Murrey Math Line X technical analysis system is based on a concept that all markets behave in the similar manner as observed by W.D. Gann. The indicator was developed by T. Henning Murrey in 1995 and described in The Murrey Math Trading System.
How to trade with Murrey Math Line X
The Murrey Math Line X is calculated using a price movement segment, which is divided into 9 sections. The proportions are split at 0%, 12.5%, 25%, 37.5%, 50%. 62.5%, 75%. 87.5%, 100%, and indicated by lines from 0/8 to 8/8.
Line 1/8: Tends to be a weak line. If the price declines and stops near this line, we have a high possibility that it will reverse upwards. If a price does not stop – it will continue moving towards the 0/8 line.
Lines 2/8 and 6/8: Two very strong levels and are inferior only to the 4/8 line in their ability to reverse the price movement. Line 3/8: Is a strong level to break from the downside. If a price hits it and fails to break it for two trading weeks, we could expect the price to trade above the line in consolidation between the 3/8-5/8 levels.
Line 4/8: Is a key line. It provides the best support or resistance.
Line 5/8: If the price fluctuates around the 5/8 line for about two weeks, the best short opportunity is between the 3/8 and 5/8 levels. Should the price break below the 5/8 line, it will likely then fall further until the next resistance level. Line 7/8: Is the weakest resistance/support level. If the price stops near this line, we have a high possibility that it will reverse downwards. If the price does not stop – it will continue moving downwards towards the 8/8 line. Lines 8/8 and 0/8: Are strong levels providing great resistance and support.
How to Download and Install Murrey Math Line X
How to install your indicator on MT4 platform:
1. Click on Download button below;
2. Save the file to your computer;
3. Move the .ex4 file into the following folder: meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “Murrey Math Line X”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: Murrey Math Line X is developed by T. Henning Murrey and was sent by an AtoZ Markets follower from the United States, Jon. AtoZ Markets does not carry any copyrights over this trading tool.
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