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Murrey Math Lines indicator creates eight different lines (pivot lines) on a chart to locate potential support and resistance areas. This trading indicator helps you find the best points to buy, short, sell and cover positions.
The function, whose name is "MurreyMath", requires a lookback period that will be used to construct pivot lines. Each line has its own color and characteristic:
Top Line: Hardest line to rise above
7/8 Line: Fast reverse line (weak)
6/8 Line: Pivot reverse line
5/8 Line: Upper trading range
4/8 Line: Major reversal line. When stock is trending up, this line represents a major resistance and it represents a major support when the stock is trending down.
3/8 Line: Lower trading range
2/8 Line: Pivot reverse line
1/8 Line: Fast reverse line (weak)
0/8 Line: Oversold area. A stock is likely to reverse when it reaches this baseline.
The Murrey Math Line indicator can be updated so that you pass a parameter (which represents the line number) and it returns the line value. This is useful if, for example, you want to scan the entire market looking for stocks that are near the "Pivot reverse line".
Example:
if(LineNumber[0] == 1)
{
result = line1;
}
else if(LineNumber[0] == 2)
{
result = line2;
}
