Murrey Math (MM) Indicator in MetaTrader 4 Download - Free - [Trading Finder]

The Murrey Math (MM) Indicator consists of six different colors, each with its meaning and application, displayed as support and resistance levels on the Meta Trader 4 (MT4) chart. The MM Indicator includes a blue pivot line as the main price axis.6 lines are above, and 6 lines are below the pivot line.

If the price is above the pivot line, it signals an uptrend; if it is below the pivot line, it signals a downtrend.

MM Indicator Table

Role of Support in the MM Indicator

In the 30-minute GER40 index chart, the price hits the pivot line of the MM Indicator at 18125.0 after a downward movement. This pivot level, one of the key price levels, acts effectively as support, changing the downward trend to upward.

Role of Resistance in the MM Indicator

In the 1-hour chart of WTI, after breaking below the pivot level of 81.25, the price moves below the pivot line. Following a range period, it starts its downtrend towards the price levels of the MM Indicator.

MM Indicator Settings

• Period: Period settings;
• Upper Timeframe: Timeframe settings;
• Step Back: Calculation settings based on which candle in the past;
• Label Side: Position settings for labels;
• Color Settings: Color adjustments [from -2 to +2];
• Width: Width settings [from -2 to +2];
• Mark Color: Set marker color;
• Mark Number: Set marker shape (based on indicator codes in MQL);
• Font Face: Set font type;
• Font Size: Set font size;
• Object Prefix: Prefix;
• Trigger Candle: Calculation type settings (based on current price - previous candle price);
• Native Alerts: Set price alert as a popup;
• Email Alerts: Set price alerts via email;
• Notification Alerts: Set price alert as a mobile notification.

Conclusion

The Murrey Math (MM) Indicator draws various price levels to identify support and resistance zones. It also defines the price range and shows traders the market trend.