Five Tirone Levels:
The indicator consists of five Tirone Levels that are, in fact, support and resistance levels based on a trading range for a certain period of time.
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.
Author: Nikolay Kositsin