Tirone Levels: Support and Resistance Analysis
Info
The Tirone Levels: Support and Resistance Analysis is a Indicator for MetaTrader 5 that tirone levels are a series of successively decreasing horizontal lines used to determine possible support and resistance areas on a price chart. This technical analysis method was developed by John Tirone in his book "Classical Technical Analysis as a Powerful Trading Methodology".
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Tirone Levels: Support and Resistance Analysis
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Tirone Levels are a series of successively decreasing horizontal lines used to determine possible support and resistance areas on a price chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Tirone Levels: Support and Resistance Indicator - another powerful indicator for MetaTrader 5 traders.
Tirone Levels are a series of successively decreasing horizontal lines used to determine possible support and resistance areas on a price chart.Also recommended: qq e - multi time frame - similar indicator with strong performance on MetaTrader 5.
This technical analysis method was 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 adjusted average value (adjusted mean) is found first.
The next line is found by deducting the minimum from the adjusted mean multiplied by 2.
The third line is the adjusted mean itself (adjusted average).
The next line is calculated by deducting the maximum from the adjusted mean multiplied by 2.
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:
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.
You may also like: oz fx d1 ind ae s. 0 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 5
#property indicator_type1 draw_line
#property indicator_type2 draw_line
#property indicator_type3 draw_line.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.