period_VG_v3
//+------------------------------------------------------------------+
//| Murrey_Math_MT_VG.mq4 |
//| Copyright © 2004, Vladislav Goshkov (VG). |
//| 4vg@mail.ru |
//+------------------------------------------------------------------+
#property copyright "Vladislav Goshkov (VG)."
#property link "4vg@mail.ru"
#property indicator_chart_window
// ===================================================================
// * Ëèíèè 8/8 è 0/8 (Îêîí÷àòåëüíîå ñîïðîòèâëåíèå).
// * Ýòè ëèíèè ñàìûå ñèëüíûå è îêàçûâàþò ñèëüíåéøèå ñîïðîòèâëåíèÿ è
// * ïîääåðæêó.
// ===================================================================
//* Ëèíèÿ 7/8 (Ñëàáàÿ, ìåñòî äëÿ îñòàíîâêè è ðàçâîðîòà). Weak, Stall
//* and Reverse
//* Ýòà ëèíèÿ ñëàáà. Åñëè öåíà çàøëà ñëèøêîì äàëåêî è ñëèøêîì áûñòðî
//* è åñëè îíà îñòàíîâèëàñü îêîëî ýòîé ëèíèè,
//* çíà÷èò îíà ðàçâåðíåòñÿ áûñòðî âíèç. Åñëè öåíà íå îñòàíîâèëàñü
//* îêîëî ýòîé ëèíèè, îíà ïðîäîëæèò äâèæåíèå ââåðõ ê 8/8.
// ===================================================================
//* Ëèíèÿ 1/8 (Ñëàáàÿ, ìåñòî äëÿ îñòàíîâêè è ðàçâîðîòà). Weak, Stall
//* and Reverse
//* Ýòà ëèíèÿ ñëàáà. Åñëè öåíà çàøëà ñëèøêîì äàëåêî è ñëèøêîì áûñòðî
//* è åñëè îíà îñòàíîâèëàñü îêîëî ýòîé ëèíèè,
//* çíà÷èò îíà ðàçâåðíåòñÿ áûñòðî ââåðõ. Åñëè öåíà íå îñòàíîâèëàñü
//* îêîëî ýòîé ëèíèè, îíà ïðîäîëæèò äâèæåíèå âíèç ê 0/8.
// ===================================================================
//* Ëèíèè 6/8 è 2/8 (Âðàùåíèå, ðàçâîðîò). Pivot, Reverse
//* Ýòè äâå ëèíèè óñòóïàþò â ñâîåé ñèëå òîëüêî 4/8 â ñâîåé
//* ñïîñîáíîñòè ïîëíîñòüþ ðàçâåðíóòü öåíîâîå äâèæåíèå.
// ===================================================================
//* Ëèíèÿ 5/8 (Âåðõ òîðãîâîãî äèàïàçîíà). Top of Trading Range
//* Öåíû âñåõ ðûíêîâ òðàòÿò 40% âðåìåíè, íà äâèæåíèå ìåæäó 5/8 è 3/8
//* ëèíèÿìè.
//* Åñëè öåíà äâèãàåòñÿ îêîëî ëèíèè 5/8 è îñòàåòñÿ îêîëî íåå â
//* òå÷åíèè 10-12 äíåé, ðûíîê ñêàçàë ÷òî ñëåäóåò
//* ïðîäàâàòü â ýòîé «ïðåìèàëüíîé çîíå», ÷òî è äåëàþò íåêîòîðûå ëþäè,
//* íî åñëè öåíà ñîõðàíÿåò òåíäåíöèþ îñòàâàòüñÿ
//* âûøå 5/8, òî îíà è îñòàíåòñÿ âûøå íåå. Åñëè, îäíàêî, öåíà ïàäàåò
//* íèæå 5/8, òî îíà ñêîðåå âñåãî ïðîäîëæèò
//* ïàäàòü äàëåå äî ñëåäóþùåãî óðîâíÿ ñîïðîòèâëåíèÿ.
// ===================================================================
//* Ëèíèÿ 3/8 (Äíî òîðãîâîãî äèàïàçîíà). Bottom of Trading Range
//* Åñëè öåíû íèæå ýòîé ëèíè è äâèãàþòñÿ ââåðõ, òî öåíå áóäåò ñëîæíî
//* ïðîáèòü ýòîò óðîâåíü.
//* Åñëè ïðîáèâàþò ââåðõ ýòó ëèíèþ è îñòàþòñÿ âûøå íåå â òå÷åíèè
//* 10-12 äíåé, çíà÷èò öåíû îñòàíóòñÿ âûøå ýòîé ëèíèè
//* è ïîòðàòÿò 40% âðåìåíè äâèãàÿñü ìåæäó ýòîé ëèíèåé è 5/8 ëèíèåé.
// ===================================================================
//* Ëèíèÿ 4/8 (Ãëàâíàÿ ëèíèÿ ñîïðîòèâëåíèÿ/ïîääåðæêè). Major
//* Support/Resistance
//* Ýòà ëèíèÿ îáåñïå÷èâàåò íàèáîëüøåå ñîïðîòèâëåíèå/ïîääåðæêó. Ýòîò
//* óðîâåíü ÿâëÿåòñÿ ëó÷øèì äëÿ íîâîé ïîêóïêè èëè ïðîäàæè.
//* Åñëè öåíà íàõîäèòñÿ âûøå 4/8, òî ýòî ñèëüíûé óðîâåíü ïîääåðæêè.
//* Åñëè öåíà íàõîäèòñÿ íèæå 4/8, òî ýòî ïðåêðàñíûé óðîâåíü ñîïðîòèâëåíèÿ.
// ============================================================================================
extern int P = 64;
extern int MMPeriod = 1440;
extern int StepBack = 0;
//----
extern color mml_clr_m_2_8 = Black; // [-2]/8
extern color mml_clr_m_1_8 = Black; // [-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 = Black; // [+1]/8
extern color mml_clr_p_2_8 = Black; // [+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, Stall 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, Stall 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()
{
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()
{
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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