Auto Andrews Pitchfork Indicator
The super tool to find trend line and important levels of support and resistance. Auto Andrews Pitchfork Pitchfork indicator really works in Forex and other markets. Compatible with all timeframes
What is Andrews’ Pitchfork?
Dr. Alan H. Andrews was a respected trader, technical analyst and teacher.
Andrews argued that the laws of physics could be applied to price movements. His course was called “Median Line Method” and sold for $1,500 in the 1960’s and 1970’s.
Andrews taught that to construct a median line, you have to:
Identify three points of extremes P1, P2, P3 (as shown in the chart below).
Draw a line from point P1 through the midpoint of line P2-P3.
It is necessary to draw the Upper Line and the Lower Line parallel to the Median Line from the points P2 and P3. The result is a figure similar to a pitchfork with a ‘handle’ in the point P1.
This pitchfork in the classical technical analysis is named after Andrews, although the idea of the Median Line was discussed by George Marechal and Roger Ward Babson (his fortune exceeded 50 million) back in the 1920s and 1930s.
What is Auto Andrews’ Pitchfork Indicator?
Auto Andrews’ Pitchfork Indicator is a super tool for using with the median line because:
Detects points of extremes (using the built-in classic MACD indicator).
Builds the 2 most relevant pitchforks.
Removes irrelevant pitchforks, in order to keep the price chart
In addition, the indicator works on all timeframes and almost does not redraw. Why “almost”? Let us explain.
When you add the Auto Andrews’ Pitchfork Indicator to your price chart in MT4 terminal, you will see something like this:
The red points are extreme points, which Andrews’ Pitchfork Indicator automatically detects. We numbered four of them from right to left.
Using points 2, 3 and 4, the indicator draws the pitchfork with dotted lines with the median line pointing down. That pitchfork does not redraw.
Using points 1, 2 and 3, the indicator draws pitchforks as solid lines with the median line going upward. But since point 1 can be updated, the indicator automatically slightly corrects a pitchfork built with solid lines.
How to trade
According to Andrews, price tends to bounce off parallel lines and return to the median line 80% of the time. This is a basic idea used by investors on daily and weekly timeframes, as well as by intraday traders.
Sell Signal
The chart above shows an example of opening a short position when the price approaches the upper parallel line of the pitchfork, which is displayed with a dotted line. It is reasonable to place the stop-loss behind the parallel line, and take-profit – in the area of the median line.
Make sure the R:R ratio is in your favor.
Control the risks. On the chart, the price has not yet reached the median line, but it has already moved quite far to it. If you had a position, you could move it to breakeven.
Buy Signal
On this chart we also show an example of opening a trade on the pitchforks, which are shown by the dotted lines and are not redrawn. This time, it is a buy trade when the lower parallel line is touched.
Place the stop loss behind the parallel line. It should be wide enough for the price not to hit it, but not excessive, so that the ratio R:R was at least 1:2.
Profit in this trade should be taken (fully or partially) when the median line is reached.
Conclusion
The Auto Andrews’ Pitchfork Indicator for Metatrader uses MACD to build:
The median line (main trend line).
The parallel lines (support and resistance).
The Auto Andrews’ Pitchfork Indicator for MT 4 helps to trade on the trend, because the median line tends to point to the direction of the market.
In spite of the fact that Andrews’ Pitchfork is a classical indicator from the last century, it can be used effectively in today’s markets, both for intraday trading and for investing on daily and weekly charts. You can combine Andrews’ Pitchfork Indicator with other tools and techniques to increase the accuracy of signals.
Be aware, the Auto Andrews’ Pitchfork Indicator for Metatrader does not guarantee the best buy and sell signals ever. Therefore, take care that trading with this indicator will not harm your deposit. To do so, first train trading on a demo account with a preferable broker.
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