Free Forex Indicators (MT4), Trend Following Indicators

Murrey Math Lines Indicator

The Murrey Math Lines Indicator spots the horizontal support/resistance levels of the price on MT4 charts. It works in a similar fashion to Fibonacci retracements and pivot point indicators.

This indicator has been developed by T.Henning Murrey, who wanted to build a MetaTrader tool that will assist day traders in anticipating solid S/R levels on the chart.

Murrey Math Lines Indicator Overview

Murrey Math Lines Indicator consists of nine equidistant levels, parallelly plotted to show the possible price-reversal zones.

Murrey Math Lines Indicator overview

Besides long-term S/R, Murrey Math also determines daily mid-levels, which plays a crucial role in deciding short-term entry and exit levels.

Murrey Math Lines Indicator Explanation

The nature of price-actions near the Murrey Math Lines varies depending on market sentiments and price volatilities.

Murrey Math Lines Indicator explanation

Most of the time, the price will either respect the horizontal lines as support/resistance or treat them as breakout levels. Sometimes, the market turns sidelined after entering the ultimate support/resistance zone.

According to Murrey Math Line’s strategy, the ultimate S/R zones are ideal for entering fresh orders. For instance, you may decide to go long when the price starts heading upwards following a rejection from the support level.

Besides buy/sell levels, you can also use the Murrey Math Lines for determining Stop Loss and Take Profit zones.

Also Read: Exness Review – Is it The Best Forex Broker?

Murrey Math Lines Indicator: Buy Condition

Murrey Math Lines Indicator buy signal
  • The price-action plots a bullish candlestick pattern right above the ultimate support zone
  • The signal candle closes above support or breaks a resistance
  • Exit long when the price gets rejected at the ultimate resistance level

Murrey Math Lines Indicator: Sell Conditions

Murrey Math Lines Indicator sell signal
  • The price heads south after getting rejected from the ultimate resistance zone
  • A bearish candlestick needs to be closed below the resistance or should break the current support successfully
  • Exit short when the price fails to break the ultimate support zone

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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