The Murrey Math Trading System - page 9
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Hi guys, I've been using the octaves indicator on the 4hr cable with success, but have a question. Does it work for you on other pairs? I never could get it to work properly on pairs like the eurusd. It seems to plot its lines on a fixed range of prices that suit cables range, but nothing else. Had anyone the same problem?
Well as a start use the 4 Hr chart and not a monthly chart.
It works on any stock or future. Attached a 4 hrs eur/usd
HTH
Well as a start use the 4 Hr chart and not a monthly chart.
It works on any stock or future. Attached a 4 hrs eur/usd
HTHThats a TimeFrame indicator your using, the other trader was using an octave indicator....(suggest you go back a few posts for clarity)
If you move the mouse over to the right of the chart it will highlight "vertical scale"...hold the left mouse button down and drag the mouse down the screen...the whole MM range will now be available. Xard777
Thanks going to like MT4 more and more
Highest and lowest CLOSE
@xard777
For the proper MM calculation based on Highest and Lowest CLOSE
use:
v1=(Close[Lowest(NULL,0,MODE_CLOSE,P+StepBack,0)]);
v2=(Close);
Best regards,
MM Recalculating
Thanx very much for the update, it is greatly appreciated, and spot on:-)
Xard777
Enc TimeFrame with Period set at 32 (very nice on cable 30min:-)I am finding that the new update still does not recaculate the MM unless you change time frames and then it resets, the MM#LabelLevels & the #00MurreyMath-TimeFrameboth don't work with the new update, the original code works in the MM#LabelLevels but not in the #00MurreyMath-TimeFrame indicator I have tested all three on a 1 minute chart tonight. Could someone have a look at this please.
I am finding that the new update still does not recaculate the MM unless you change time frames and then it resets, the MM#LabelLevels & the #MurreyMath-TimeFrameboth don't work with the new update, the original code works in the MM#LabelLevels but not in the #MurreyMath-TimeFrame indicator I have tested all three on a 1 minute chart tonight. Could someone have a look at this please.
also I find that the lines squeeze so close together on small timeframes such as M5 is there any way around this.
I tried the Murray math level, where you can set the gap, but then after a while it also cramps so that you can hardly see the divisions?
also I find that the lines squeeze so close together on small timeframes such as M5 is there any way around this. I tried the Murray math level, where you can set the gap, but then after a while it also cramps so that you can hardly see the divisions?
Zoom in and use a very limited timespan on the 5 min chart
Edit: But ALWAYS look at a higher timeframe for confirmation
I've tested the #00MM-TimeFrame indicator live @ 1min along with the labelLvels indicator....set Period on both to 32....works fine....bear in mind it's the candles close that #00MM-TimeFrame indicator uses....both charts did change frame automatically when candle closed beyond the frame.
I had three good trades on the 1hr chart last night...works fine
If you want, change the period to 64
Xard777
enc charts.
ps I also ran the Hi-Close/Lo-Close figure through AMM.exe - they matched up even when the chart moved into a larger frame.Thanks a million!!
I've tested the #00MM-TimeFrame indicator live @ 1min along with the labelLvels indicator....set Period on both to 32....works fine....bear in mind it's the candles close that #00MM-TimeFrame indicator uses....both charts did change frame automatically when candle closed beyond the frame.
I had three good trades on the 1hr chart last night...works fine
If you want, change the period to 64
Xard777
enc charts.
ps I also ran the Hi-Close/Lo-Close figure through AMM.exe - they matched up even when the chart moved into a larger frame.I didn't notice YET that ##00MM-TimeFrame64 really changes when it closes above 2/8th. But I assume it will do.
However to my humble opinion 'we' have to change the calculation. I think we use values too high and too low if the period calculates 64 bars from the current bar.
Only if the current bar-/-1 closes above 2/8th or below -2/8th a recalculation is needed. (Because it's the first occurence). But based on 64 bars back from current -/- 1, because the current bar is still 'building'. It is not said that it will close above current -/- 1
So the script looks like: if the close of the previous bar > +2/8th, recalculate V2 (using the close of the previous bar for 64 period backwards.
Something similar applies to -2/8th and V1 too.
Are you able to do the scripting (I'm not YET)
Or correct me if I'm wrong
I didn't notice YET that ##00MM-TimeFrame64 really changes when it closes above 2/8th. But I assume it will do.]
View from a one min chart and see for yourself.....it will change after the close is greater than +/-2/8ths
MM uses Three Time Trading Frames. 16, 32 and 64 days
also mm uses above Frames multiplied by 1.5 + 1 Day
therefore next period up from 32 and down from 64 would be 49
(32 x 1.5) +1 = 49....so if 32 is too tight to trade and 64 too large, why not try 49. Simply right click on the chart select indicators list - double click on #00MM-TimeFrame and change value of P from 32/64 to 49.
Let me know how you get on...
Xard777