The inventor Of Murrey Math, T. H, Murrey, had followed in the path of W. D. Gann and deduced that the market moves in set octaves (rather than angles). Instead of 45, 888.
Money Box is an implementation of Murrey Math Lines. It takes the highs and lows of a defined trading range, which must be a multiple of 8 (64/128/256/512), and makes octaves out of that range starting from the high.
Usage
Each octave represents a support/resistance, with outer octaves being more stronger.
Frame Size: The bars back that is taken into account for calculation.
Frame Multiplier: Widens the octaves' trading range. This is useful when you don't want to include older candlestick data but need a larger range.
The other inputs are cosmetic and do not affect the formula.
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Updated script to reduce 'whipsaw' and define realistic ranges
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Updated to be smoother and still adjust to new ranges faster. Alternate frame multiplier option available for extra wide ranges.
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Added crossing alerts for the outer levels and crossover/under for the Major S/R
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Added alerts for crossing the blue line 1 (support) and 7 (resistance).
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Adjusted scale name labeling, added display option to choose box, horizontal lines, or only labels.
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Visual improvements to long term viewing.
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Changed default high/low source to one that better captures candle range, fixed cosmetic issue where disabling outer lines would remove resistance and support line.
Tentative experimental sources: Efficient - default, finds new ranges quicker Classic - the previous high/low sourcing; hl2 Experiment - An attempt to widen ranges so price channels can spend more time maturing
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Improved price sourcing, removed 'Experiment' and 'Reverse' as options because they're more confusing than useful. Added sub-octaves: halfway points between the inner octaves. Its utility comes from knowing where to take profit early or where to place a stop after price has crossed it.
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Quick update to extend the: - Frame Size to 1024 from 512 - Frame Multiplier to 4 from 2
Fixes: For sub minute time frame stability
Known issues: Tickers with short histories will not show far back into history