UPD1 Murrey Math Combo Levels

Understanding Murrey Math Levels

• Murrey Math is based on the principle that price movement is cyclical and retraces in fractions of 1/8 to 8/8.
• The system identifies 13 levels ranging from -2/8 to +2/8, each signifying a different market condition.
• Key levels include the ultimate support at [0/8]P and ultimate resistance at [8/8]P.
• The system is influenced by the works of respected market analysts like T. Henning Murrey and W.D. Gann.

Functionality of UPD1 Murrey Math Combo Levels Indicator

• This indicator identifies and combines Murrey levels across various timeframes into combo levels.
• Signal levels are drawn when the price reacts to established strong Murray levels (+2, +1, 0, -1, -2).
• Lower timeframes provide more immediate visibility of combo levels, enhancing trading opportunities.
• A smart alert informs users when the price touches a designated combo level, ensuring no opportunities are missed! ⚡

Trading Recommendations

• Avoid trading solely based on combo level rebounds without additional technical analysis.
• The likelihood of price bounces is stronger at extreme levels highlighted in red and blue.
• Prices tend to gravitate towards untested combo levels (128 candles or more) and should follow the defined trend strategy.
• For beginners, exercising caution is advised when trading bounces without confirming opposite combo levels.

Settings and Customization Options

• Period: Set the number of candles to calculate the levels.
• Length: Determine the length of level objects in bars on the chart.
• Alert Settings: Adjust alerts for combo level touch, recalculation notifications, and other active trading sessions.
• Visual Features: Customize the colors and styles of combo levels for clearer visibility on charts.

Conclusion

• The UPD1 Murrey Math Combo Levels indicator is an essential tool for both novice and experienced traders, marrying simplicity with powerful functionality.
• Prepare yourself to navigate the Forex market like a pro! 🚀