The Murrey Math MT4 indicator displays mathematical derived support and resistance levels that can be very predictive and they are a wonderful place to start when you’re new to trading and still learning how to properly draw your support and resistance levels. The Murrey Math indicator was developed by T. Henning Murrey in 1998 and it’s derived from the Gann studies.

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The Murrey Math MT4 Indicator is a pivot line indicator good for use for all price action traders because it can accurately analyze different price action zones on the charts. This indicator can be used independently or with other indicator that are based on technical analysis, such as the Fibonacci levels, which are a great tool to be used in confluence with the Murrey Math lines.

The Murrey Math MT4 indicator consists of 8 lines and each line is represented by different price action that is expected to take place. Effectively what the Murrey Math technique does is divide price into 8 important levels with the 8/8, 4/8 and the 0/8 levels being the most important.

Murrey Math MT4 Indicator Settings

The preferred settings for the Murrey Math MT4 indicator are the default settings. The indicator has nine main components or variables plus 4 extra levels that express extreme overbought or oversold conditions and each of them will tell you a different story about the price action as follow:

• [+2/8]P – Extreme Overshoot conditions, can reverse anytime
• [+1/8]P – Overshoot conditions
• [8/8]P – Ultimate resistance, extremely overbought conditions
• [7/8]P – Weak level, place to stop and reverse
• [6/8]P – Strong pivot reverse
• [5/8]P – Top of trading range
• [4/8]P – Major support/resistance pivotal point
• [3/8]P – Bottom of trading range
• [2/8]P – Strong, Pivot, reverse
• [1/8]P – Weak, place to stop and reverse
• [0/8]P – Hardest line to fall below, oversold conditions
• [-1/8]P – Oversold conditions
• [-2/8]P – Extreme oversold conditions, can reverse anytime

The first input parameters of the Murrey Math MT4 indicator is the variable P (Periods) which has assigned a default value of 64 and represents the numbers of bars the indicator will take into consideration for calculating the Murrey’s lines. The MMPeriod has assigned a default value of 1440 which is a day worth of data (a day has 1440 minutes). Last but not least the SetBack variable has assigned a value of 0 which means that the Murrey’s lines will not be shifted back in time.

Murrey Math MT4 Indicator Strategy and Trading Rules

The Murrey math lines can be used in many different ways and the Murrey Math MT4 indicator can be used as a standalone strategy for both short-term trading as well as for swing trading. Alongside generating very accurate buy and sell signals it also gives you accurate support and resistance levels where you can hide your stop loss or take profit. Without further ado, these are the buy/sell signal rules of the Murrey Math MT4 Strategy:

• Buy Signal: If the market breaks from below the [4/8]P (blue line) pivotal point, buy the breakout using a protective stop loss order 10 pips below the [2/8]P (red line). Take profit once the [6/8]P (red line) is hit.
• Sell Signal: If the market breaks from above the [4/8]P (blue line) pivotal point, sell the breakout using a protective stop loss order 10 pips above the [2/8]P (red line). Take profit once the [6/8]P (red line) is hit.

It’s important to mention that we only buy/sell the breakout of the [4/8]P pivotal point if the market has spent enough time below/above it, at least two days in order for the trading signal to be valid. If the price breaks the [4/8]P pivotal point multiple times back and forth wait until the market establishes on one side of the Murrey’s line before trading the breakout.

Murrey Math MT4 Indicator Buy and Sell Signals

Above, we have the EUR/USD 4h chart and both a short and long trading opportunities are highlighted. The Murrey Math MT4 indicator does a great job in accurately predicting the range breakouts around the pivotal point. In order to have greater visibility, it’s recommended to only trade based on the 4h chart and higher.

Recommended Time Frames for Murrey Math MT4 Indicator

Technically speaking, you can use this MT4 indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.

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Murrey Math MT4 Indicator Download

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