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This indicator is a technical analysis tool designed to assist traders in identifying potential support and resistance levels in price charts. It is based on the concept of Murrey Math Lines (MML), which attempts to depict significant levels in price movements. Often regarded as one of the most powerful Pivot indicators globally, it has gained recognition for its effectiveness in analyzing price action.
This indicator has several interesting features :
- Displays 13 different Murrey Math Lines levels, ranging from extreme support levels to extreme resistance levels.
- Provides clear descriptions for each level, such as “Extreme Overshoot,” “Ultimate Support,” “Reversal – Major,” and more, which can help traders understand the significance of each level.
- Allows for parameter settings like period, step back, and whether comments should be displayed.
- Assigns different colors to each MML level, making it easy for traders to identify these levels on the chart.
Considered by many as the premier Pivot indicator worldwide, it excels in assisting traders to identify potential entry and exit points in their trades based on the critical levels defined by Murrey Math Lines. Additionally, the descriptions provided for each level offer traders a deeper understanding of potential price movements.
