Murrey_Math_MT4_VG

Author: Vladislav Goshkov (VG).
Murrey_Math_MT4_VG

This script implements a sophisticated technical analysis tool based on "Murrey Math" logic. It is designed to automatically identify and plot significant price levels—specifically support and resistance zones—directly onto your trading chart. Instead of simply looking at past highs and lows, it uses a fractal-based calculation to divide the current market range into specific "octaves" or segments.

Core Logic Overview

The script operates by identifying the highest and lowest prices over a specific lookback period. It then applies a mathematical framework to determine the "natural" trading range of the asset. By calculating these boundaries, the tool generates 13 distinct horizontal lines that represent different psychological and structural levels for price action.

Breakdown of the Trading Levels

The 13 lines are categorized into specific zones with different behaviors:

Major Support and Resistance (The Pivotal Points)

  • 4/8 Level: This is identified as the most significant point. It acts as a primary "pivotal" level where you can find the strongest support or resistance. It is highlighted as a key area for considering new buy or sell entries.

Trading Range Boundaries (Premium and Discount Zones)

  • 3/8 Level: Represents the bottom of the current trading range. If price breaks above this, it often indicates a transition into a "Buy Premium Zone."
  • 5/8 Level: Represents the top of the current trading range. If price stays below this, it is generally considered a "Sell Premium Zone."
  • The area between the 3/8 and 5/8 lines is where the market typically spends about 40% of its time.

Reversal and Stall Zones

  • 2/8 and 6/8 Levels: These are secondary pivot points. They have enough strength to potentially reverse price movement entirely.
  • 1/8 and 7/8 Levels: Known as "Weak" lines, these represent areas where the market might stall or pause briefly before continuing its trend, unless the price moves too quickly and stops abruptly near them.

Extreme Zones (Overbought/Oversold)

  • 0/8 Level: The ultimate support level. This indicates an extremely oversold condition.
  • 8/8 Level: The ultimate resistance level. This indicates an extremely overbought condition.
  • [-1/8], [-2/8], [+1/8], and [+2/8] Levels: These represent "overshoot" zones. They signify instances where the price has moved aggressively beyond the standard boundaries, suggesting extreme volatility or a high likelihood of a sharp correction back toward the main range.

Visual Implementation

The script automatically manages these levels on your chart by drawing horizontal lines and labeling them clearly. Each level is assigned a unique color to help you distinguish between "Strong," "Weak," and "Extreme" zones at a glance, allowing for a more organized view of market structure.

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Murrey_Math_MT4_VG 
//+------------------------------------------------------------------+
//|                                            Murrey_Math_MT_VG.mq4 |
//|                      Copyright © 2004, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#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 StepBack = 0;

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_shft = 3,
        nTime = 0,
        CurPeriod = 0,
        nDigits = 0,
        i = 0;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init() {
//---- indicators
   
   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]";// "Ultimate Support - extremely oversold [0/8]";// [0/8]
   ln_txt[3]  = "[1/8]";// "Weak, Stall and Reverse - [1/8]";// [1/8]
   ln_txt[4]  = "[2/8]";// "Pivot, Reverse - major [2/8]";// [2/8]
   ln_txt[5]  = "[3/8]";// "Bottom of Trading Range - [3/8], if 10-12 bars then 40% Time. BUY Premium Zone";//[3/8]
   ln_txt[6]  = "[4/8]";// "Major Support/Resistance Pivotal Point [4/8]- Best New BUY or SELL level";// [4/8]
   ln_txt[7]  = "[5/8]";// "Top of Trading Range - [5/8], if 10-12 bars then 40% Time. SELL Premium Zone";//[5/8]
   ln_txt[8]  = "[6/8]";// "Pivot, Reverse - major [6/8]";// [6/8]
   ln_txt[9]  = "[7/8]";// "Weak, Stall and Reverse - [7/8]";// [7/8]
   ln_txt[10] = "[8/8]";// "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]

   
   //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]  = "ÏÎÄÄÅÐÆÊÀ [0/8]";// "Ultimate Support - extremely oversold [0/8]";// [0/8]
   //ln_txt[3]  = "ÎÑÒÀÍÎÂÊÀ_ÐÀÇÂÎÐÎÒ [1/8]";// "Weak, Stall and Reverse - [1/8]";// [1/8]
   //ln_txt[4]  = "ÂÐÀÙÅÍÈÅ_ÐÀÇÂÎÐÎÒ [2/8]";// "Pivot, Reverse - major [2/8]";// [2/8]
   //ln_txt[5]  = "ÄÍÎ_ÊÀÍÀËÀ [3/8]";// "Bottom of Trading Range - [3/8], if 10-12 bars then 40% Time. BUY Premium Zone";//[3/8]
   //ln_txt[6]  = "ÑÎÏÐÎÒÈÂËÅÍÈÅ_ÏÎÄÄÅÐÆÊÀ [4/8]";// "Major Support/Resistance Pivotal Point [4/8]- Best New BUY or SELL level";// [4/8]
   //ln_txt[7]  = "ÂÅÐÕ_ÊÀÍÀËÀ [5/8]";// "Top of Trading Range - [5/8], if 10-12 bars then 40% Time. SELL Premium Zone";//[5/8]
   //ln_txt[8]  = "ÂÐÀÙÅÍÈÅ_ÐÀÇÂÎÐÎÒ [6/8]";// "Pivot, Reverse - major [6/8]";// [6/8]
   //ln_txt[9]  = "ÎÑÒÀÍÎÂÊÀ_ÐÀÇÂÎÐÎÒ [7/8]";// "Weak, Stall and Reverse - [7/8]";// [7/8]
   //ln_txt[10] = "ÑÎÏÐÎÒÈÂËÅÍÈÅ [8/8]";// "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 = 50;
   mml_thk  = 3;

   // Íà÷àëüíàÿ óñòàíîâêà öâåòîâ óðîâíåé îêòàâ 
   mml_clr[0]  = Magenta;     // [-2]/8
   mml_clr[1]  = Pink;        // [-1]/8
   mml_clr[2]  = Blue;        //  [0]/8
   mml_clr[3]  = Orange;      //  [1]/8
   mml_clr[4]  = Red;         //  [2]/8
   mml_clr[5]  = OliveDrab;   //  [3]/8
   mml_clr[6]  = Blue;        //  [4]/8
   mml_clr[7]  = OliveDrab;   //  [5]/8
   mml_clr[8]  = Red;         //  [6]/8
   mml_clr[9]  = Orange;      //  [7]/8
   mml_clr[10] = Blue;        //  [8]/8
   mml_clr[11] = Pink;        // [+1]/8
   mml_clr[12] = Magenta;     // [+2]/8
//----
   return(0);
  }

//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit() {
//---- TODO: add your code here
Comment(" ");   
for(i=0;i<OctLinesCnt;i++) {
    buff_str = "mml"+i;
    ObjectDelete(buff_str);
    buff_str = "mml_txt"+i;
    ObjectDelete(buff_str);
    }
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start() {

//---- TODO: add your code here

if( (nTime != Time[0]) || (CurPeriod != Period()) ) {
   
  //price
   bn_v1 = Lowest(NULL,0,MODE_LOW,P+StepBack,0);
   bn_v2 = Highest(NULL,0,MODE_HIGH,P+StepBack,0);

   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]);
           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();

   }
 
//---- End Of Program
  return(0);
  }
//+------------------------------------------------------------------+

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