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Re: Floating / Quantile Levels indicator(s)

#405
Tirone Levels



Tirone Levels - Def 1.jpg

Tirone Levels - Def 2.jpg



Tirone Levels are a series of Horizontal lines that identify Support and Resistance levels. They were developed by John Tirone.

Tirone Levels can be drawn using either the Midpoint 1/3-2/3 method or the Mean method. Both methods are intended to help you identify potential support and resistance levels based on the range of prices over a given time period. The interpretation of Tirone Levels is similar to Quadrant Lines.

The following chart shows Midpoint Tirone Levels on Lincoln National.


A. Midpoint Method
Midpoint levels are calculated by finding the highest high and the lowest low during the time period being analyzed. The lines are then calculated as follows:

1. Top line :
Subtract the Lowest low from the Highest high, divide this value by Three, and then subtract this result from the Highest high.

2. Center Line :
Subtract the Lowest low from the Highest high, divide this value by Two, and then add this result to the Lowest low.

3. Bottom Line :
Subtract the lowest low from the highest high, divide this value by three, and then add this result to the lowest low.


B. Mean Method
Mean levels are displayed as five lines (the spacing between the lines is not necessarily symmetrical). The lines are calculated as follows :

1. Extreme High :
Subtract the Lowest low from the Highest high and add this Value to the Adjusted Mean.

2. Regular High :
Subtract the Lowest low from the value of the Adjusted Mean multiplied by Two.

3. Adjusted Mean :
This is the sum of the Highest high, the Lowest low, and the most recent Closing price, divided by Three.

4. Regular Low :
Subtract the Highest high from the Value of the Adjusted Mean multiplied by Two.

5. Extreme Low:
Subtract the lowest low from the highest high and then subtract this value from the Adjusted Mean.
Tirone Levels - Mean method.jpg
Tirone Levels - Midpoint method.jpg
Tirone Levels.mq4
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Always looking the GREAT, never left GOOD Point...


Re: Floating / Quantile Levels indicator(s)

#407
Dear mrtools,


Does "Floating / Quantile levels" Concept allow Add the "Midpoint method" (3 Levels) or 5 Levels on Setting (to be in One Package) ?

No need require the Mean method. So we get 3 Choices of Method ie. Floating ; Quantile and Midpoint ?

Please take the time to check it out... :angel:
Always looking the GREAT, never left GOOD Point...



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