Murrey Line Trading Rules with Stochastic Confirmation

Summary

This document describes an Expert Advisor that combines Murrey levels with a Stochastic oscillator, candlestick conditions, and Bollinger Bands. Its stated buy setup treats a break of the upper 8/8 level with Stochastic above 70 as an oversold condition, targets 7/8, and uses trailing behavior tied to a candle close above 8/8. The sell setup reverses the level and oscillator conditions: a break below 0/8 with Stochastic below 20 targets 1/8, with trailing behavior tied to a close below 0/8.

The author recommends using the system in the direction of the broader trend and provides timeframe and currency-pair guidance. The description says the expert advisor is unfinished and does not present backtests, execution details, or evidence of profitability. Its terminology for the oversold and overbought setups may seem counterintuitive alongside the stated break directions and oscillator thresholds, so the rules should be checked in the accompanying template before use. No specific risk controls are described beyond a warning against taking risk.

Key ideas

• The Expert Advisor combines Murrey levels, Stochastic, candles, and Bollinger Bands.
• The described buy setup uses a break of 8/8 and Stochastic above 70, targeting 7/8.
• The described sell setup uses a break of 0/8 and Stochastic below 20, targeting 1/8.
• The author advises aligning trades with the prevailing trend and gives preferred timeframes.
• The system is presented as unfinished and has no reported performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.