[RS]Murrey's Math Lines Smooth Channel

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Smoothed version, experimental.
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study(title="[RS]Murrey's Math Lines Smooth Channel", shorttitle="[RS]MMLSC", overlay=true)
length00 = input(100)
fmultiplier = input(defval=0.125, type=float)
smooth = input(1)
hhi = highest(high, length00)
llo = lowest(low, length00)
fraction = sma((hhi - llo) * fmultiplier, smooth)
midline = sma((llo + hhi) / 2, smooth)
plot(midline, color=gray, linewidth=3)
plot(midline + fraction * 1, color=gray)
plot(midline + fraction * 2, color=gray)
p00 = plot(midline + fraction * 3, color=gray, linewidth=1)
p01 = plot(midline + fraction * 4, color=gray, linewidth=2)
plot(midline + fraction * 5, color=gray)
plot(midline + fraction * 6, color=gray)

plot(midline - fraction * 1, color=gray)
plot(midline - fraction * 2, color=gray)
p02 = plot(midline - fraction * 3, color=gray, linewidth=1)
p03 = plot(midline - fraction * 4, color=gray, linewidth=2)
plot(midline - fraction * 5, color=gray)
plot(midline - fraction * 6, color=gray)

fill(p00, p01, color=gray, transp=50)
fill(p02, p03, color=gray, transp=50)
Cool, nice option to have! Thanks for sharing. I meant to post this a while back...while the murrey channel is very solid tool on its own...it helps a trader to add a MTF look to the overall price action if overlapped with their favorite long term period. Here I have a 7 period overlapped with a 144.

:agree: can be used for cyclical analysis like that :D
+1 Reply
it is great to see that, thank you very much.
Nice innovation on these as I have thought of 1/8 lines has horizontal levels only? Maybe you could share some insights on how you are using these lines as support-resistance-or targets or reversion to mean or all of these. It looks like you are supplementing wit Fib horizontal levels. have you scripted the standard horizontal 1/8 lines. It would be nice to see the convergence points between your new lines and the classic 1/8 lines instead of the Fib levels. There are many ways to anchor the 1/8 horizontals and the 5 day (1 week) range is certainly popular. The monthly range (21-22 day) might be interesting too. Thanks for sharing.
RicardoSantos PRO Alphaoptions
my apologies as im not really an authority on the ruleset :)
some time ago on chat someone mentioned murreys levels on chat and i did a search for it, found the horrible excell sheet lol thats rolling around the web, and adapted it for pinescript, all these are just derivates of the adaptation.
+1 Reply
jackvmk Alphaoptions
http://www.tradewithme.me/trading-systems-iv--murray-maths.html some explanations.
nice pull there jack, have you traded in just that fashion? I have didn't have much luck, I always felt I was a little lost, maybe I was too impatient.

Here is a basic system that can prove to be very useful using Ricardo's Murrey Math indicators. It is based on the crossover of a Median line, short over the long periods selected by the user. This chart I changed up a bit from the prior posting to clean it up. Short period of 24 vs 144. Check out the chart notations, thats all you need and you can trade this all week by picking out value in the price divergences. When both period extreme zones are entered by price, these are great areas of value to. I did add a time element as well. I took a Fib Channel and it requires three points. I turned it into a Fib Time extension by starting at the beginning of the Weekly pivot, sought a touch of the first support or resistance 1, in this case it was a touch of S1. Then drew back to the beginning of that S1 line, creates a channel which allows colorization between the zones, very helpful visually to me. Notice how fib time barriers and the convergence of MTF zones has a heavy influence on price.

Please see chart notations.
+1 Reply
coondawg71 PRO coondawg71
edit: long period is 120
coondawg71 PRO coondawg71
sheesh edit #2: fib channel is drawn as such; Beginning of weekly pivot, beginning of S1 pivot (since that is the first support or resistance pivot touched) THEN over to where price touched the S1. Sorry about the confusion. The rest is all good.
IvanLabrie PRO coondawg71
You reinvented ichimoku coondawg. :)
+1 Reply
coondawg71 PRO IvanLabrie
thanks, just add it to the toolbox!
+1 Reply
jackvmk coondawg71
you should explain to me "similarity system" or "transient zones" like that! impressive.
jackvmk jackvmk
Thank you. Just showing some use for another great tool the awesome TV sciptors post.
jackvmk coondawg71
link it.
Good discussion. For comparison purposes, are any of us capable of converting Richard's script to a horizontal line of the 8 levels +/- the 2 levels into horizontal levels that are set on the range of the prior 5 day or 20 day period? We could overlay that on his existing script to get a "grid" to compare to other grids of fib level, fib channels, pivot levels ... I am suspecting the horizontal version will have interesting confluence points but I cannot figure how to script it. To be clear, the needed script would be a supplement to what Richard has made and an overlay for it.
+1 Reply
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