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 1/32/3
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.
Mean levels are displayed as five lines (the spacing
between the lines is not necessarily symmetrical). The lines are calculated as follows:
 Extreme High:
Subtract the lowest low from the highest high and add this value to the Adjusted Mean.
 Regular High:
Subtract the lowest low from the value of the Adjusted Mean multiplied by two.
 Adjusted Mean:
This is the sum of the highest high, the lowest low, and the most recent closing price,
divided by three.
 Regular Low:
Subtract the highest high from the value of the Adjusted Mean multiplied by two.
 Extreme Low:
Subtract the lowest low from the highest high and then subtract this value from the
Adjusted Mean.
These lines are depicted in the following chart:
Because this is an interactive drawing
feature, the user normally create the lines by selecting the first extreme point and then
dragging the mouse to the other extreme point. When the mouse is released, Chart FX FE
will make all the necessary calculations and draw the lines. Please note. it is not
necessary that the user clicks on a specific data point as the Tirone lines will be
calculated according to the axis scale and the position the mouse was released.
