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.