Murrey Math Line X Indicator

Murrey Math Line X Indicator

An ideal Murrey Math Line X indicator for identifying the resistance and support levels. A suitable price reversal point detector.

The Murrey Math Line X indicator uses pivot lines to show hidden support and resistance areas. It draws eight lines to help traders identify suitable buy, sell and exit points. There is room for adding an extra five primary lines.

The indicator can be applied independently or in combination with other indicators. The lines, ranging from 0/8p to 8/8p, act as support, resistance, and magnets for price.

0/8 and 8/8 – The strongest lines that show ultimate resistance and support levels that are very hard to break.
2/8 and 6/8 – Show the strong levels of resistance and support and are excellent price reversal points.
3/8 and 5/8 – The lines show the bottoms and top of the average true range. It will likely stay in this range for a relatively long period or pierce this level relatively fast.
4/8 – This is the main line and the strongest support and resistance. It gives you high probability trades. Enter a long or short position when the price closes above or below this level.

Trade Signals with Murrey Math Line X
Essentially, the indicator shows resistance and support areas where the price is likely to reverse. The levels have varying degrees of strength. For instance, you will want to sell and buy when the price crosses the 4/8p line.

Trading Example

The chart shows the price movement for the Euro against the Great Britain pound. Notice how the price reverses after touching the 4/8 and 3/8 lines, which are strong resistance levels. The 4/8 p line forms resistance for the overall trend, while 3/8 is the resistance level for the recent price swings. The 1/3 and 2/8 p lines are also suitable pivot lines.

Conclusion
The indicator lines draw support and resistance levels. It provides ideal trade entry points. Simply buy and sell when the price touches a certain one of the lines. It’s advisable to use the strongest resistance and support lines, such as the 4/8 p lines.