Five Tyrone Levels - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources - MetaTrader 5 Resources

Tyrone levels are a series of consecutive descending horizontal lines used to identify possible areas of support and resistance on a price chart.

This method of technical analysis was proposed by John Tirone in his book Classic Technical Analysis as a Powerful Trading Methodology. A system based on five Tirone levels was constructed using the adjusted mean method.

This method generates 5 lines that are generally asymmetrical.

Levels are calculated as follows:

Adjusted average = (highest price + lowest price + closing price)/3

Tyrone Level 1 = Adjusted Average + (Hhigh-Llow)
Tirone Level 2 = 2 x Adjusted Average - Llow
Tirone Level 3 = Adjusted Average
Tirone Level 4 = 2 x Adjusted Average - High
Tirone Level 5 = Adjusted Average - (Hhigh-Llow)

Attachment download

📎tirone_levels_x5.mq5 (9.42 KB)

Source: MQL5 #458