I'm publishing my second script, though nothing extraordinary, I believe there is user group for Murry Math indies and the only "proper one" (According to my usage) I found was of RicardoSantos, here is the link : in.tradingview.com/script/x5WKhk0x-RS-Murrey-s-Math-Lines-Box/
He developed that script in 2014 and it is in need of update to Pine V4 and I'm doing the needful as its user.
All the updates from my end are listed below: 1. Updated to Pine V4 2. Automatic octave selection 3. In auto mode one can switch octave 4. This script is color coded with intention of use on dark theme, one can change the colors to use it on white background with simple few clicks as pinelines have been used
Other thing I want to add is that usage of this is not very clear to many users, so I'll do little explaining here; Lets start with what is Octave? Octave is basically distance between square of two whole numbers, this is hard-fast method to calculate, Murry has made it far more complicated to use practically. In mathematical formula terms it could be something like this for script trading at 11890 (CMP) Step 1: Square Root of CMP i.e Square Root of 11890 = 109.041 = Rounded to 109
Step 2: You can either take one whole number higher or lower than 109, which is 108 or 110. We will take 108
Step 3: Square of 108 = 11664 and Square of 109 = 11881
Step 4: Octave => Distance between (Lowlevel) 11664 and (Higherlevel) 11881
I've automated it so you don't need to calculate, but there is also manual entry possible if you want to calculate octaves yourself, there are different ways to calculate and some like to just take High and Low's of the day or week or month, whatever you like. When I used it I did it strictly this way, so automation is based on it. This is very subjective matter so don't ask to change the calculation of this, if I started doing that every second person would ask me to modify it to different calculation..and thats...just not possible to do.
This is output for calculation we just did above
This is octave shift option (Which basically shifts to next whole number square in above calculation)
Normal nomenclature on octaves and important color codes
+2/8: Extreme overbought = Blue Color and solid line +1/8: OverBought 8/8: Hardest line to rise above (overbought) = White Color and solid line 7/8: Fast reverse line (weak) 6/8: Pivot reverse line = Yellow Color and solid line 5/8: Upper trading range ---------------------------------------- 4/8: Major reversal line = Green Color and solid line ---------------------------------------- 3/8: Lower trading range 2/8: Pivot reverse line = Blue Color and solid line 1/8: Fast reverse line (weak) 0/8: Hardest line to fall below (oversold) = White Color and solid line -1/8: Oversold -2/8: Extreme Oversold = Yellow Color and solid line
Other lines that I've not mentioned color codes for are minor and are usually plotted in dotted format.
Resources on complete technique to trade and importance of levels (highly recommended to read carefully before trading), if you don't know how to get this for free don't worry you can just google Murrey math and you will find it somewhere, its just that it would be in little scattered manner. scribd.com/doc/77471173/Murrey-Math-Lessons-Complete
Enjoy!
Release Notes
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Update : This was a code from long long time ago and pine functionality has changed so many of the users are getting error related to max_bars_back referencing length. To avoid such a possible problem all together, I've replaced line.new function with plot function.
This is an opensource code, so I've left the editing to your choice in the plot function, change it as you wish to use it.
can you please explain how it works?where can i go for trades?
ivanoff2
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why its not working on my chart???
Pratik_4Clover
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@ivanoff2, You will have to provide lot more info and screenshot for me to answer that in any way possible
ilesanmipepsi
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This is still not working. It's not showing all the MMLs
Pratik_4Clover
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@ilesanmipepsi, It does, everything else outside it is not an issue to be fixed, and hence forth; there wont be any updates until its deemed necessary by me and I've time for it. GL:)
wealthy1111
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Thank you for good indicator ,but it is not working on chart please fix this .
Hello! can you finalize the script? 'Pine cannot determine the referencing length of a series. Try using max_bars_back'
Pratik_4Clover
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@day_trader63000, That is due to changes in pine over the years since its been published, code needs update and right now I'm busy with other projects so maybe in the unforeseeable future.
eurovijay
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very nice,and please update privies high and low square route numbers (it means above high square and below low square) it break any square route its change automatically change sq number automatically . Thanks for advance .