morpheus747

Murrey Math Extremes Comparator

HOW IT WORKS
Creates two murrey math oscillators (hidden) one with 256 length another with 32 length and compare each other.

WHAT GIVE ME THIS SCRIPT
The script can give you very valuable information:
- Main Trend
- Pullbacks detections
- Extreme overbought oversold prices alerts
- Divergences
- Any timeframe usage

REFERENCES OF USAGE
Main Trend Indications
****The main trend is indicated with green( bull ) or red(bears) small "triangles" on the bottom( bull ) or the top(bears) of the chart.
*****To detect the Bull/Bear major trend the script use 256 murrey, if > 0 (green) we are uptrend in other cases we are downtrend

Pullback detection
****The pullbacks are indicated with Green( bull ) or red(bears) medium "Arrows"
*****To detect pullbacks the system compare the long term murrey with the short term murrey, if long term is Green(green triangles)
*****so we are in a main bull trend, if the short term murrey make an extreme low then the pullback is indicated
*****The same for the short pullback, if long term murrey is RED and we have an extreme green short term murrey we shot a red arrow

Extreme Overbught/Oversold
****The extreme OO is indicated with fancy diamonds
*****To detect the Extremes price movements we combine the two murrey, if Long Term Murrey is overbought and short term murrey too
*****Then the diamond show on the screen obove or below based on the extreme if overbought or oversold


Strategy Resume:
Triangles indicate Major Trend Up/Down
Arrows Indicate Continuation pullbacks
Diamonds Indicate Extreme Prices

GUIDE HOW TO IMAGES
snapshot

How it's works Behind Scene
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//@version=2
//Created by morpheus747
//code adapted from ucsgears user murrey math oscillator

// HOW IT WORKS
// Creates two murrey math oscillators (hidden) one with 256 length another with 32 length and compare each other.

// WHAT GIVE ME THIS SCRIPT
// The script can give you very valuable information:
// - Main Trend
// - Pullbacks detections
// - Extreme overbought oversold prices alerts
// - Divergences

// REFERENCES OF USAGE
// Main Trend Indications
// ****The main trend is indicated with green(bull) or red(bears) small "triangles" on the bottom(bull) or the top(bears) of the chart.
// *****To detect the Bull/Bear major trend the script use 256 murrey, if > 0 (green) we are uptrend in other cases we are downtrend

// Pullback detection
// ****The pullbacks are indicated with Green(bull) or red(bears) medium "Arrows"
// *****To detect pullbacks the system compare the long term murrey with the short term murrey, if long term is Green(green triangles)
// *****so we are in a main bull trend, if the short term murrey make an extreme low then the pullback is indicated
// *****The same for the short pullback, if long term murrey is RED and we have an extreme green short term murrey we shot a red arrow

// Extreme Overbught/Oversold
// ****The extreme OO is indicated with fancy diamonds
// *****To detect the Extremes price movements we combine the two murrey, if Long Term Murrey is overbought and short term murrey too
// *****Then the diamond show on the screen obove or below based on the extreme if overbought or oversold


// Resume
// Triangles indicate Major Trend Up/Down
// Arrows Indicate Continuation pullbacks
// Diamonds Indicate Extreme Prices


study(title="Murrey Math Extremes Comparator", shorttitle="Murrey_Ext_cmp", overlay=true, precision = 2)

// Inputs
length1 = input(256, minval = 10, title = "Look back Length 1 (suggested 256)")
length2 = input(32, minval = 10, title = "Look back Length 2 (suggested 32)")
mult = input(0.125, title = "Mutiplier; Only Supports 0.125 = 1/8")


// Donchanin Channel
hi1 = highest(high, length1)
hi2 = highest(high, length2)
lo1 = lowest(low, length1)
lo2 = lowest(low, length2)
range1 = hi1 - lo1
range2 = hi2 - lo2
multiplier1 = (range1) * mult
multiplier2 = (range2) * mult

midline1 = lo1 + multiplier1 * 4
midline2 = lo2 + multiplier2 * 4



oscillator1 = (close - midline1)/(range1/2)
oscillator2 = (close - midline2)/(range2/2)

//Plot the Main Trend
//trend up 256 murrey math (green)
plotshape(oscillator1>0?true:na,style=shape.triangleup,location=location.bottom,color=green)
//trend down 256 murrey math (red)
plotshape(oscillator1<0?true:na,style=shape.triangledown,location=location.top,color=red)

//Pullback detection system (divergence between 256 murrey and 32 murrey)
//bulls pullback detection
plotshape(oscillator1>0 and oscillator2<-0.75,style=shape.arrowup,color=green,location=location.belowbar,size=size.large)
//bears pullback detection
plotshape(oscillator1<0 and oscillator2>0.75,style=shape.arrowdown,color=red,location=location.abovebar,size=size.large)

//DANGERS ALERTS!
//this plots are alerts of hyper extremes prices!
//Hyper bulls indication for imminent reverse to sell
plotshape(oscillator1>0.90 and oscillator2>0.90,style=shape.diamond,color=purple,location=location.abovebar,size=size.small)
//Hyper bears indication for imminent reverse to buy
plotshape(oscillator1<-0.90 and oscillator2<-0.90,style=shape.diamond,color=fuchsia,location=location.belowbar,size=size.small)

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