The Murrey Math Support and Resistance Levels MT4 forex indicator is a special support and resistance trading levels indicator that draws S&R lines automatically on the chart.
You can modify all line colors directly from the indicator input’s tab.
The GBP/USD D1 chart below displays the Murrey Math Support and Resistance Levels forex indicator in action.
Basic Trading Signals
Signals from the Murrey Math Support and Resistance Levels forex indicator are easy to interpret and goes as follows:
Buy Signal: In an up trending market, look for buy signals around Murrey Math support levels (buy on dips) or buy breakouts above Murrey Math resistance levels (up trend continues).
Sell Signal: In an down trending market, look for sell signals around Murrey Math resistance levels (sell on rallies) or sell breakouts below Murrey Math support levels (down trend continues).
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (MMPeriod, Stepback) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Support and Resistance
Copy and paste the murrey-math.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)