I've downloaded the resources on murrey math and I've been reading online, but the resources do not point out clearly how I am supposed to calculate the MM lines (like what is the trading frame, and what price to divide on what TF).
I trade mainly currencies. Maybe someone can point out a method to plot the MMlines manually on an EUR USD chart. I know there are indicators available that would sort out this kind of stuff, but I do not feel comfortable going into a system without prior knowledge on it.
Thanks for sharing your insight. I am wondering if someone attempted to have MML for 15min & 1HR as an addition to market watch on NT7. The use of this would be to replace having to browse dozens of charts and instead look at the table. Thanks in advance.
Thank you for your kind words, Pardy - I hope I've been of help.
And sorry to everyone for breaking off - I had a medical emergency in the family to deal with.
Hello, Sam. My answers are below:
If you're referring to Real Time calculation of MM lines, then yes, Murrey's own RT version should theoretically be the 'authoriative' version. Bear in mind, though, that you need an eSignal subscription to feed it with real-time data.
That said, I've recently been checking out the TradeStation version, developed by a bunch of TS users, and NOT sanctioned by Murrey himself. The Tradestation idicator is posted here on Big Mike's, and it's actually how I came to know of this forum. I found futures.io (formerly BMT) after searching for a Murrey indicator for Tradestation.
The TS indicator is not bad, actually. It's quite good at calculating PRICE levels (i.e. the HORIZONTAL lines in a Murrey Math Trading Frame), but unfortunately it doesn't show the TIME lines (the vertical ones).
When I was testing it through a friend who has a TS account, I was tinkering with it to produce short alerts when a stock goes into 8/8, +1/8 and +2/8 territory, and long alerts when we hit 0/8, -1/8 or -2/8. I got the TS indicator here on BigMike's, so I'll post the modified version here if I eventually get it to do what I want.
Going back to what I said earlier that you need an eSignal subscription to operate Murrey's own RT software, I recently started an experiment with another friend who was already signed up to eSignal but did NOT have Murrey's RT software. Once you have an eSignal subscription, you have access to a free "formula" developed by a software engineer and published freely on eSignal's forums. I can post it here in the eSignal section if Big Mike says it's okay.
From what I saw of it on my friend's system, the free eSignal forumla is pretty good and calculates BOTH the horizontal price lines AND the vertical time lines.
Appearance-wise, it looks authentic enough, complete with even diagonal speed and momentum lines, and down to Murrey's "circles of conflict" (which stocks theoretically avoid and go around). I'd asked my friend to follow it for some time to see whether the time lines give reversal indications, but then I had an emergency and no longer checked with him
To sum up, to run Murrey's own RT you need eSignal. But if you have eSignal, you can temporary hold off getting the software and try the freely available eSignal formula.
For the EOD version, no, you do NOT specifically need eSignal.
What you need to feed the software is daily (aka 'historical') data in Metastock format. Any source will do. I know several which cost between $29 to $39 per month.
Murrey's website recommends www.Primate.com which seems now to have been acquired by www.realtimedata.com. Monthly subscription is $29.99 and includes futures. I haven't tried them, but I did for some time in the past used Primate. Their data was good and clean.
Another source is www.EODdata.com. With their Platinum package, which also costs $30, you get all data including futures. If you just need stocks, you can sign up for their $10 or $20 packages. I haven't tried them.
eSignal, too, has a package for EOD daily data. It's called "On Demand" or something to that effect, and costs around $30 per month.
(Speaking of eSignal, if you're signed up to their Real Time subscriptions, you'll get the historical Daily data by default; but that's $139 plus exchange fees per month).
For my EOD requirements, since I'm still on/off when it comes to trading, I've written a couple of crude scripts in Python (a programming language) which download data from free sources (Yahoo and Google for stocks and indices, and TradingBlox.com for some futures). My scripts download the text data from web pages, then convert it to Metastock format.
If your broker lets you save daily data, it's quite simple to create a script (even in Windows' own DOS console, without any other programming language) to convert the text data to Metastock format. Let me know if you need help with that.
Okay, another piece of history may be in order here. When Murrey's own Real Time software first came out, it required you to be signed up to www.Quote.com which was a data feed supplier with its own charting software called QCharts. Their "QFeed" data service would feed QCharts and other compatible software, like Murrey's.
They were competitors to eSignal. They still exist (Quote.com and Qcharts), but eSignal bought them out and killed their off their QFeed service. Anyone who needed QFeed was thus forced to switch to eSignal.
That's how Murrey's Real Time software switched to using eSignal. The software you came across is probably an older version, from the days Murrey used QFeed. It would probably start up (then ask for a License String to be obtained from Murrey). But beyond that it does nothing. It needs QFeed data and that is now defunct.
Sorry for the elaborate reply, but I hope it helps.
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I am quite happy to see this post from you. As also this being the first productive post on this forum. I have experimented a lot with MM lines myself, used automated logic to trade, used different time frames, different look back periods... and can conclusively say, that the charts look great after the price action, but when the decision to trade is made at a particular level, its like tossing a coin - since there is no predictive interpretation with the levels. So to say, as Mike says, you could draw random S/R lines and trade with them. Or simply toss coins. Thats the success rate of trades entered.
An option for intraday trading is to use MM calculations from start of day. You get levels which are not colored by previous day price movements. On the efficacy of this or any other approach, I have my doubts, as I have moved away from using them.