The Murrey Math Trading System - page 29
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
time period
thanks darknor,
but i think time period is very important cause it defines the price range to be used to calculate the MM lines. for example the box is drawn using 64 periods of pevious data and then the high and low in the time frame is used to calculate the MM lines.
i was thinking of using 1 day and 1 week as a time period for the MM lines on a 5 minute chart. This would be 60/5 * 24 = 288 for 1 day and 288 * 5 = 1440 for 1 week time periods.
my question is how will the murrey math lines update? for every new day.
i mean if i set the 5 minutes chart to 288 time period at exactly 00.00 monday. i assume it will use all of friday(288 time bars) to calculate the MM lines will i be correct? and if so will it reset the MM lines at 00.00 tuesday when another 288 periods have passed? ( on the 5 mins chart) and use mondays 288 5mins time bars to calculate new MM lines?
i hope you understand me!
i know the MM do calculate themselves when price pops out of the box.
a question about that, does the MM lines recalculate when a price bar closes above the 8/8 0/8 or the extreme lines +2/, -2/8? im not sure about that!
or is it another way?
hope you can help
bye
Xard
You have done a nice job in this thread. many of us have learned a lot.......
I want to thank you for all this effort
dave
thanks darknor,
but i think time period is very important cause it defines the price range to be used to calculate the MM lines. for example the box is drawn using 64 periods of pevious data and then the high and low in the time frame is used to calculate the MM lines.
my question is how will the murrey math lines update? for every new day.
i mean if i set the 5 minutes chart to 288 time period at exactly 00.00 monday. i assume it will use all of friday(288 time bars) to calculate the MM lines will i be correct? and if so will it reset the MM lines at 00.00 tuesday when another 288 periods have passed? ( on the 5 mins chart) and use mondays 288 5mins time bars to calculate new MM lines?
i hope you understand me!
i know the MM do calculate themselves when price pops out of the box.
a question about that, does the MM lines recalculate when a price bar closes above the 8/8 0/8 or the extreme lines +2/, -2/8? im not sure about that!
or is it another way?
hope you can help
byeThe simple answer is that MetaQuotes +Octave version 5 does it for you automatically by virtue of trying to fit everything on the screen. Here is a longer explanation so it makes more sense:
Lets try this a different way. Regardless of the future, security, currency or stock, there are a few major resistance lines for anything priced between 1.5625 and 3.1250. They are: 1.5625, 1.9531, 2.3438, 2.7344 and 3.1250. Lets say you made a printing format for all of the prices between those two values, and a single transparency was printed. The transparency would have the numbers I listed, and the paper would always have 1.5625 and 3.1250 as the min/max values. You now know the support resist lines for any market between 1.5625 and 3.1250. You can memorize them as well, they won't change. Even easier, you can just remember that there is a major line every 0.3906. 3906 pips is not very useful for forex, so lets zoom in a little.
Halfway between those lines, there is another mark every 1953 pips. This is the 4/8 line. Lets go inside the square, and look at the fractal nature. Every 488.25 pips there is another major MML. Lets zoom in to our current square for the GBPUSD. The current price 1.9106 is in between 1.5625 and 1.9531. That is our square to focus in on. The minor square values are 1.5625, 1.6113, 1.6602, 1.7090, 1.7578, 1.8066, 1.8555, 1.9043, 1.9531. If we were trading at a scale wanting to collect 400 pip movements, this would be a decent scale to look at. Those would be our support resist lines, but the most support/resist would be at 1.7575 (4/8), 1.5625(0/8) and 1.9531 (8/8). If we are trying to profit on 150 pip movements or so, we should look closer.
Let's zoom in between 6/8 and 7/8 closer. Now each square is 488/8=61 pips. 1.8555, 1.8616, 1.8677, 1.8738, 1.8799, 1.8860, 1.8921, 1.8982, 1.9043. The most support resist will be found on 1.8799 (4/8), 1.8555(0/8), and 1.9043(8/8). What if the price goes over the 8/8 line, but doesn't pierce the +1 line (1.9104) or +2 (1.9165) line? It will fall back to 1.8799 or less. What happens if the price goes under the 0/8 line, but doesn't pierce the -1(1.8494) or -2(1.8433) line? It will rise up to 1.8799 or higher.
The current price (on 11/10/06) is 1.9106. It had a brief max of 1.9178, and held at 1.9172. Let's say we'll gamble a little bit on this one. Timeframe *might* help here, but lets just use the price data. If the price falls from +2 to under +1 it will likely keep falling. Not necessarily right away, but it should fall. (I say should because the +2 line was poked through for a few minutes.) Depending on your level of risk, you might enter (at +1) or later (at 8/8) with a SL at +2, and a TP at 4/8. Entering at 7.5/8 (1.9012) would be very conservative. Entering at +1, you would earn 307 pip, SL 59 pip. Entering at 8/8(1.9043) you earn 244pip risking 122 pip (with less of a chance to hit SL).
We don't need timeframes for this, we just need to decide what scale we want to trade at. It is possible to trade at the baby Octave, 1.9104 to 1.9165 for intraday trading and still make a nice profit on 30 pip movements or so as the price retraces to 4/8 over and over.
Hope this helps, please ignore MMI completely until the explanation I gave you makes sense.
wow, the pictures look great, I will have a try.
Thanx Xard777
asam
PS: when I apply the template, the data on the right corner overlap the candle, could you tell me how to fix that? I use 14" lcd monitor. Thank you.
wow, the pictures look great, I will have a try.
Thanx Xard777
asam
PS: when I apply the template, the data on the right corner overlap the candle, could you tell me how to fix that? I use 14" lcd monitor. Thank you.Sorry about that, but the chart is defaulted for screen res of 1024x768.
If its an lcd your using it might go to 1024x768 try changing screen resolution.
I am using a 42" plasma set to 1024x768, lets me walk away from the pc and still lets me see whats happening.
Xard777
If you are still having problems, then let me know the screen res you are using and I will redo the chart for that resolution.
I use 1400x1050 on 14" laptop LCD. If I change to 1024x768, everything gets blur and its inconvenient to change resolution back and force. How about put the data table in the up left corner like before? I know u put the previous highs and lows on the left edge, but still hope u can fix that. Thanx a lot.
asam
Which MM - Levels Indicator
Hi Xard
Thanks for all you effort. Please advice me which MM-Levels Indicator is the correct one to use, because I get different values of these levels than that on your piccy's.
I appreciate your time.
Happy trading.
Nesalc
octaves and MML's
hi Xard,
i have been following the tread and i would like to know the difference between the octaves indicator and the MM indicator.
also how will it be used ?
for example if i lay down a chart the the mm indicator set to 64 and the octaves_6 set to 64 on a one hour chart i get different MM lines, which one is more accurate?
and can you tell me the difference between octaves_5 and octaves_6 cause again they give different values.
thanks again for the great thread.
octave 5 and 6
this is the charts i get.
i am using octave 6 with default setting and i am using MM-Octaves-v5, scale set to 34. it does not look like the indicator in your pics xard. which v5 is that?
I created a fix for EURUSD to make the lines accurate. With the fix, support/resist lines are in the same (relative) locations for corresponding currencies. Without the change, I noticed they were very different. This fix is not applied in Octaves v6. This fix is specific to all currencies with a price under 1.5626