This is a new indicator that uses Murrey Math formulas to find the tops and bottoms, then uses those tops and bottoms to draw long-term fibonacci retracement levels. The genius of Murrey was his geometric formulas to calculate the right place to start plotting the lines, but I think the fibonacci ratios typically seem more accurate than the MM line ratios. So in this script I attempt to take the best of each and combine them into a new, superior indicator.
Let me know in the comments if you find this useful. Cheers!
What is the best time frame ?and what type of trading is useful?
JRL_6
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@soopee, this should work for any timeframe, but it is only a tool, not a complete trading system. Generally, fibonacci and murrey math are used to help find potential support and resistance in price action trading
GoodFellowToo
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Thanks for sharing!
Could you please explain what is the Frame Size and the Frame Multiplier?
JRL_6
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@GoodFellowToo, thanks for your question. These settings relate to Murrey's geometry. The Frame Size refers to the Murrey Math square size. According to murrey, this should always be a multiple of 4. Traditionally, the options for this value are 4, 8, 16, 32, 64, 128, 256 or 512, with 64 being the most common setting. Personally, I usualy use 64, but will sometimes use a higher frame size such as 128 or 256 when I'm on a timeframe less than 1H. The Frame Multiplier determines the number of bars are in the lookback period when the system determines the high and low extremes of the MM lines. The traditional setting for the multiplier is 1.5.
GoodFellowToo
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@JRL_6, Thank you for explaining. Much appreciated!
PineCoders
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