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Download: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.

Alan Andrew’s Pitchfork is catchy. It catches your attention with its unusual name and its striking pitchfork appearance. It also catches trends with a channel.Essentially, Andrew’s Pitchfork is a tool for drawing price channels. While two lines surrounding price are usually enough to draw a channel, the Pitchfork has an extra line. It is the median line or the handle of the Pitchfork.The median line is central to this trading method. This is why Andrew’s Pitchfork is also known as the Median Line Method.

How To Draw The Andrew’s PitchforkThere are three steps to drawing a Pitchfork. Step One – Pivot PointsYou need three points for a Pitchfork.For a bull channel, label:. A major pivot low as point A;. A subsequent higher pivot high as point B; and. The following pivot low as point C.For a bear channel, label:.

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A major pivot high as point A;. A subsequent lower pivot low as point B; and. The following pivot high as point C.Step Two – Median LineDraw a line passing through point A.

And the mid-point of point B and C. This is the median line.

Step Three – Channel LinesProject parallel lines to both sides of the median line to form the channel. One line should pass through point B, and the other through point C. The top line is the upper median line and the bottom line is the lower median line.The median line determines the slope of the channel. This is in stark contrast to the normal trend line channel method in which the angle depends on the trend line.Read:In with an in-built Pitchfork drawing tool, selecting the three pivot points is enough for drawing the Pitchfork.

Trading Rules – Andrew’s Pitchfork Trading StrategyThere are many ways to trade using Andrew’s Pitchfork but the basic idea is that price will oscillate around the median line. In this version, we will focus on trading the first re-test of the limiting median line.

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style.

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Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.The website contents are only for educational purposes. All trades are random examples selected to present the trading setups and are not real trades. All trademarks belong to their respective owners. We are not registered with any regulating body that allows us to give financial and investment advice.Trading Setups Review © 2012–2020.