The Murrey Math lines are created by dividing the range between the high and low of the monthly timeframe prices into equal parts based on the division factor from 2 to 12.
No matter which timeframe you will use, because the calculations based on the most high and low price values.
Better to use > monthly timeframe for faster calculations.
These lines serve as...
updated the script from @ceyhun and added labels for reference...
For high probability setup pair it with higher timeframe (30 min, 60 min) and 5 min for support and resistance and use price action to go long or short... For more info on how to trade these lines you can search forexfactory . It is uncanny how these lines react to prices. Need to explore more on...
GRaB colors now green, red, gray
Added Murrey Range lines.
Cleaned up the code.
GRaB candles and a murrey math "midline" in one script.
Some traders using methods of Rob Booker (40% club, trifecta5) like to use both GRaB candles and Murrey Math to combine, or to compare entry and exit moments.
Color of candles are as GRaB candles.