JRL_6

[JRL] Murrey Math Lines

Murrey Math Lines are support and resistance lines based on geometric mathematical formulas developed by T.
H. Murrey. MM lines are a derivation of the observations of W.D. Gann . Murrey's geometry facilitate the use of Gann's theories in a somewhat easier application. According to Gann's theory, price tends to trend and retrace in 1/8th intervals. The most important MM line levels are the 0/8, 4/8 and 8/8 levels, which typically provide strong support and resistance points. The 3/8 and 5/8 levels represent the low and high of the typical trading range. When price is above the typical trading range, it is considered overbought, and when it is below it is considered oversold. The 2/8 and 6/8 levels provide strong pivot points .

Some of the other Murrey Math indicators on TradingView use different formulas and therefore produce varying results. I've checked my indicator against MM indicators on other platforms and it is consistent with those indicators.

This indicator also allows users to switch to alternative timeframes for analysis and it includes labels for the MM lines. If you have any suggestions or comments, please leave them below.

Cheers!
Release Notes: Fixed -3/4 line rendering issue
Release Notes: Changed method of plotting labels so they could be offset to the right.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

Hi, Great work bro. :) Can you add mid point levels in the script as an optional to select whenever required. I'm feeling it's very useful on daily/weekly time frame.
Reply
That is Awesome Tool Man!!!
Reply
JRL_6 Zahid10
@Zahid10, Cheers!
Reply
Thanks for sharing, this cool script. What's the best value to use for higher time frame?
Reply
JRL_6 ilesanmipepsi
@ilesanmipepsi, I typically use one timeframe higher than the chart that I'm looking at, but it depends on how you trade
Reply
@JRL_6, And you still use the default value of 64?
Reply
JRL_6 ilesanmipepsi
@ilesanmipepsi, yes, I usually use 64 for the frame size. I will sometimes use a higher frame size if I'm using a timeframe lower than 1H.
Reply
Amazing work JRL. Is there anyway to move the text location further right where it doesn't overlap the candles? Would make it easier to read. Much appreciated.
Reply
JRL_6 AlertBlake
@AlertBlake, unfortunately, it is a limitation of TV that you can’t put the labels to the right of the last bar, so I figured it was better to offset the text a bit to the left instead of having it cover the last bar.
+2 Reply
JRL_6 AlertBlake
@AlertBlake, I just published an update. I changed the method I was using to plot the labels. We lose the price info that was printing in the labels, but I think it's better this way because it allows me to offset them to the right.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out