Introducing the Murrey Math Line X Indicator for MetaTrader 5 – a pivot line indicator designed to elevate your trading game, especially if you’re familiar with support, resistance, and pivot lines. This tool displays eight primary lines along with five additional ones right on your main chart, making it easier to pinpoint optimal buy and sell opportunities, as well as exit strategies. Plus, it can send you alerts whenever a candle closes after breaking through any of the pivot lines. You can grab this indicator for both the MT4 and MT5 platforms.
Key Input Parameters
- Period (default = 64) – This refers to the number of bars or upper timeframe periods (set through the UpperTimeFrame input) used to calculate the lines. A lower number gives you more current but less reliable calculations.
- Upper Timeframe (default = PERIOD_D1) – This is the main timeframe. If it differs from your current one, the indicator will calculate its lines based on Period × UpperTimeframe periods. Otherwise, it will use the Period of the current chart bars.
- Step Back (default = 0) – This parameter adjusts how far back the lines are calculated (in current bars or through the number of UpperTimeframe periods).
- Label Side (default = Left) – This determines where the line labels are displayed on your screen. Choose Right only if your chart is shifted left; otherwise, the labels may be hidden.
- [N]/8 Color – Customize the colors for each indicator line.
- [N]/8 Width – Adjust the width of the indicator lines to suit your preferences.
- Mark Color (default = clrBlue) – This sets the color for the arrow marking the last calculated bar.
- Mark Number (default = 217) – This is the arrow code for the last calculated bar.
- Font Face (default = "Verdana") – The font style used for displaying text.
- Font Size (default = 10) – The size of the font displayed on your chart.
- Object Prefix (default = "MML-") – This is the prefix for chart objects, ensuring compatibility with other indicators.
- Trigger Candle (default = Previous) – The candle that will trigger alerts: Previous refers to the last closed candle, while Current refers to the candle that’s still forming.
- Native Alerts (default = false) – If set to true, a native MetaTrader popup alert will be triggered when a signal appears. This feature is not available in cTrader.
- Email Alerts (default = false) – If set to true, you’ll receive an email when a signal occurs. Be sure to configure your email settings in MetaTrader via Tools -> Options -> Email.
- Notification Alerts (default = false) – Similar to email alerts, but for mobile notifications. Ensure notifications are configured in MetaTrader through Tools -> Options -> Notifications.
Using the Murrey Math Line X is a breeze. The 0/8P and 8/8P lines represent ultimate resistance and support levels that are tough to breach. The 1/8P and 7/8P lines offer weaker support and resistance – if the price hovers near these, it’s likely to reverse direction. The 2/8P and 6/8P lines are strong reversal points, while the 3/8P and 5/8P lines indicate the lower and upper bounds of the average trading range. Expect price action to either break through these levels quickly or linger within them for a while. The 4/8P line serves as a key support and resistance level, making it a prime spot for high-probability trading opportunities. The blue arrow you see marks the last calculated bar.
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