Line 8/8 and 1/8 (Ultimate Support and Ultimate Resistance).
This is the strongest limit line Support and Resistance.
Line 7/8
The lines are weak. If the price moves up very quickly to limit this line, and stop for a moment then most likely the price will go down. But if the price does not stop in this area is the most likely to line 8/8.
Line 1/8
The lines are weak. If the price moves down very quickly to limit this line, and stops a moment then most likely the price will go up. But if the price does not stop in this area is then likely to be headed for the line 1/8.
Line 2/8 and 6/8 (Pivot, Reverse)
Two lines that produce the midline 4/8 (Major Support/Resitance).
Line 5/8 (Upper range trading)
Level where the movement of the price spent about 40% in 5/8 and 3/8. If the price close to the line 5/8 and stopped in the area in quite a long time then it is likely that prices will fall, but if it is in the top 5/8, then the price will move to the 6/8.
Line 3/8 (lower limit range Trading).
If the price is below the line 3/8 and prices are climbing, then him reversal will be very difficult to penetrate this level. But if this limit is pierced and was at the limit is in quite a long time the price will go up.
Line 4/8 (Major Support/Resistance lines).
This is the limit line Support and Resistance. Very good for the open position BUY or SELL. If the price is above this line, you can open BUY and vice versa.
See pictures below for Illustration:
Parameters used:
* P (default = 64)-other period when MMPeriod set to 0. The lower the more inaccurate.
* MMPeriod (default = 1440)-period basis, in a matter of minutes ; 60-for 1 hour
1440-for daily pivots
10080-for downloads
43200-for monthly)
* StepBack (default = 0) — a shift back to count the lines (in bars or the number of MMPeriod (if set) minutes).
* Other parameter affects only the visual parameters-line.
Indicator Murrey Math Lines available in metatrader 4 or 5
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