Murreys Math Oscillator is a market direction oscillator with Murray levels.
The indicator has three input parameters:
- Period – calculation period
- Multiplier – multiplier for adjusting levels to the current state of the oscillator chart
- Show levels – display Murray levels (Yes/No)
Calculation:
MMO = 2.0 * (Close-Mid)/Range
where:
Mid = Min+Multiplier * Range * 4.0 Range = Max-Min Min,Max - the lowest and the highest prices in the Period range
When the oscillator reaches the next Murray level, the column color changes to the one corresponding to that level.
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