The first point drawn on the chart forms the handle, while the lines extending from the other two points will make up the prongs. The chart shown here makes it clear why this indicator is called a pitchfork. Once the points have been placed, a straight line is drawn from the first point that intersects the midpoint of the other two. This is usually achieved by placing the points in three consecutive peaks or troughs. The trendlines are created by placing three points at the end of identified trends. What i must re-iterate though is that these are my own personal views and findings, if you want more official (not sure if thats the word i am looking for) information then either do the Google thing or just ask on here and we will point you in the right directionĪ technical indicator that uses three parallel trendlines to identify possible levels of support and resistance.
If you know nothing about them but would like to learn what we are you are doing then great, it'll be great to hear from you even if its just a "Hi".
ANDREWS PITCHFORK MT4 DOWNLOAD FREE
Please feel free to join in and take part, if you are an expert i would greatly appreciate your expertise, if im wrong about something tell me. I dont profess to be a pitchfork guru or indeed any kind of expert, in fact i may not even be using them as the creator intended all i want to do is share with anyone who is interested my findings and hopefully debate and discuss how we can make this part of our trading arsenal. Well now i am what you could call a "Born again pitchforker" i have found that when i plot them sensibly they help indicate reversal points, highlight trends and they have helped me plot my trend lines more accuratly. I looked at this indicator a while ago but to be quite honest i soon moved on as it seemed that trend lines were more usefull.
Most of us have heard of Andrews Pitchforks and some will have experimented with plotting them.
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