Description
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.
Midpoint Method:
Mean Method:
Github: GitHub - Doustzadeh/cTrader-Indicator
using cAlgo.API;
namespace cAlgo
{
[Indicator(IsOverlay = true, AutoRescale = false, AccessRights = AccessRights.None)]
public class TironeLevels : Indicator
{
[Parameter("Midpoint Method", Group = "Method", DefaultValue = true)]
public bool Midpoint { get; set; }
[Parameter("Mean Method", Group = "Method", DefaultValue = false)]
public bool Mean { get; set; }
[Parameter("Periods", DefaultValue = 20)]
public int Periods { get; set; }
[Output("Top Line", LineColor = "Lime", LineStyle = LineStyle.LinesDots)]
public IndicatorDataSeries TopLine { get; set; }
[Output("Center Line", LineColor = "Gold", LineStyle = LineStyle.LinesDots)]
public IndicatorDataSeries CenterLine { get; set; }
[Output("Bottom Line", LineColor = "Red", LineStyle = LineStyle.LinesDots)]
public IndicatorDataSeries BottomLine { get; set; }
[Output("Extreme High", LineColor = "Lime")]
public IndicatorDataSeries ExtremeHigh { get; set; }
[Output("Regular High", LineColor = "Lime")]
public IndicatorDataSeries RegularHigh { get; set; }
[Output("Adjusted Mean", LineColor = "Gold")]
public IndicatorDataSeries AdjustedMean { get; set; }
[Output("Regular Low", LineColor = "Red")]
public IndicatorDataSeries RegularLow { get; set; }
[Output("Extreme Low", LineColor = "Red")]
public IndicatorDataSeries ExtremeLow { get; set; }
public override void Calculate(int index)
{
double HighestHigh = Bars.HighPrices.Maximum(Periods);
double LowestLow = Bars.LowPrices.Minimum(Periods);
// Midpoint method
if (Midpoint)
{
TopLine[index] = HighestHigh - ((HighestHigh - LowestLow) / 3);
CenterLine[index] = LowestLow + ((HighestHigh - LowestLow) / 2);
BottomLine[index] = LowestLow + ((HighestHigh - LowestLow) / 3);
}
// Mean method
if (Mean)
{
AdjustedMean[index] = (HighestHigh + LowestLow + Bars.ClosePrices[index]) / 3;
ExtremeHigh[index] = AdjustedMean[index] + (HighestHigh - LowestLow);
RegularHigh[index] = (2 * AdjustedMean[index]) - LowestLow;
ExtremeLow[index] = AdjustedMean[index] - (HighestHigh - LowestLow);
RegularLow[index] = (2 * AdjustedMean[index]) - HighestHigh;
}
}
}
}
Doustzadeh
Joined on 20.03.2016
- Distribution: Free
- Language: C#
- Trading platform: cTrader Automate
- File name: Tirone Levels.algo
- Rating: 0
- Installs: 1167
- Modified: 15/12/2021 20:18
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