New Murrey Math Levels Indicator on MT4 - Free Download [TFlab]

The New Murrey Math Levels Indicator utilizes mathematical principles to plot specific levels as boundaries of price equilibrium on the MetaTrader 4 platform.

These levels are categorized from +2/8 to -2/8, each serving a unique role within the market structure. These dynamic levels act as zones of reversal, dynamic support/resistance, or overbought/oversold areas.

Additionally, these lines help more accurately identify suitable zones for entering or exiting trades.

New Murrey Math Levels Indicator Table

The general features of the New Murrey Math Levels indicator are presented in the table below:

Overview of the New Murrey Math Levels Indicator

The Murrey Math Indicator provides a numerical framework for analyzing price behavior within market structure by plotting 13 significant levels.

Each level plays a different role in trend continuation or reversal, depending on its position, with the most essential levels being:

• Level 4/8: The central and balanced zone of the market, where price typically fluctuates or changes direction;
• Levels 8/8 and 0/8: Overbought (8/8) and oversold (0/8) boundaries; these zones indicate high-probability reversal areas;
• Levels +2/8 and -2/8: Zones beyond the normal range of fluctuations; breaking these levels requires strong trend confirmation and verified volume.

Indicator in an Uptrend

The following price chart shows the USD/JPY currency pair on the 4-hour timeframe.

In a bullish structure, when the price stabilizes above the key 4/8 level, this can be seen as a sign of positive market equilibrium and buyer pressure.

In such cases, the market tends to move toward higher levels, such as 6/8 and eventually 8/8.

Indicator in a Downtrend

The image below shows the price chart of the GBP/AUD pair on the 4-hour timeframe.

In a downtrend, breaking below the 3/8 level and stabilizing under it reflects seller dominance. In such a structure, price typically aims for lower levels like 2/8 and 0/8.

The 2/8 level plays a crucial role in determining whether the downtrend continues or halts.

New Murrey Math Levels Indicator Settings

The following image shows the settings panel of the New Murrey Math Levels indicator:

• P: The main calculation parameter;
• StepBack: The number of bars the indicator looks back;
• Comments: Displays messages on the chart.

Conclusion

The New Murrey Math Levels Indicator provides a precise framework for identifying support resistance, and potential reversal zones through fixed numerical levels.

Mid-levels like 4/8 reflect market equilibrium, Levels 0/8 and 8/8 often indicate technical reversal zones.

Price behavior at these levels, depending on momentum and trend structure, can offer reliable signals for entering or exiting trades.