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Murrey Math Trading Software uses different scales for the same currencies for different versions. Sometimes Murrey claims that GBPUSD = 1.5625 scale, other times he claims 100,000 scale. The current beta software treats all currencies as 1.5625 scale, even USDJPY.
I'm making an EA to use as a scale and time frame confirmer.
When using MM to trade, I have found that some MQ4 implementation of MM changes as the price action changes while the others remains static [not flipping between TFs]. Is there actually a correct way, and which one do most of you trade with?
Technically, I believe the MM lines should change with the time frame. In the MMLines indicator I use (MMlines), the periods variable is set at P=64. My understanding is the MM lines are calculated on the last 64 sets of data. (Any coders that know, please correct me if this is wrong.) On the daily chart, this would be the previous 64 days. On the H1 chart, the previous 64 hours, etc.
There is a second variable called MMperiod with a default setting of 1440. With this value, the MM lines are only calculated on the daily data. (I have no idea where this value comes from.) When you change time frames, the daily lines are displayed regardless of the time frame. Since the currencies generally stay within a repeating range, the daily lines don't change too often.
If you change MMperiod = 0, the lines change based on the time frame displayed. Again, I'm not sure why MMperiod affects this, but it does work. Unfortunately, I don't have MM software to verify the H1 lines (or M5, M15, M30) are correct, but visually the price behaves as if they are correct.
Of course, if you change the value of P to 32 or 16, you'll get different lines. Murrey says to use the longer time frames, so I think 64 is a good value for this variable.
Regarding trading, I started out using the daily lines on MM software, but I now think shorter time frames are more appropriate because of the volatility. (I can get stopped out a dozen times before the currency actually reverses on the daily 8/8ths line, for example.) I'm experimenting with M15, M30 and H1 time frames right now...but can't say which is the best since I haven't been using MQ4 and the MMlines indicator for a significant period of time. The CentralPips.com website suggests using M30 time frame.
Technically, I believe the MM lines should change with the time frame. In the MMLines indicator I use (MMlines), the periods variable is set at P=64. My understanding is the MM lines are calculated on the last 64 sets of data. (Any coders that know, please correct me if this is wrong.) On the daily chart, this would be the previous 64 days. On the H1 chart, the previous 64 hours, etc.
There is a second variable called MMperiod with a default setting of 1440. With this value, the MM lines are only calculated on the daily data. (I have no idea where this value comes from.) When you change time frames, the daily lines are displayed regardless of the time frame. Since the currencies generally stay within a repeating range, the daily lines don't change too often.
If you change MMperiod = 0, the lines change based on the time frame displayed. Again, I'm not sure why MMperiod affects this, but it does work. Unfortunately, I don't have MM software to verify the H1 lines (or M5, M15, M30) are correct, but visually the price behaves as if they are correct.
Of course, if you change the value of P to 32 or 16, you'll get different lines. Murrey says to use the longer time frames, so I think 64 is a good value for this variable.
C55
Thank you for making the explanation so easy that I can understand it in layman's terms.
There is a second variable called MMperiod with a default setting of 1440. With this value, the MM lines are only calculated on the daily data. (I have no idea where this value comes from.)
Trading MM:
Thanks. I presume, then, that the daily setting is created because 24 = 24 hours and 60 = 60 minutes. This suggests the indicator is taking M1 data for its calculation?
Is setting this value to 0 the correct way to create lines for other time frames?
Does anyone use bMML [Baby MML] and mMML [Minor MML]? If so, what timeframe since I could not see how the values for these two fall even within the Major MML. I am using one of the MM files I had downloaded from this thread.
Gann's quote: "Like causes produce like effect. ... The limit of future predictions based on exact mathematical law is only restricted by lack of knowledge of the correct data on past history to work from. It is just as easy to figure 100 years or 1000 years in the future as one or two years ahead, if you have the correct starting point and know the cycle which is going to be repeated."
According to Murrey, the starting date on a one year frame is the harvest moon. Does anyone have suggestions regarding a starting point beyond the one year period... eg. a 4-year frame (4.88 years) or 10-year frame (9.77 years)?
I put up a piccy in post #602 and ppl have been mailing me asking for indicators off it...
here it is zipped up (rar files)
Just curious....does anyone know how to get around the virtualstore in vista as it stores all new indicator files in this folder and does not allow you to write to the program files directory after the install setup???
Linear Mode
