Murrey Math Anchors for Fibonacci Retracement and Extension Levels
Summary
This indicator combines Murrey Math range framing with Fibonacci ratios to plot retracement and extension levels. It selects a price source, measures recent highs and lows over a configurable frame and multiplier, and uses price-dependent fractal values and octave calculations to derive candidate boundaries. Conditional rules then choose the top and bottom anchors for the Fibonacci grid.
The script plots levels from zero through 100%, along with 161.8% and 261.8% extensions. It infers an upward or downward orientation from which anchor price was reached more recently, and offers optional alternate-timeframe calculations and configurable labels. The author describes the intent as using Murrey Math to choose the anchors while preferring Fibonacci ratios for the plotted levels. The document supplies implementation details but no performance tests or evidence that the levels predict price behavior; it is a charting aid rather than a validated trading strategy.
Key ideas
- The indicator derives a recent price range from highs and lows or from open and close values.
- Murrey Math fractal and octave calculations determine the grid's top and bottom anchors.
- Fibonacci retracements and extensions are plotted relative to those anchors.
- The more recently reached boundary determines the grid's upward or downward orientation.
- Users can adjust the range frame, timeframe, source, colors, and label display.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.