docelky

Murrey Math Lines with extreme compartor and pivot points

I did combine 3 scripts into one that really shows a lot. This is to bring together other good ideas to show improve on others work. Special thanks to pipcharlie for the murrey math lines Mage3 for the pivot points and morpheous747 for the murrey extreme compartor.


// this script shows sveral things.
//1. Breakouts - multiple diamonds and price staying in the outer murrey bands is a strong trend. This will lead to a double top or bottom. You could also buy/sell
// the pullbacks and expext another diamond.
//2. Tops - 2 pivots in the top murrey bands first top must have a diamond second must be in the top murrey zone or a higher murrey outer band without a diamond.
// There also must have a dip between tops outside the top murrey zone.
//3. bottoms bounces - a quick pull back if there are 2 pivots close together and the second pivot is not a diamond.
//4. double bottoms - 2 pivots with the first pivot a diamond. The second is after a pullback out of the bottom murrey zone and a diamond.
//5. pullbacks - red and green lines. These are a little more benificial for tops/bottoms
//6. Overall trends - the triangles on top or bottoms show overall general trend. Also the murrey bands act like bollinger bands , once trend changes, expect targets
// to hit the opposite band.
//7. Pivots - adding pivots and extentions help determine trends, resistance levels and tops/bottoms\
//8. Volitility - the wider the murry bands the more movement is likely and ususally in trend with stronger pullbacks. The smaller the bands smaller moves and more
// up and down movement
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.

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