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Indicators

Five Tirone Levels - indicator for MetaTrader 5

John Tirone | English Русский 中文 Español Deutsch 日本語 Português

Published by:
Nikolay Kositsin
Views:
4530
Rating:
votes: 11
Published:
2011.09.27 13:08
Updated:
2016.11.22 07:32

Real author:

John Tirone

Tirone Levels are a series of several successively decreasing horizontal lines used to determine possible support and resistance areas on a price chart.

This technical analysis method is developed by John Tirone in his book "Classical Technical Analysis as a Powerful Trading Methodology". The system based on five Tirone levels is constructed using the Adjusted Mean method.

This method generates 5 often non-symmetrical lines.

  1. Adjusted average value (Adjusted Mean) is found at first;
  2. The next line is found by deducting the minimum from the Adjusted Mean multiplied by 2;
  3. The third line is the Adjusted mean itself (adjusted average);
  4. The next line is calculated by deducting the maximum from the Adjusted Mean multiplied by 2;
  5. The lowest line is calculated by deducting the minimum from the maximum and deducting this result from the Adjusted Mean.

The levels are calculated the following way:

Adjusted mean = (Hhigh+Llow+Close)/3

Tirone Level 1 = Adjusted Mean + (Hhigh-Llow)
Tirone Level 2 = 2 x Adjusted Mean - Llow
Tirone Level 3 = Adjusted mean
Tirone Level 4 = 2 x Adjusted Mean - Hhigh
Tirone Level 5 = Adjusted Mean - (Hhigh-Llow)

where:

  • Hhigh (Highest High) - the highest price for a certain period, for example, 20 bars;
  • Llow (Lowest Low) - the lowest value for a certain period, for example, 20 bars;
  • Close - close price of a current bar.

Five Tirone Levels

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/458

Three Tirone Levels Three Tirone Levels

The indicator consists of support and resistance levels based on a trading range for a certain period of time.

MyComment - new comments added without deleting existing ones. MyComment - new comments added without deleting existing ones.

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