To tell you the truth I am only watching the 4 digit broker for signals on my 5 digit account but nothing happening, just looking at a "hold" signal the whole time, so not sure why this thread is so quiet.
I would like to show the Daily Range Statistic only into my chart. How could I do that? However, I do not know at all for coding or change the script for mq4 file. Would you please send me the DRS mq4 file? Thank you in advance.
just came accidentally to this "died" threat and I thought that I might say a few words regarding this system, because it seems to be interesting, but unfortunately for some/most here not really working.
I came around Murrey Math 2 years ago and on the first sight it was an simple and easy to trade system by looking at the charts. But I made the experience most here made: sometimes it worked good, sometimes it worked very bad.
It took me some weeks to understand why.
To put it simply: Murrey Math is a fractal approach. You can not win with this system by only looking and judging from one timeframe. What does that mean?
E.g.: If you try to trade this one on the 4h TF and the price is around the -1/8 line (in falling trend), you would think that chances are as high as around 95% to see price reversing here and run between 2 and 4 Murrey Math trading lines to the upper direction.
But now comes the tricky part: each TF has its own Murrey Math octave. What the heck does that mean: Simply, it means:
when you are in 4h TF on MMTL -1, you can be on daily TF for example just at the other end, at MMTL 8 or +2/8.
And that had severe implications and might be the main reason for the failure of this system: it is not a MTF approach.
The second reason for the different results here is clearly the 4h TF. 4h candles are very tricky, because most brokers have different closing times for their 4h candles. Results here would have been more equal when this system would have been run on 1h TF. Murrey Math works on all TF because it is fractal.
So what can I advise to make this system working:
a) do not use the 4h TF. Use the 1h TF. I do most of my Murrey Math related trading on 15min TF, and time my entries on 5 and 1min TF
b) make it an MTF approach: open up a 1, 5, 15 and 60min chart and place the Murrey Math lines on it. See how this 4 TF's interact. If you place a short on 15min TF wait the price to be between 7/8 and +2/8. I prefere the +1/8 line on the first try to penetrate it (here are chances highest to get a very nice rebound). But try to time the move on 1min and 5min TF too. When you get such a move and the higher TF, e.g. the 1h TF is in accordance there is only very limited chance that you will suffer a loss. sometimes I even take a look at the 4h TF to get the idea where price is located.
When I get a move where 3 or 4 TF's are in accordance regarding their MMTL I call it "the ducks are in a line".
If 1,5 and 15 min TF are in accordance trade on the 5 min
If 5, 15, 60 are in accordance trade on the 15 min
If 15, 60, 240 are in accordance trade on 60min
c) do not, repeat not, trade this here introduced single timeframe approach as an EA, unless the EA is changed and is able to take the, at least, upper TF into consideration.
When you trade Murrey Math you do not need additionally support/resistance lines or pivot points, since the MMTL are just that.
Better take a look at or search for the real support and resistance zones in the charts and look, if they align with Murrey Math.
If you have questions sent me an email since I will not follow this thread.
