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