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Tirone levels can be calculated using the midpoint or the mean method. This drawing tool uses the midpoint method. This technique consists of calculating three lines: The top line, the center line and the bottom line. The top line for example is calculated by subtracting the lowest low from the highest high, dividing the result by three then subtracting it from the highest high.
Tirone levels are created by John Tirone and this indicator is used to identify support and resistance levels based on price ranges of a specific period. The interpretation of Tirone levels is similar to the Fibonacci retracement.
Drawing item settings:
To open the item settings, right click on one of the Tirone levels then select "Settings"
There you can find two tabs: Color and Lines
Color: Allows you to specify the color of each line (top, center and bottom)
Lines: Allows you to specify whether to draw lines based on start and end points or to extend the lines to the right. Simply check the "Extend" field to extend the Tirone lines.
When drawing the Tirone levels, you will see two dots. These are the resizing points, you can use them to select the time period used for the calculation (Start & end points).
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
