MM Levels VG Indicator
MT4Also Available for MT5MM Levels VG Indicator For MT4 plots overshoot, extremely overbought and oversold, pivot, price ranging levels on forex price chart using Murray Math.
Description
The MM levels VG indicator for MT4 plots support, resistance, pivots, oversold and overbought levels, extremely overbought and oversold levels using Murray Math. This indicator is math based and helps forex traders avoid subjectivity in identifying price levels. Since the indicator plots the best levels to enter the market they provide better trading results.
The indicator is similar to Pivot levels and Fibonacci levels. So, it is simple to use and is effective for new forex traders. However, advanced traders can combine these levels with other technical indicators. Traders can use this indicator on any chart time frame and choose a higher level time frame for Murray Math calculation.
MM Levels VG Indicator For MT4 Trading Setup
The indicator plots extreme overshoot and overshoot levels of (+/-)1/8P, (+/-)2/8P in white. Extremely overbought and oversold levels of 8/8P and 0/8P are in Aqua, these levels are best price reversal levels. Weak stall and reverse 7/8P and 1/8P are in yellow. While, major Pivot reverse levels of 6/8P and 2/8P are in red.
Top of trading range and bottom of trading range levels of 5/8P and 3/8P are in green where price is expected to range most of the time. 4/8 is the major pivot best for a new buy or sells.
In fact, the trading strategy is based on the price action at these levels for confirmation. Traders can enter in the extremely overshoot and oversold or overbought levels as reversal trades. Similarly, traders can enter new trades at 4/8 as it acts as pivot and shifts trading direction. On the other hand, traders can look to enter for range trading between 5/8 and 3/8.
Conclusion
In summary, the MM Levels VG indicator for MT4 is an alternative for Fibonacci, Pivot or Gann lines for forex trading.
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