This method of technical analysis developed by John Tirone in his book "Classical Technical Analysis as a Powerful Trading Methodology".
Formulas:
Tirone Level 1 = Hhigh - (Hhigh-Llow)/3
Tirone Level 2 = Llow + (Hhigh-Llow)/2
Tirone Level 3 = Llow + (Hhigh-Llow)/3, where
Hhigh and Llow is a maximum and minimum prices in the range from i-Period to i.
Download:
Tirone_Levels.lua- (2.22 KiB) Downloaded 928 times
The indicator was revised and updated
