Murrey Advisor by MoStAsHaR15

MURREY ADVISOR V2.3 MoStAsHaR15 2010

Timeframe: 4 Hrs
Pairs: EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, NZDUSD, and EURGBP.

I have developed this indicator based on my observations. It is based on the principles of Support and Resistance using Murrey Lines and Trend strength & direction using ADX.
The indicator will plot Murrey lines. It will highlight areas from -2/8P to 0/8 AND 8/8 to +2/8P with a red color to indicate that these two areas follow additional rule. The rule is that only LONG positions will be allowed below 0/8 and only SHORT positions will be allowed above 8/8.
The indicator can automatically recognize the current Murrey support and resistance and will show how many pips still there to reach the levels.

BUY ENTRY
The indicator looks for the following:

1. EMA(5,close) > EMA(6,open) by 5 points at least AND close of last candle Close[1] is no more than 25 pips above EMA(5,close).
2. Current candle open (Open[0]) > support by 3 points at least.
3. Main ADX > 21 and increasing while ADX(+) > ADX(-) by 3 points at least.
4. High of both current and last candles (H[0,1]) < resistance by 10 points at least.
5. Price should be below 8/8 Murrey level

SELL ENTRY
The indicator looks for the following:

1. EMA(5,close) < EMA(6,open) by 5 points at least AND close of last candle Close[1] is no more than 25 pips below EMA(5,close).
2. Current candle open (Open[0]) > resistance by 3 points at least.
3. Main ADX > 21 and increasing while ADX(-) > ADX(+) by 3 points at least.
4. Low of both current and last candles (L[0,1]) < resistance by 10 points at least.
5. Price should be above 0/8 Murrey level

The indicator shows status of each condition on real-time. Once conditions achieved, recommendations will be shown as “Go Long” or “Go Short” while “Hold!” is shown if any of the conditions is not satisfied. The indicator gives an alert once a signal is generated.

Once you get in LONG position, then your TP = next resistance (usually from 30 to 60 points based on Murrey span) and SL = -30 points.

RESULTS
So far, I am getting around 75% success rate and overall it is making good money based on manual trading on both Demo and Real accounts. I have been developing this strategy since 2005 and it evolved from different indicators and timeframes until it is in this form in this version (v2.3).

MURREY ADVISOR EA V1.0
We have produced the 1st version of EA that uses this strategy. Highlights are as follows:

1. You have to attach both EA V1.0 and Murrey Advisor V2.3 to the same chart as the EA imports the data through the chart.
2. EA will trade one position per pair max as long as there is enough money.
3. Lot size is 0.1 and can be changed (external variable).
4. Take Profit (TP) will be next Murrey Support/Resistance as per strategy.
5. Stop Loss (SL) will be -30 points and can be changed (external variable).
6. Trailing Stop (TS) is 15 and can be turned off if set to 0 (external variable).
7. Open positions will be closed automatically either by: (i) TP, (ii) SL, (iii) TS, (iv) if close of last candle close[1] is less than EMA(6,o) by 15 points as it is likely for the pair to go in reverse.
8. Murrey Advisor v1.0 can support only 4-digit brokers as of now. Work in progress to support 5-digit brokers as well.

ATTACHMENTS:
Attached is the latest version v2.3. You need to pick up the right version for you based on your broker digits either 4 or 5. EA v1.0 can only support 4 digit brokers as of now.

Below is a snapshot of the indicator showing SELL entry for EURGBP:

http://img214.imageshack.us/img214/5652/eurgbpsell.gif