HOW IT WORKS
Creates two murrey math oscillators (hidden) one with 256 length another with 32 length and compare each other.
WHAT GIVE ME THIS SCRIPT
The script can give you very valuable information:
- Main Trend
- Pullbacks detections
- Extreme overbought oversold prices alerts
- Divergences
- Any timeframe usage
REFERENCES OF USAGE
Main Trend Indications
****The main trend is indicated with green(bull) or red(bears) small "triangles" on the bottom(bull) or the top(bears) of the chart.
*****To detect the Bull/Bear major trend the script use 256 murrey, if > 0 (green) we are uptrend in other cases we are downtrend
Pullback detection
****The pullbacks are indicated with Green(bull) or red(bears) medium "Arrows"
*****To detect pullbacks the system compare the long term murrey with the short term murrey, if long term is Green(green triangles)
*****so we are in a main bull trend, if the short term murrey make an extreme low then the pullback is indicated
*****The same for the short pullback, if long term murrey is RED and we have an extreme green short term murrey we shot a red arrow
Extreme Overbught/Oversold
****The extreme OO is indicated with fancy diamonds
*****To detect the Extremes price movements we combine the two murrey, if Long Term Murrey is overbought and short term murrey too
*****Then the diamond show on the screen obove or below based on the extreme if overbought or oversold
Strategy Resume:
Triangles indicate Major Trend Up/Down
Arrows Indicate Continuation pullbacks
Diamonds Indicate Extreme Prices
GUIDE HOW TO IMAGES
How it's works Behind Scene
Creates two murrey math oscillators (hidden) one with 256 length another with 32 length and compare each other.
WHAT GIVE ME THIS SCRIPT
The script can give you very valuable information:
- Main Trend
- Pullbacks detections
- Extreme overbought oversold prices alerts
- Divergences
- Any timeframe usage
REFERENCES OF USAGE
Main Trend Indications
****The main trend is indicated with green(bull) or red(bears) small "triangles" on the bottom(bull) or the top(bears) of the chart.
*****To detect the Bull/Bear major trend the script use 256 murrey, if > 0 (green) we are uptrend in other cases we are downtrend
Pullback detection
****The pullbacks are indicated with Green(bull) or red(bears) medium "Arrows"
*****To detect pullbacks the system compare the long term murrey with the short term murrey, if long term is Green(green triangles)
*****so we are in a main bull trend, if the short term murrey make an extreme low then the pullback is indicated
*****The same for the short pullback, if long term murrey is RED and we have an extreme green short term murrey we shot a red arrow
Extreme Overbught/Oversold
****The extreme OO is indicated with fancy diamonds
*****To detect the Extremes price movements we combine the two murrey, if Long Term Murrey is overbought and short term murrey too
*****Then the diamond show on the screen obove or below based on the extreme if overbought or oversold
Strategy Resume:
Triangles indicate Major Trend Up/Down
Arrows Indicate Continuation pullbacks
Diamonds Indicate Extreme Prices
GUIDE HOW TO IMAGES
How it's works Behind Scene
//@version=2 //Created by morpheus747 //code adapted from ucsgears user murrey math oscillator // HOW IT WORKS // Creates two murrey math oscillators (hidden) one with 256 length another with 32 length and compare each other. // WHAT GIVE ME THIS SCRIPT // The script can give you very valuable information: // - Main Trend // - Pullbacks detections // - Extreme overbought oversold prices alerts // - Divergences // REFERENCES OF USAGE // Main Trend Indications // ****The main trend is indicated with green(bull) or red(bears) small "triangles" on the bottom(bull) or the top(bears) of the chart. // *****To detect the Bull/Bear major trend the script use 256 murrey, if > 0 (green) we are uptrend in other cases we are downtrend // Pullback detection // ****The pullbacks are indicated with Green(bull) or red(bears) medium "Arrows" // *****To detect pullbacks the system compare the long term murrey with the short term murrey, if long term is Green(green triangles) // *****so we are in a main bull trend, if the short term murrey make an extreme low then the pullback is indicated // *****The same for the short pullback, if long term murrey is RED and we have an extreme green short term murrey we shot a red arrow // Extreme Overbught/Oversold // ****The extreme OO is indicated with fancy diamonds // *****To detect the Extremes price movements we combine the two murrey, if Long Term Murrey is overbought and short term murrey too // *****Then the diamond show on the screen obove or below based on the extreme if overbought or oversold // Resume // Triangles indicate Major Trend Up/Down // Arrows Indicate Continuation pullbacks // Diamonds Indicate Extreme Prices study(title="Murrey Math Extremes Comparator", shorttitle="Murrey_Ext_cmp", overlay=true, precision = 2) // Inputs length1 = input(256, minval = 10, title = "Look back Length 1 (suggested 256)") length2 = input(32, minval = 10, title = "Look back Length 2 (suggested 32)") mult = input(0.125, title = "Mutiplier; Only Supports 0.125 = 1/8") // Donchanin Channel hi1 = highest(high, length1) hi2 = highest(high, length2) lo1 = lowest(low, length1) lo2 = lowest(low, length2) range1 = hi1 - lo1 range2 = hi2 - lo2 multiplier1 = (range1) * mult multiplier2 = (range2) * mult midline1 = lo1 + multiplier1 * 4 midline2 = lo2 + multiplier2 * 4 oscillator1 = (close - midline1)/(range1/2) oscillator2 = (close - midline2)/(range2/2) //Plot the Main Trend //trend up 256 murrey math (green) plotshape(oscillator1>0?true:na,style=shape.triangleup,location=location.bottom,color=green) //trend down 256 murrey math (red) plotshape(oscillator1<0?true:na,style=shape.triangledown,location=location.top,color=red) //Pullback detection system (divergence between 256 murrey and 32 murrey) //bulls pullback detection plotshape(oscillator1>0 and oscillator2<-0.75,style=shape.arrowup,color=green,location=location.belowbar,size=size.large) //bears pullback detection plotshape(oscillator1<0 and oscillator2>0.75,style=shape.arrowdown,color=red,location=location.abovebar,size=size.large) //DANGERS ALERTS! //this plots are alerts of hyper extremes prices! //Hyper bulls indication for imminent reverse to sell plotshape(oscillator1>0.90 and oscillator2>0.90,style=shape.diamond,color=purple,location=location.abovebar,size=size.small) //Hyper bears indication for imminent reverse to buy plotshape(oscillator1<-0.90 and oscillator2<-0.90,style=shape.diamond,color=fuchsia,location=location.belowbar,size=size.small)