Tirone Levels are dynamic S/R indicators.
Supports two calculation methods: Midpoint-method and Mean-Method.
I personally like Mean-Method as it provides more realistic and useful S/R levels.
Supports two calculation methods: Midpoint-method and Mean-Method.
I personally like Mean-Method as it provides more realistic and useful S/R levels.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // Tirone Levels are dynamic S/R levels // study(title = "Tirone Levels [LazyBear]", shorttitle="TironeLvl_LB", overlay=true) length=input(20) method_mp=input(false, title="Midpoint Method?", type=bool) method_mm=input(true, title="Mean Method?", type=bool) ll=lowest(low, length) hh=highest(high, length) // Midpoint method tlh = hh - ((hh-ll)/3) clh = ll + ((hh-ll)/2) blh = ll + ((hh-ll)/3) tl = plot(method_mp ? tlh : na, color = red) cl = plot(method_mp ? clh : na) bl = plot(method_mp ? blh : na, color = green) // Mean method am = (hh+ll+close)/3 eh = am + (hh-ll) el = am - (hh-ll) rh = 2*am - ll rl = 2*am - hh ehl = plot(method_mm ? eh : na, color = red) rhl = plot(method_mm ? rh : na, color = red) aml = plot(method_mm ? am : na) rll = plot(method_mm ? rl : na, color = green) ell = plot(method_mm ? el : na, color = green)