You might want to look at your favorite stock and judge foryourself whether this method makes sense for you or not. In my opinion it is drawing so many lines that one of them is bound to be true. If you follow this link: http://www.wealth-lab.com/cgi-bin/WealthLab.DLL/editsystem?id=16971 and key in any symbol you will see MurreyMath in action.
MurreyMath
- Thread starter traderbambu
- Start date
So what does that mean in numbers? Could you give me an excample?
The script is based on the tradestation code. There are 2 main user inputs which may make the levels different - 1. include the high-low(wicks) in calculating the range or only the open-close (body) - default is body only 2. time frame lookback for calculating the hi-lo range - default is 64 bars.
Maybe MML traders can enlighten us on what they actually use and how the levels are used and show us some trades based on MM.
pretzel
Maybe MML traders can enlighten us on what they actually use and how the levels are used and show us some trades based on MM.
pretzel
wd78 - Be careful of the TS, WL, and eSignal scripts - they look like they're implemented by people who don't really know MM and are just reproductions of an overly simplistic algorithm of Tim Kruzel that's on a couple of websites. Problem is that the algorithm doesn't compute the correct values a lot of the time.
Of course for people who don't know what they're looking at, don't care about using the correct numbers, or just want to believe they've got something they don't - it doesn't really matter, does it?
From what I understand, the TS code I based it on (and based on Tim Kruzel's version) only calculates the lines and does not allow for the time component. The level values are correct but not the eights values. The lookback period of 64 days for the current script changes every bar (based on the last 64 bars).
I think the original MM has a timeframe based on a fixed 0 point, and the PriceRange is based on the High-Low of the previous 64 day frame (equivalent to about 3 months). So if the Price Range for the current square should be based on the High and Low of the previous timeframe (between Oct 1, 2002 and Jan 1, 2003) - it should show the same chart as wd78.
Many people including myself dont know MM and want to have an initial idea on how it is used. l think people who know MM can show us what to look for so that we dont jump to conclusions prematurely.
pretzel
BTW, thanks wd78 for pointing out the discrepancy
I think the original MM has a timeframe based on a fixed 0 point, and the PriceRange is based on the High-Low of the previous 64 day frame (equivalent to about 3 months). So if the Price Range for the current square should be based on the High and Low of the previous timeframe (between Oct 1, 2002 and Jan 1, 2003) - it should show the same chart as wd78.
Many people including myself dont know MM and want to have an initial idea on how it is used. l think people who know MM can show us what to look for so that we dont jump to conclusions prematurely.
pretzel
BTW, thanks wd78 for pointing out the discrepancy