Murrey Math Lines & VWAPs

The Murrey Math Lines & VWAPs indicator combines horizontal Murrey Math octave levels based on multi-week price action with several Volume Weighted Average Price (VWAP) variants to provide a comprehensive support and resistance framework.

Usage

This tool is used to identify key psychological and mathematical turning points in the market. The Murrey Math Lines are calculated using the high and low of the last four weekly closes, dividing the range into octaves (1/8ths) that act as support, resistance, or trend magnets.

The indicator also provides a suite of VWAP tools:

• Standard & Extended VWAP: Helps identify intraday value areas and trend direction based on current and previous daily volume.
• Weekly & Monthly VWAP: Tracks longer-term volume-weighted benchmarks.
• Moving VWAP: Provides a smoothed, windowed volume-weighted average over a custom length.

Users can toggle individual VWAP lines and Murrey levels to clean up the chart or focus on specific timeframes. The information panels provide real-time distance calculations from these key levels.

Details

The Murrey Math calculation logic uses a lookback at the four most recent weekly closes. It determines the highest and lowest points among these closes to establish a trading "square." This square is divided into 8 equal parts (octaves).

• 4/8 Line: The major support/resistance point.
• 0/8 & 8/8 Lines: The ultimate support and resistance levels.
• Anticipated Lines: The script includes an optional prediction mode that incorporates the current price or custom values to project where future Murrey levels may form based on the evolving weekly range.

Settings

Display Options

• Display VWAP variants: Toggle for Standard, Extended, Weekly, Monthly, and Moving VWAPs.
• Display info panels: Enable or disable the data labels and the detailed information panel.
• Moving VWAP length: The lookback period for the Moving VWAP calculation.
• Label sizes/offsets: Customization for label visibility and positioning.

Manual Overrides

• Manually enter Weekly closes: Allows users to input specific close prices for lower timeframe charts where historical weekly data might be limited.

Murrey Math Prediction

• Mark Weekly intervals: Highlights the start of a new week with a background color.
• Display predicted Murrey Lines: Shows where Murrey lines would sit based on a "prediction" calculation.
• Type of prediction: Choose between including the current close, using only the previous 3 weeks, or using custom high/low values.

FAQ

How do I use the Murrey Math lines for trading?

The 4/8 line is considered the most significant; price above it is generally bullish, while price below is bearish. Extreme octaves (0/8 or 8/8) often signal overextended conditions where a reversal is likely.

What is the difference between Standard and Extended VWAP?

The Standard VWAP resets daily, while the Extended version carries over more historical volume data from the start of the current session to provide a wider context of the daily trend.

How can I access Murrey Math Lines & VWAPs?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.