Murrey Math, an indicator following some of Gann's rules, is hard to come by in NinjaTrader. There are versions that calculate on the prior day data and may not be accurate. To make matters worse it will calculate only once. If price moves beyond the lines you are out of luck. Some indicators will calculate hourly to try to remove that limitation. Unfortunately this is still wrong. What if price goes beyond +2/8 or -2/8 within the hour? What data is being used for recalculation?
MMlinesProPlus is for the power user who wants more control over their indicator. The most useful feature is the ability to past/historical line positions, as they were at that time. For those on a budget I have MMlinesPro here.
In the above chart you can see the MMlinesProPlus with historical mode turned on. You will also the line breaks where the shifts occured. Why can this be important? Normal Murrey Math indicators fool the user into believing price may have interacted with the lines on the left side of the chart when in reality there is a good chance the lines were in different position at that time. The historical mode is very useful especially when scrolling the chart back several days to study price/lines interactions. In current mode the lines will show in the normal fashion but will show a vertical line where the last shift occured. This line determines at what point the lines are current with price movement. All line to price bar relationships to the left of that vertical line are then false because the lines were in a different position at that time. To see an example please look at the MMlinesPro indicator here.
In the above picture you can see the settings for this indicator and the new features (see 9/22/12 note below). You can also adjust the frame size according to what you like to see on different charts. A smaller frame size usually means tighter line spacing because the indicator is not looking back as far and therefore price swings will be smaller. This indicator is compatible with all types of charts, by the way.
Refer to the Change Log tab for information about this picture.
Here are some links to help you understand Murrey Math:
Murrey Math Lines
Here are a couple of downloads:
Here is a webinar about Murrey Math:https://www.youtube.com/watch?v=62lZOFi8gMI
Below is a link to a group who use Murrey Math in their trade room. They have a trial for their room where one of the moderators uses MMlinesProPlus and IT_MMove:
- Recalculates lines as needed.
- "Historical" mode shows all previous levels where they were at the time.
- In "Current" mode vertical lines show where line shifts occurred in the past.
- Frame sizes from 2 to 512 plus Auto.
- Minimum frame size option for Auto frame. This adds another overload which will break a strategy calling this indicator.
- Can be used in a Strategy using Historical mode.
- Auto frame mode tries to adjust the frame size to give the line spacing you set in "MM Increment ticks".
- Time lines can be shown in "Current" mode.
- Lines can be rounded to the instrument tick size.
*** Updates below***
10/3/17 - Small visual update to add option to show the eights in the Y axis with price in Historical mode.
12/13/16 - Added option to round the lines to the instrument tick size. Warning: Because some lines may be rounded up and some down there may be uneven spacing. Re-ordered some parameter settings. The new parameter will affect a calling strategy. Reference the latest "TestExposedValuesMMlinesPP" indicator code.
12/5/16 - Hopefully fixed unintended problems with Auto frame introduced with the minimum frame size selector.
11/23/16 - Added minimum frame size selector for the Auto frame mode. Allows for skipping the smaller frame sizes. Selection is 2, 4, 8 or 16 frame. This will affect a calling strategy.
11/10/16 - Modified the date recognition to recognize "-" separators as well as "/". Example: Europeon dd/mm/yyyy as well as dd-mm-yyyy. US mm/dd/yyyy or mm-dd-yyyy.
4/9/14 - MMlinesProPlus has had new features added or changed. In current mode with Show Time Lines selected the timelines start on the bar the shift occurs on and draws new time lines as they should appear. Shift bar vertical lines can be kept historically in Current mode, for reference. As requested, the frame size selection has been expanded to include 2 frame, 4 frame and 512 frame. Refer to the new chart comparison picture in the main tab.
3/11/13 - MMlinesProPlus now has all the plots accessible through the indicator parameters and the color selectors have been removed. This makes for a lengthier list but gives more user control and frees up memory. Baby lines can now be used in the 'Historical' mode but will show only in the current frame and are not available for strategies.
10/26/12 - Fixed a problem with MMlinesProPlus if used in a strategy. Also the line values are no longer exposed but the plot values now are. Therefore, in a strategy you must set the indicator lines to Historical. There is a new version of the Test Indicator that reflects these changes.
9/22/12 - MMlinesProPlus has been updated for NT7 only. It now draws lines back to the correct price bar in Current mode and has some performance tweaks. There are new options for extending the lines to the right of price, to show the vertical 'Time Lines', to show the Hi and Low bars used. In Auto mode the MM increment (desired) setting is now in ticks and the lower left data box will show the actual line increments in ticks.
1/24/2012 - Updated the indicator to be 'Strategy ready'. Here is a sample indicator which shows how to read the different line values and will print them to the output window. Warning - You need MMlinesProPlus installed in order to import this test indicator and today's release or later in order for it to function. Download: Test Indicator