Repaints AGAIG Murrey Math Pivot Lines For ThinkOrSwim

[csricksdds]

AGAIG As Good As It Gets Murrey Math Pivot Lines For ThinkOrSwim

The Murrey Math lines, created by T.H. Murrey in the 1990s, help spot important price points where the market may reverse or pause (support and resistance levels).
It works by dividing market movements into waves with key price levels, based on the concept of "Gann angles."

This system can be applied to any market: stocks, commodities, or Forex.
By identifying these key levels, traders can make smarter decisions about when to enter or exit trades and where to place stop-losses. It combines math and chart analysis to highlight these important pivot points.

A lot of individuals like the Murrey Math Lines (as do I).
Since I’m somewhat adverse to a lot of lines on a chart, I pared this one down to two upper and two lower
- a period of trend weakening (the two inner)
and
- the peak oversold/overbought where changes usually take place (the two outer).

This is what the chart looks like:

#Murrays's Math Trendflex Dydtem forceIndex TOS
#Revamped by Charles Ricks 8/22/24
# 8/29/24 moved bubbles to the right

def showOnlyToday = yes;
def RangeHigh = high(period = "DAY")[0];
def RangeLow = low(period = "DAY")[0];
def RangeSize = AbsValue(RangeHigh - RangeLow);
def MMLevel8 = 8 / 8;
def MMLevel7 = 7 / 8;

def MMLevel1 = 1 / 8;
def MMLevel0 = 0 / 8;
def TimeCondition = IsNaN(Close[-1]) and !IsNaN(close[0]);
def MML8 = RangeHigh;
def MML7 = RangeLow + RangeSize * (MMLevel7);

def MML1 = RangeLow + RangeSize * (MMLevel1);
def MML0 = RangeLow;
plot Level8;
plot Level7;

plot Level1;
plot Level0;
if showOnlyToday and !IsNaN(close(period = "DAY")[-1])
then {
Level8 = Double.NaN;
Level7 = Double.NaN;

Level1 = Double.NaN;
Level0 = Double.NaN;
} else {
Level8 = MML8;
Level7 = MML7;

Level1 = MML1;
Level0 = MML0;
}

Level1.SetDefaultColor(color.Yellow);
Level1.SetStyle(curve.Short_Dash);
Level7.HideBubble();


Level8.SetDefaultColor(color.RED);
Level8.SetStyle(curve.Short_Dash);
Level8.HideBubble();

Level7.SetDefaultColor(color.Yellow);
Level7.SetStyle(curve.Short_Dash);
Level7.HideBubble();



Level0.SetDefaultColor(color.Green);
Level0.SetStyle(curve.short_dash);
Level0.HideBubble();

input bubblemover = 2;
def   b = bubblemover;
def limit1 = !IsNaN(close[b+1]) and IsNaN(close [b] );# && HighestAll(BarNumber());

AddChartBubble(limit1, MML0[b+1], "OS PIVOT", Color.Green);
AddChartBubble(limit1 ,MML1[b+1], "OS Weaking", color.yellow, no);
AddChartBubble(Limit1 , MML7 [b+1], "OB Weakening",
color.yellow, yes);
AddChartBubble(Limit1 , Level8 [b+1], "OB Pivot", color.red, no);

The complete strategy can be found:
https://usethinkscript.com/threads/agaig-high-profit-options-trading-chart-for-thinkorswim.19516/

 

[FreefallJM03]

Any way to move the labels further to the right so they aren't covering up the candles?

 

[Katsu]

Can the titles be turn on or off?

 

[csricksdds]

Any way to move the labels further to the right so they aren't covering up the candles?

Can the titles be turn on or off?

I shortened them and moved the bubbles to the right so as not to be right on the candle...

Here is the AGAIG-MurreyMathPivots-BubblesMoved
Script in top post has been updated:

Chart Look:

https://imgur.com/a/1I5MFrx

 

[JE $$]

@csricksdds thanks for posting this. I am curious as to how you like to use this in your trading.
Do you essentially favor these two lines (out of the rest) for use as support and resistance?
Have you found them better than other pivot methods?

can you point me to a favored resource for use in day trading? (ive read some on the internet just wondering which ref you like the best)

thanks!

 

[useThinkScript]

Yes.
Forum threads that are preceded with the Repaints prefix are repainting indicators.

Yes.
All code utilizing Murrey Math pivots repaint.

@Qadeer @astro_phx @tlee404 @FreefallJM03

 

[Lee Ving]

I really like your code. I modified it a bit to handle all timeframes. Also, removed the chart bubbles.

#Murreys's Math Trendflex Dydtem forceIndex TOS
#Revamped by Charles Ricks 8/22/24
# https://usethinkscript.com/threads/agaig-murrey-math-pivot-lines-for-thinkorswim.19491/

def currAggP = GetAggregationPeriod();
def aggP;

if currAggP >= AggregationPeriod.WEEK {
    aggP = AggregationPeriod.YEAR;
} else {
    if currAggP >= AggregationPeriod.DAY {
        aggP = AggregationPeriod.MONTH;
    } else {
        if currAggP >= AggregationPeriod.THIRTY_MIN {
            aggP = AggregationPeriod.WEEK;
        } else {
            aggP = AggregationPeriod.DAY;
        }
    }
}

def RangeHigh = high(period = aggP);
def RangeLow = low(period = aggP);
def RangeSize = AbsValue(RangeHigh - RangeLow);
def MMLevel7 = 7 / 8;
def MMLevel1 = 1 / 8;
def MML8 = RangeHigh;
def MML7 = RangeLow + RangeSize * (MMLevel7);
def MML1 = RangeLow + RangeSize * (MMLevel1);
def MML0 = RangeLow;

plot Level8;
plot Level7;
plot Level1;
plot Level0;

if !IsNaN(close(period = aggP)[-1]) {
    Level8 = Double.NaN;
    Level7 = Double.NaN;
    Level1 = Double.NaN;
    Level0 = Double.NaN;
} else {
    Level8 = MML8;
    Level7 = MML7;
    Level1 = MML1;
    Level0 = MML0;
}

Level8.SetDefaultColor(Color.CYAN);
Level8.SetStyle(Curve.MEDIUM_DASH);
Level8.HideBubble();

Level7.SetDefaultColor(Color.YELLOW);
Level7.SetStyle(Curve.SHORT_DASH);
Level7.HideBubble();

Level1.SetDefaultColor(Color.YELLOW);
Level1.SetStyle(Curve.SHORT_DASH);
Level1.HideBubble();

Level0.SetDefaultColor(Color.CYAN);
Level0.SetStyle(Curve.MEDIUM_DASH);
Level0.HideBubble();

# EOS