Overview of the Murrey Levels System
Murrey Levels System is an MT4 indicator that divides a selected price range into eight Murrey Math segments with additional overshoot zones. The horizontal levels create a consistent framework for comparing price location across the displayed range.
The StepBack and Period settings control which historical bars are used for the range calculation. Treat the levels as chart references for reviewing price behavior rather than fixed reversal or breakout expectations.
How to Use It in Practice
Use the horizontal levels as a visual range reference:
- Add the indicator to an MT4 chart and review the numbered Murrey Math levels.
- Adjust StepBack to compare the current display with an earlier section of the chart.
- Use Period to control the bars included in the displayed range.
- Compare price location within the eight segments and overshoot areas with broader chart context.
The range is divided into consistent numbered levels, overshoot areas extend the visual framework, and StepBack and Period settings support historical comparison.
MT4 Indicator Parameters
The screenshot above shows the default input parameters in the MT4 settings window.
| Parameter | Description |
|---|---|
| StepBack | Defines how many bars back to calculate the Murrey range from. Increasing this will shift the calculated levels to an earlier part of the chart, which may help compare current price action with past levels. |
| Period | Specifies the number of bars to consider in defining the Murrey Math range. This affects the scaling and spacing of the horizontal levels. Shorter periods result in tighter levels, suitable for intraday trading, while longer periods give broader zones. |
