MM Levels VG Indicator
MT5Also Available for MT4MM Levels VG indicator. For MT5 overshoot charts, extreme overbought and oversold, reversal, price range levels on forex price chart using Murray Math.
Description
MM Levels VG Indicator for MT5 displays support, resistance, reversal, oversold and overbought levels, extreme overbought and oversold levels using Murray’s mathematics. This indicator is based on mathematical calculations and helps Forex traders avoid subjectivity when determining price levels. Since the indicator displays the best levels to enter the market, it provides better trading results.
The indicator is similar to Pivot levels and Fibonacci levels. Thus, it is easy to use and 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 select a higher time frame for Murray calculation.
MM Levels VG Indicator For MT5 Trading Setup
The indicator displays extreme surges and surge levels (+/-)1/8P, (+/-)2/8P in white. Extremely overbought and oversold levels 8/8P and 0/8P are found in Aqua, these levels are the best price reversal levels. Weak stall and reversal 7/8P and 1/8P are marked in yellow. While the main reversal levels 6/8P and 2/8P are marked in red.
The upper limit of the trading range and the lower limit of the trading range 5/8P and 3/8P are marked in green where the price is expected to fluctuate most of the time. 4/8 is a major reversal, best for a new purchase or sale.
In fact, the trading strategy is based on price action at these levels for confirmation. Traders may enter excessively overshoot, oversold, or overbought levels as reversal trades. Likewise, traders can enter new trades at the 4/8 level as it acts as a turning point and changes the direction of the trade. On the other hand, traders may try to enter a trading range between 5/8 and 3/8.
Conclusion
Thus, the MM Levels VG indicator for MT5 is an alternative to Fibonacci, Pivot or Gann lines for Forex trading.
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