Invented by and named after renowned educator Dr Alan H. Andrews, the technical indicator known as Andrew's pitchfork can be used by traders to establish profitable. Learn how to use the Andrew's pitchfork channel indicator for trend trading and market reversals. Andrew´s Pitchfork indicator. MetaTrader 4 Tutorials.

DEFINITION of 'Andrew's Pitchfork' A that uses three parallel to identify possible levels of support and resistance. The trendlines are created by placing three points at the end of identified trends. Statistical Pattern Recognition Pdf. This is usually achieved by placing the points in three consecutive peaks. Once the points have been placed, a straight line is drawn from the first point that intersects the midpoint of the other two. Also known as 'median line studies'. BREAKING DOWN 'Andrew's Pitchfork' The chart shown here makes it clear why this indicator is called a pitchfork.

The first point drawn on the chart forms the handle, while the lines extending from the other two points will make up the prongs.

This indicator is designed for automated drawing of Andrews Pitchfork. The Andrews Pitchfork tool is usually drawn according to three main prices of a chart. The method of finding abovementioned prices was developed on the basis of a thorough study and drawing dozens of Andrews Pitchforks. What we offer in this indicator represents a result of our conducted work. This indicator has particular settings and when you change them, the Pitchfork drawing principle stays the same.

And changed data will be a signal to draw the next Andrews Pitchfork. At the same time, another important parameter is a distance from resistance/support level. After reaching this level, Pitchfork's lines are considered to be invalid and the indicator will draw a new Andrews Pitchfork. Traditional employment of Andrews Pitchfork lines - buying on support level and selling on resistance level - will always ensure a good balance of profit and risk.

This indicator can also be used for determining possible future price direction. The indicator settings • UpTrendPitchforkName — upward channel name; • UpTrendPitchforkName — downward channel name; • minVdis23 — minimum distance between points 2 and 3 of Andrews Pitchfork; • maxVdis23 — maximum distance between points 2 and 3 of Andrews Pitchfork; • minVdis12 — minimum distance between points 1 and 2 of Andrews Pitchfork; • maxVdis 12 — maximum distance between points 1 and 2 of Andrews Pitchfork; • breakDown — distance from resistance/support level. After reaching this level, lines are considered to be invalid and the indicator will draw a new Andrews Pitchfork.