Tirone Levels: Support and Resistance Indicator
Info
The Tirone Levels: Support and Resistance Indicator is a Indicator for MetaTrader 5 that tirone levels represent a set of support and resistance levels derived from a defined trading range over a specific period. These levels are primarily used to enhance the visual interpretation of market price movements.
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 Indicator
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 represent a set of support and resistance levels derived from a defined trading range over a specific period.
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 Analysis - another powerful indicator for MetaTrader 5 traders.
Tirone Levels represent a set of support and resistance levels derived from a defined trading range over a specific period. These levels are primarily used to enhance the visual interpretation of market price movements. The calculation of all three Tirone levels employs the midpoint method.Also recommended: dual trix upgrade - similar indicator with strong performance on MetaTrader 5.
The process begins by determining the market's minimum and maximum prices within a chosen timeframe.
To calculate the upper level: Subtract the minimum price from the maximum price. Divide the resulting value by 3. Deduct this result from the maximum price.
To calculate the center line: Subtract the minimum price from the maximum price. Divide this value by 2. Add the result to the minimum price.
To calculate the lower line: Subtract the minimum price from the maximum price. Divide the result by 3. Add this result to the minimum price.
The formulas are applied as follows:
Where:
Hhigh (Highest High) - The highest price recorded within a specific period, such as 20 bars.
Llow (Lowest Low) - The lowest price recorded within a specific period, such as 20 bars.
The application of Tirone Levels is similar to other support and resistance indicators. A potential buy signal may occur when the price crosses a Tirone level downwards, and a sell signal may occur when the price crosses the level upwards.
Both Tirone Levels and similar methods are interpreted similarly. They utilize a specific percentage of the range between the maximum and minimum prices to generate lines, with 50% often representing a probable correction level. Tirone Levels also share similarities with quadrant lines.
Like many technical analysis tools, Tirone Levels have their proponents. They are recognized as one of the simpler trading signal systems based on support and resistance. However, some traders, particularly those focusing on intraday trading, suggest that Tirone Levels may be less accurate compared to alternative methods. This analysis is current as of 2026.
You may also like: narrowest range signal - 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 3
#property indicator_plots 3
#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.