Three Tirone Levels - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

Tyrone levels are a set of appropriate support and resistance levels based on a trading range for a specific time period.

Usually they are used only to improve the visual perception of market price movements. In this case, the midpoint method was used to calculate all three Tyrone levels.

Start by calculating the market minimum and maximum values ​​over a period of time.

Levels are calculated as follows:

Tyrone Level 1 = Hhigh - (Hhigh-Llow)/3
Tyrone Level 2 = Low + (High - Low)/2
Tyrone Level 3 = Low + (High - Low)/3

The application of Tirone levels is similar to Fibonacci correction levels - when the price crosses the Tirone level downwards we should buy, and when the price crosses this level upwards we should sell.

Both types of levels are interpreted in a similar way: both graphical analysis methods use a certain percentage value between the maximum and minimum values ​​to generate the lines, and 50% as a possible correction level. The Tyrone Horizontal Line is also similar to the Quadrant Line.

Attachment download

📎tirone_levels_x3.mq5 (8.26 KB)

Source: MQL5 #457