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I'm no longer using Murrey Math. I'm focused more on just pure price action. I don't think there is anything magical about Murrey Math, no matter how brilliant the guy was or how much math is involved. I don't believe the markets can be quantified into a pure science.
Murrey Math's usefulness can be duplicated by just drawing your own S/R lines at common sense equally spaced intervals on your chart, you will suddenly start to envision these lines as having magical power It's all in the mind.
And before MM lovers rip me a new one, let me say that trading is NOT a science, which also means that there is more than one right way! If MM works for you, then keep using it by all means! Personally, I think it works for you not because of the math, but because you've learned to see price patterns with the help of MM's lines.
I use Murrey Math lines on some of my charts.... not to trade with, just as a guide to what may be S&R. My feeling is that we have to be aware of price action as represented by candles and perhaps other indicators.... in other words we have to study what the bars are saying comparing them with prior bars.
Does anyone here know what needs to be changed in the calculation code to make MML work on daily chart (rather than intra-day chart)? I trade on TSX and don't have access to intra-day data. I really like MML and am hoping I can still use it with daily data. Thank you all and I greatly appreciate your input.
I've not used the indicator in a long time, but here are some things that might work/suggestions:
- Make sure the indicator is set to Daily and plot hourly=no
- Make sure your chart has enough lookback period data (probably at least 14-30 days, possibly more like 90 days)
You might also consider just signing up for a free demo Zen Fire account from Mirus, or using something like Yahoo to get minute data then you can build a minute chart or a 1440 minute (1 day) chart.
Please check your chart when you are connected in realtime. If it is the first time you are trying it and the markets are closed, you will not see them. Wait for the opening next week and then check. There should be no problem.
I have seen over the past few weeks a lot of questions regarding the Murrey Maths. The version that is downloadable from this board or from Ninja Support, is a version that does not take into account days that are VERY volutile, this is the reason sometimes the MM lines disappear or if your scroll up or down you will find them bunched up together. The reason is that they are not recalculating as the actual price moves.
MM lines can be exceptionally useful if used correctly, for Prfit taking, for tops and bottoms, for reversals etc.
There is an excellent version of MM that can be found at www.integrity-traders.com Go to this site and ask for the MM version. I beleive that you can test it for a certain amount of time. Good luck.
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