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: Murreys_Math_Oscillator.mq5 (12.58 KB)view

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Murreys Math Oscillator is a market direction oscillator with Murray levels.

The indicator has three input parameters:

Period - calculation period
Multiplier - multiplier for adjusting levels to the current state of the oscillator chart
Show levels - display Murray levels (Yes/No)

Calculation:

MMO = 2.0 * (Close-Mid)/Range

where:

Mid = Min+Multiplier * Range * 4.0 Range = Max-Min Min,Max - the lowest and the highest prices in the Period range

When the oscillator reaches the next Murray level, the column color changes to the one corresponding to that level.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/22361

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Murreys_Math_Oscillator - indicator for MetaTrader 5